3Spoke Funding, Investors & Competitors

Morgan Stanley is a global financial-services firm founded in 1935 that serves individuals, companies, institutional investors and governments. Its investment-banking and capital-markets businesses advise clients on transactions and help them raise financing. The firm also provides securities sales, trading, market-making and research services to institutional clients. Its wealth-management business supports individuals and organisations in building, preserving and managing their assets. Investment Management offers strategies across public and private markets for institutional and individual investors. The group earns revenue from financial advice, capital-raising services, trading and investment-management activities. It also provides workplace financial solutions for employers and their employees. Its international office network supports cross-border transactions and investment services. Morgan Stanley participated as an equity investor in the 2007 TXU acquisition, a role distinct from merely providing acquisition financing or advisory services.

Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more predictable, fee-based businesses like asset and wealth management, which contributed roughly 30% of postprovision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.

BlackRock is an investment management company headquartered in New York City, founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and several partners. It manages assets for institutions, governments, pension funds, insurers and individual savers through index and active strategies, including the iShares exchange-traded fund range. The firm also develops Aladdin, a risk-management and portfolio-operations technology platform that it licenses to other asset managers, banks and insurers. Its alternatives business covers private equity, private credit, real assets and infrastructure, expanded through the acquisitions of Global Infrastructure Partners, HPS Investment Partners and the private-markets data provider Preqin. BlackRock invests through direct, co-investment and fund-of-funds programmes, and takes minority and growth positions in technology companies alongside venture and growth investors. It operates offices across the Americas, Europe, the Middle East and Asia-Pacific, and its shares are listed on the New York Stock Exchange.

Blackstone is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions advisory firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. The firm runs private equity, real estate, credit, infrastructure, hedge fund solutions, secondaries, growth equity and insurance solutions businesses. Its private equity arm has been one of the largest leveraged buyout investors for three decades, and its real estate arm has bought commercial property and hotel companies worldwide. Blackstone listed on the New York Stock Exchange in June 2007. Its early private equity funds financed buyouts in hotels, funeral services, packaging, chemicals and waste services.

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals, operating through seven segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity (which generates the highest revenue), Real Estate, and Corporate Activities. The company invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders, with the majority of its revenue coming from Asset Management. It has a presence across the United Kingdom, the United States (which contributes the highest revenue), Australia, Canada, Brazil, India, Colombia, Germany, other parts of Europe, other parts of Asia, and additional countries.

KKR is one of the world's largest alternative-asset managers, with $796.5 billion in total managed assets, including $638.4 billion in fee-earning assets under management, at the end of June 2026. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients.

Macquarie Group is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the Australian Securities Exchange. It operates through four groups: Macquarie Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital, its advisory and principal investment arm. It serves institutional, corporate, government and retail clients, and is one of the world's largest infrastructure asset managers, with A$938.3 billion of assets under management and total assets of about A$403 billion in 2024. The group employs more than 20,000 staff in 34 markets and earns fees and commissions, net interest income and trading and investment income. Its subsidiaries include Macquarie Bank Limited and investments in infrastructure businesses such as Southern Water and Arqiva. Macquarie was founded on 10 December 1969 in Sydney as Hill Samuel Australia, a subsidiary of the UK's Hill Samuel & Co.

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. The company also provides industry AI-powered enterprise analytics software. It has one reportable operating segment: the Software Business, which is engaged in the design, development, marketing, and sales of the company's enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting, and education). Geographically, the company operates in EMEA, U.S. and Other Regions, of which maximum revenue is derived from U.S..

Banco BTG Pactual is a Brazilian investment bank and asset manager headquartered in São Paulo and listed on the B3 exchange. It provides investment banking, corporate lending, sales and trading, wealth management, asset management and consumer banking services, and its merchant banking and private equity arm invests in companies across Latin America. The bank traces its origins to Pactual, founded in Rio de Janeiro in 1983 by André Jacurski, Luiz Cezar Fernandes and Paulo Guedes, and is chaired by André Esteves with Roberto Sallouti as chief executive. BTG Pactual earns fees, trading income and net interest income, reported net income of about US$3.0 billion and total assets of about US$162.8 billion in 2025, and employed 8,188 people in 2024. In 2025 its private equity arm agreed to invest $300 million in egg producer Global Eggs for an 11% stake.

State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $54 trillion in assets under custody and administration, and $5.7 trillion in assets under management, as of Dec. 31, 2025, State Street operates globally in more than 100 geographic markets and employs about 51,500 worldwide.

Ameriprise Financial has evolved into a diversified financial services provider that generates roughly 65% of its operating income from advice and wealth management. With nearly $1.2 trillion in segment assets under management and advisory at year-end 2025, and with roughly 10,600 affiliated and employee advisors, Ameriprise is one of the larger US-based wealth managers. It also boasts a reasonably large asset management franchise in Columbia Threadneedle, which boasted $678 billion in assets under management at year-end 2025. The firm's third key segment is its retirement and protection services business, which sells insurance products to the firm’s advisory clients. After eliminations, Ameriprise had $1.69 trillion in assets under management and advisory across segments at year-end 2025.

Prudential Financial is one of the largest US life insurers, offering annuities, life insurance, and asset management products. The United States and Japan are its two largest markets. Its US business contributed about 50% of adjusted 2025 earnings and includes institutional retirement (mostly pension risk transfer), individual retirement (annuities), group insurance, and individual life insurance. Its international business represented about 39% of adjusted earnings, with a strong market position in Japan, and the firm also has a presence in emerging markets like Brazil. The company's investment management business, PGIM, contributed approximately 11% of its 2025 adjusted earnings. PGIM had around $1.47 trillion in assets under management at the end of the fourth quarter of 2025.

Fisher Investments is a Plano, Texas-based investment adviser that Ken Fisher founded in 1979. In June 2024 it managed more than $275 billion for over 150,000 clients worldwide (Wikipedia reports over $441 billion by June 2026) through three businesses: private-client services in the United States, an institutional group serving 185 large investors, and an international private-client arm serving about 30,000 clients in 16 countries. It earns recurring advisory fees on the assets it manages. Ken Fisher remains executive chairman and co-chief investment officer, and Damian Ornani is chief executive. In June 2024 Advent International and the Abu Dhabi Investment Authority agreed to buy a minority common-stock stake that valued the firm at $12.75 billion, with proceeds of $2.5 billion to $3.0 billion; funds managed by Lunate, Mousse Partners and Korea's National Pension Service also invested. Ken Fisher kept majority beneficial ownership and more than 70 percent of the voting shares, and the deal closed in January 2025. The firm had more than 6,000 employees in 2025.

SBI Funds Management is an asset management company that manages mutual funds and provides advisory services.

NYDIG is a New York-headquartered platform offering Bitcoin financial services to institutions, high-net-worth individuals, and banks. Services encompass asset management, custody, trading execution, derivatives, and lending secured by Bitcoin collateral. Compliant with SOC 2 standards, NYDIG provides OTC desks and research reports on network metrics. Launched in 2017 as a Stone Ridge affiliate, it custodies billions in Bitcoin across global clients.

Fourcore Capital is a Hong Kong-based alternative investment manager specializing in real assets across Asia-Pacific. The firm deploys capital into real estate, infrastructure, and private credit opportunities through commingled funds and separate accounts. It serves institutional investors including pension funds and sovereign wealth funds with strategies emphasizing downside protection and income generation. Fourcore Capital manages assets exceeding $1 billion and operates offices in Hong Kong, Singapore, and Sydney. Established in 2014, the firm partners with local developers and operators to source off-market deals in high-growth markets like Southeast Asia and Greater China.