Kohlberg Kravis Roberts & Co. L.P.

KKR's first-quarter 2026 filing reveals one of the more brazenly concentrated institutional portfolios in the top tier: five names account for 87.5% of the $5.35B in assets, and three of those five are healthcare names that collectively represent 73.3% of the entire book. BrightSpring Health Services (BTSG) leads at 33.3% ($1.78B) but was trimmed materially — share count fell from 61.9M to 41.8M and value dropped $538M. Henry Schein (HSIC) holds steady at 21.6% ($1.15B) on an unchanged share count, while BridgeBio Pharma (BBIO) also held flat at 18.4% ($985M). Crescent Energy (CRGY) was the quarter's only aggressive add on the equity side, rising 7% to $387M, while NIQ Global Intelligence ($341M) and BrightView Holdings ($258M) were largely unchanged. The rest of the filing is a sprawling bond and warrant book — American Water and Block convertibles, JD.com and Western Digital paper, Northern Oil gas-asset notes, Oxford Lane BDC shares — most of it initiated as new positions and never exceeding 1% of assets individually. The portfolio's AUM fell $891M from $6.25B to $5.35B, a decline that tracks the BrightSpring markdown almost exactly. The structure is unmistakably active and concentrated; the question it poses is whether KKR's three-name healthcare anchor is a deliberate platform-investing thesis or an uncomfortably large exposure to a single end-market cycle.