The document provides a valuation analysis of alternative asset managers using a sum-of-the-parts approach. It includes detailed financial metrics and assumptions for companies like APO and BX, highlighting their fee-related earnings, balance sheet values, and carried interest earnings. The analysis suggests that BX and OAK are overvalued, while KKR is undervalued.
doj/DataSet10/EFTA01452588.pdf
{"title":"Alternative Asset Manager Initiation","document_date":"2014-01-28","document_type":"tabular","key_organizations":["Deutsche Bank"],"reference_numbers":["DB-SDNY-0109709","SDNY_GM_00255893","EFTA01452588"]}