The gargantuan private-equity business is undergoing a massive generational shift these days, with a whole new cadre of leaders taking control of, cumulatively, more than $1 trillion in dry powder. At Blackstone, the emperor of the industry with some $730 billion of assets under management, co-founder Steve Schwarzman (age 74, net worth these days: $41 billion) has designated Jon Gray, 51, as his successor, even as he remains understandably reluctant to relinquish center stage. At KKR, co-founders Henry Kravis and George Roberts, both 77, have turned over the reins of the firm, founded in 1976, to Scott Nuttall and Joe Bae. At the Carlyle Group, co-founders David Rubenstein, William Conway, and Dan D’Aniello have moved on and out in favor of Kewsong Lee. (Lee’s co-C.E.O., Glenn Youngkin, gave up the role in part to run for governor of Virginia, a race he won on Tuesday.) In May, the co-founders of TPG handed over the sole C.E.O. role to Jon Winkelreid. (TPG is an investor in Puck.)