Morgan Stanley views KKR as having greater exposure to capital markets activity compared to peers in its coverage universe, potentially benefiting the firm's fundraising, realizations, transaction fees, and earnings. The investment bank expects building capital markets activity will support confidence in earnings estimates with potential upward revisions for KKR. In other recent news, investment firm KKR has signed definitive agreements to acquire ProTen Pty Limited, an Australian poultry infrastructure business, from Aware Super. The transaction, which is expected to close later this year pending regulatory approvals, will expand KKR's infrastructure investments in the Australia-New Zealand region. Financial terms of the deal were not disclosed. Meanwhile, Piper Sandler has initiated coverage on KKR with an overweight rating, highlighting the firm's strong position in private equity and growing insurance segment.