It typically buys underperforming software companies and turns them around. With some $77 billion in assets, Vista is one of the best-performing private equity firms, posting annualized returns of 22% since inception. Smith, who founded private equity firm Vista Equity Partners in 2000. In the fifth spot, with a $6.7 billion net worth, is investor Robert F. (Kohlberg died in 2015.) After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. The cousins started KKR alongside their mentor, Jerome Kohlberg, in 1975 and became well-known for debt-financed hostile takeovers. Not far behind are two cofounders of private equity giant Kohlberg Kravis & Roberts (KKR): George Roberts and Henry Kravis, worth $9 billion and $8.5 billion, respectively.
Black, who still owns 23% of Apollo, left the private equity giant in March 2021 after a board investigation found he had paid $158 million in fees to Jeffrey Epstein, the deceased financier who was charged with sex trafficking in 2019. In the second spot, with a net worth of $9.9 billion, is Leon Black, the former chairman and CEO of private equity firm Apollo Global Management, which manages over $470 billion in assets.
( Forbes calculated fortunes for the 2021 Forbes 400 list using stock prices from September 3, 2021.) Schwarzman ranks 19th overall on The Forbes 400 His net worth is up nearly 96% from a year ago, thanks to shares of Blackstone rising 116% over that period. While he originally cofounded Blackstone as a boutique merger-and-acquisition advisory business in 1985, it has since evolved into the world's largest buyout firm, with $684 billion in assets. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion.
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