Leaders in Finance: Valeria Rebulla, Chief Operating Officer EMEA at KKR

Scaling alternatives in a new macro regime: leadership, AI and long-term value creation

On October 16, 2025, the MCF met Valeria Rebulla, Chief Operating Officer EMEA at KKR, in a session led by Federico Pippo, MCF Director. The discussion celebrated KKR’s 50th anniversary and explored how the firm is reshaping alternative investments in a fast-changing world.

A 1999 Bocconi graduate, Valeria Rebulla began her career at Goldman Sachs, where she worked in investment banking before expanding into venture capital and leveraged finance during her decade at the firm. She later joined KKR, contributing to the development of its nascent Capital Markets division and progressively broadening her responsibilities across the organization. Today, as COO EMEA, she oversees regional operations, talent, and enterprise risk management, describing her career as “tree-shaped” rather than linear, driven by curiosity, risk-taking, and continuous learning.

She highlighted KKR’s evolution from a traditional buyout house to a multi-asset global platform, now managing around $700 billion in AUM, compared with roughly $50 billion at the time of its 2010 IPO. She also underlined the growing role of private-wealth investors, as individuals gradually increase their exposure to alternatives. The current macro regime, marked by higher rates, geopolitical fragmentation, and fiscal expansion, offers both challenges and opportunities for investors combining discipline with long-term vision.

Leadership, according to her, relies on clarity of purpose, measurable KPIs, and transparent communication. She emphasized the value of constructive debate, accountability, and humility when navigating uncertainty. Beyond technical skills, she encouraged students to develop storytelling and relationship-building abilities that enable influence and collaboration.

On technology, she described Generative AI as a productivity enhancer that must be used responsibly, beginning with governance and data protection before pursuing efficiency gains. Regarding sustainability, she pointed out that ESG is integral to long-term value creation, aligning with KKR’s fiduciary mission to serve pensioners, teachers, and other beneficiaries.

Valeria Rebulla concluded by urging students to own their choices, set boundaries, and “give back” through mentoring and community engagement. The session offered participants a genuine insight into financial leadership, strategic thinking, and the human values underpinning one of the world’s leading investment firms.

SDA Bocconi School of Management