Henry Kravis, cofounder, KKRMUMBAI: Henry Roberts Kravis, cofounder of KKR, is longtime India champion. A pioneer of leveraged buyouts in the US, he’s seen the evolution of the industry up close over the 50 years that KKR has been around. Kravis, 82, and Trehan, 50, spoke to ET on topics ranging from Donald Trump to AI, the rise of private credit and what excites him the most about India. Edited excerpts:In 50 years, KKR has grown from $120,000 of ‘startup capital’ to $744 billion in assets under management (AUM). What were the inflection points that enabled that transformation—and what will define the next chapter?Henry Kravis: When we started in 1976, George (Roberts), Jerry (Jerome Kohlberg Jr), and I were three people with $120,000 and a conviction that companies could be run better. It was a real risk. We had no fund and no brand, just the belief that ownership and incentives needed to be aligned.One defining inflection point was our willingness to change before we had to. I’ve always said, “If you dislike change, you’re going to dislike irrelevance even more.” As markets evolved, so did we. We expanded globally. We moved beyond buyouts into infrastructure, real estate and credit. More recently, we brought insurance and strategic holdings into the firm. None of that was obvious at the time. There was no blueprint. We built it step by step, by staying curious and by being willing to try new things.The next chapter will be defined the same way. The world is more interconnected. Capital moves faster. The lines between equity, credit and real assets are increasingly blurred. Companies want partners who can think across the capital structure and across cycles—and who are prepared to provide long-term solutions, not just capital. That requires imagination and discipline at the same time.Live EventsAs we enter our sixth decade, I don’t think of us as 50 years old. I think of us as 50 going on 100. In a way, we are doing what we did at the beginning—building something new again. What sustains a firm over decades isn’t size. It’s the willingness to keep evolving, to keep reimagining what’s possible, without losing the spirit and culture that got you there in the first place. And we’ve got the best leaders in Joe and Scott to take us there. (Joseph Bae and Scott Nuttall are KKR’s co-CEOs.) Your platform spans $229 billion in private equity, $192 billion in real assets and over $320 billion in credit. How has KKR’s evolution beyond traditional buyouts reshaped the firm?Kravis: When we started, private equity was a very small part of the market. Today, private markets are mainstream. Most US pension funds invest in private equity, tens of millions of individuals have exposure through their retirement systems, and millions work at private equity-backed companies. The scale—and responsibility—is far greater now. The industry has also broadened. At KKR, private equity is about 30% of our business today. Our largest strategy is credit, with over $320 billion in AUM, alongside our insurance platform. We invest across more than 45 strategies globally.That reflects how companies’ needs have changed. They don’t just need capital—they need solutions. When we meet an entrepreneur, we can bring the entire capital stack. Capital itself is more available today. What matters is what comes with it—insight, experience, long-term partnership. Capital is a commodity today. So, find money from people that actually will help you. It costs you exactly the same.Value creation has also become more demanding. It’s not just about financial structuring. It’s about operations, technology, people and strategy. It’s more complex, more institutional, but the objective is still the same: build stronger companies over time.You've always described India as a key pillar of the firm's global strategy. In 2026, how central is India compared with maybe five years back?Kravis: In the last five years, we put about $9 billion to work of equity. In the next five years, we expect this to significantly increase and at a much faster pace. In all we have so far invested more than $13 billion in India. Initially we were just private equity, but today we are also one of the largest infrastructure investors in the country and have also built a strong private credit platform. Going by our commitment, I won't be surprised if we deploy $20 billion in the next decade. Gaurav Trehan: The Indian economy with a nominal GDP of 11-12% is going to double every seven years. We believe our industry and the solutions we provide are going to become a larger part of the capital structure of entrepreneurs and founders and the companies that are there in this country. As the industry gets bigger, our commitment, as the market leader, will only get larger. Directionally, we are getting more and more active, investing more, and getting deeper across strategies within India. Gaurav Trehan, co-head, KKR Asia Pacific; Head of Asia Pacific Private Equity, KKRHenry, you've been coming