KKR & Co. had $59 billion in assets under management as of Dec. 31, up 0.5% from three months earlier but down 3.3% from a year earlier, according to the company's fourth-quarter earnings statement issued Thursday.
The slight asset increase in the last quarter was partially the result of new capital raised and investment appreciation. Not included in the increase was $6 billion raised by its 11th North American private equity fund, the earnings report noted.
The North American fund had “a first close on over $5.5 billion of commitments with the expectation of at least another $500 million in the near term, subject to documentation,” it stated. “The final size of the fund will not be known until the final close of the fund in approximately one year.”
KKR's GAAP results included net income of $46.1 million for the quarter and $1.9 million for the year ended Dec. 31. The firm posted net income under GAAP of $180.6 million for the fourth quarter of 2010 and $33.2 million for that year. KKR attributed the 2011 decline to a lower level of investment appreciation than in 2010.