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MONEY MANAGEMENT

KKR sees jumps in AUM, net income and management fees

KKR & Co. reported $137.6 billion in assets under management as of March 31, up 6% from Dec. 31 and up 9% from a year earlier, according to the alternative investment firm's earnings report released Thursday.

KKR attributed the AUM increase to new capital raised and an increase in value in its private equity and alternative credit businesses. These increases were partially offset by distributions to private equity fund limited partners.

During the first quarter, KKR closed its flagship private equity fund for the Americas, the $13.9 billion KKR Americas XII Fund, and held a first close for its flagship Asia-Pacific private equity fund, KKR Asian Fund III.

KKR's private markets business AUM was $80.2 billion as of March 31, up 9% from Dec. 31 and up 13% from the end of the year-earlier quarter. KKR's public markets business segment assets under management increased to $57.4 billion as of March 31, up 3% from Dec. 31 and up 4% from March 31, 2016.

GAAP net income was $267.7 million in the quarter, compared to net income of $179.3 million the previous quarter and a net loss of $330 million in the year-over-year quarter. Total revenues made up of fees and other were $716 million, compared to$481.5 million in the fourth quarter and $162.8 million in the year-earlier period.

Management fees for the quarter ended March 31 was $208.3 million, up 5% from the fourth quarter and up 7% from the year-over-year quarter. Monitoring fees were $13.2 million, up 8% from the fourt quarter and up 10% from the quarter ended March 31, 2016. Transaction fees were $243 million as of March 31, up from $68.3 million the prior quarter and $96.1 million in the first quarter of 2016. At the same time, KKR gave fee credits of $89 million in the quarter, compared to $22.4 million in the fourth quarter and $22.8 million in the quarter ended March 31, 2016.

Realized carried interest was $206.2 million in the quarter, down 59% from $503.2 million in the fourth quarter and up 112% from $97.3 million in the year-over-year quarter.