KKR | 2026 investment outlook: Global private equity

[Inspiring music]

[CIBC logo]

[CIBC Asset Management]

[KKR]

[2026 investment outlook: Global private equity]

[CIBC KKR Global Equity Strategy]

[Featuring Alisa Wood, Partner, Co-CEO KKR Private Equity Conglomerate LLC]

[A headshot of Alisa Wood]

[A modern office building]

Hi, my name is Alisa Wood. I'm a KKR partner in our private equity group, and I also am the co-CEO of K-PEC, our evergreen private equity strategy here at KKR.

Our outlook for 2026 is one that probably looks pretty similar to 2025. We believe we'll continue to see complexity and volatility. Our belief is complexity and volatility is good. That is actually what separates some of the best managers from the rest of the pack. Making sure that you believe and you ascribe to consistent deployment, linear deployment is really the key. And how do you do that? You do that by being a global investor, making sure that you're able to deploy capital, in the case of KKR around the world.

The world is not synchronous, and we need to make sure that we're able to deploy in all of the different markets and a very local approach. We also need to lean into that complexity in the types of deals that we’re doing. When you have more volatility in the public markets, public to privates remain really, really interesting. We think that will continue going into next year.

We also think corporate carve outs are very interesting. Now these are where you buy non-core assets out of large conglomerates. If you're looking at one of the themes that we see, it's this transition from capital-heavy models to capital-lite models. Shedding non-core assets is a huge area for opportunity and one that we've done over 70 of. This has been one of the core tenants for how KKR has invested over our five decades.

And the final piece is partnering with entrepreneurs, founders, families. Our assets are our people, and we have hundreds of people around the world that specialize in each of these areas. And being able to deploy those in these complex and volatile markets allows us to stand out.

When you think about some of the big themes that we're investing behind, you know, coming out of 25, going into 26, a lot of these are the ones that we've talked about for a while: digitization, automation, structural tailwinds across Asia which make that very interesting. The security of everything—when you think about data security and other types of security measures.

And now the final piece: it's great if you could put capital to work, but can you get your money out? Exits for KKR, the consistency of that, just like the consistency of deployment, is key. When we get through about 80% of our value creation in a company, we look to get out. We buy assets, good companies that we can make great. We're buying businesses that have multiple ways to win and multiple potential buyers. It should go without saying that there is vastly a need for private and private investing in an asset allocation. I don't think it's an alternative or a niche asset class anymore, but really a core component of modern, you know, long term equity allocation.

What I think is very important and interesting is the fact that we've taken this approach to investing in private and have turned it on its head a little bit using this evergreen strategy. This evergreen strategy allows for greater access. You can choose when you invest, you can choose when you exit. And you can have that continual continuous deployment and compounding of the assets and returns in what we're investing in and what we're buying. We have over 70 companies in our vehicle. We have very broad diversification. We’ve had very strong deployment over the last 2+ years that we’ve been launched. And we think we are well positioned for continued success. This is a portfolio that continues to grow. This is a growth portfolio. This is a portfolio that is diversified across region, across industry, across strategies. And it really reflects the exciting and interesting things that we are putting capital to work in, in the companies we are buying, the assets we are buying around the world.

[Inspiring music]

[The information contained in this material are the views of KKR and compiled by CIBC Asset Management Inc.

This material is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice, it should not be relied upon in that regard or be considered predictive of any future market performance, nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this material should consult with their advisor.

The material and/or its contents may not be reproduced without the express written consent of CIBC Asset Management Inc. or CIBC. This video was created on 01/15/2026.

Past performance may not be repeated and is not indicative of future results.

^®The CIBC logo and "CIBC Asset Management" are registered trademarks of CIBC, used under license.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. To obtain a copy of the simplified prospectus, call 1-888-888-FUND (3863). Alternatively, you may obtain a copy from your advisor.

Any information or discussion about the current characteristics of this mutual fund or how the portfolio manager is managing the mutual fund that is supplementary to information in the prospectus is not a discussion about material investment objectives or strategies, but solely a discussion of the current characteristics or manner of fulfilling the investment objectives and strategies, and is subject to change without notice. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed.

Renaissance Investments are offered by CIBC Asset Management Inc.

^®Renaissance Investments is a registered trademark of CIBC Asset Management Inc.

Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or other similar wording. In addition, any statements that may be made concerning future performance, strategies, or prospects and possible future actions taken by the fund, are also forward-looking statements.

Forward looking statements are not guarantees of future performance. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results and achievements of the fund to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: general economic, market, and business conditions; fluctuations in securities prices, interest rates, and foreign currency exchange rates; changes in government regulations; and catastrophic events.

The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. CIBC Asset Management Inc. does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise prior to the release of the next management report of fund performance.]

[CIBC logo]

[CIBC Asset Management]

[^®The CIBC logo and "CIBC Asset Management" are registered trademarks of CIBC, used under license.]