KKR co-CEO Scott Nuttall signals firm is likely to start trading private credit

KKR, one of the world’s largest alternative asset managers, is preparing to add private credit trading to its toolkit. Co-CEO Scott Nuttall indicated the firm is likely to begin trading private credit soon, a move that would expand KKR’s already substantial footprint in the space.

The firm manages approximately $638 billion in assets as of early 2026 and already runs a private credit platform covering more than 250 sponsors. Adding a trading function to that infrastructure would be less of a pivot and more of a logical next step.

What private credit trading actually means

Private credit is essentially lending done outside of traditional banks. Think direct loans to mid-sized companies, often with higher yields than you’d find in public bond markets.

Trading private credit means creating liquidity where there previously wasn’t much, allowing investors to buy and sell existing private credit positions rather than waiting years for loans to mature. This is also about making the entire private credit asset class more attractive to institutional investors who have historically been wary of locking up capital for extended periods.

Why KKR is positioned to pull this off

Nuttall has been at KKR since 1996 and has served as co-CEO since October 2021. Under his leadership alongside co-CEO Joe Bae, the firm has aggressively expanded its credit and insurance platforms.

The firm’s existing network of over 250 sponsor relationships gives it a built-in advantage. KKR already knows the borrowers, knows the deal structures, and knows the risk profiles.

In May 2026, Nuttall made a point of noting that perceptions of private markets volatility are often overblown, suggesting KKR sees an opportunity to attract capital that has been sitting on the sidelines, held back by concerns about illiquidity and mark-to-market risk.

KKR has also been steadily building out its insurance business. Insurance companies need yield. Private credit provides yield. A trading platform provides flexibility.

The competitive landscape is getting crowded

KKR is far from the only firm eyeing this opportunity. The broader alternative asset management industry has been racing to build out private credit capabilities, with firms like Apollo, Blackstone, and Ares all making significant investments in the space.

One thing worth noting: this initiative appears firmly rooted in traditional finance. There’s no blockchain component, no tokenization angle, no crypto integration. While some competitors have experimented with putting private credit on-chain, KKR’s approach looks decidedly conventional.

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