KKR & Co. reported total assets under management of $54.8 billion as of Sept. 30, up 7.9% from $50.8 billion as of June 30 but down 5% from $58 billion at the end of the 2008 third quarter.
In its first earnings report since becoming a public company, KKR & Co., the entity formed Oct. 1 when the private equity firm merged with its Guernsey-based publicly traded fund that was known as KKR Private Equity Investors LP, reported fee-related earnings of $61.5 million, up 13.3% from $54.3 million in the second quarter but down 42% from $106.2 million in the third quarter of 2008.
The firm also reported profit of $656.6 million for the quarter, up 78.9% from $366.9 million in the second quarter and an increase from the economic net loss of $466 million in the third quarter of 2008.
“While we continue to face difficult economic conditions, we are also observing signs of improving trends, particularly as it relates to debt and equity capital markets,” said Henry R. Kravis and George R. Roberts, co-chairmen and co-CEOs, in a joint statement accompanying the earnings report. “We are seeing interesting situations to invest capital all over the world, across various industries and throughout the capital structure.”
KKR reported uncalled private equity commitments of $14.2 billion in the third quarter, up from $15.3 billion a year earlier.