Welcome back to another episode of Goldman Sachs Exchanges, great investors.

I'm Allison Mass, Chairman of Investment Banking within Goldman Sachs's global Banking and Markets Business, and your host for today's episode.

Today I'm thrilled to be speaking with Henry Kravis, the co-founder and co-executive chairman of the global investment firm KKR, which manages nearly

520 billion dollars in assets.

Henry is one of the world's most successful investors and is responsible for some of the biggest

corporate acquisitions in history. Henry and his co-founder George Roberts and

Jerry Kohlberg are known for pioneering the Leverage Buyout in equity industries, which has reshaped the global

financial landscape.

Today, Henry and George, who recently passed the firm's leadership to co-cee.

Joe Bay and Scott Nettle in 2021 are continuing to transform and expand

KKR's historical buyout business into areas like credit and real estate.

We'll be talking to Henry about the evolution of the private

equity industry and KKKR's journey through that transition. The lessons learned from

leadership and his views on the economy and markets. So Henry, welcome to the program.

Thank you, nice to be here and also I have to say it's really nice to be back in your offices.

It brings back many memories of the time that I spent three summers working at Goldman Sachs in 1964,

five and six, so I've had a long tie with your terrific firm.

Well, we're proud to call you an alum. Thank you. So Henry I want to start at the very beginning. You and your cousin George Roberts along with Jerry K Goldberg co-founded KKR in 1976 with just $120,000.

What was it like starting a firm at that time,

and did you ever imagine what it would grow in to be today?

Well, the short answer to imagining is absolutely not the fact when George

and I had our early conversation about this did we want to do it you have to keep in

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