Even with $800 million in redemptions, KKR & Co. LP's public markets business assets last year grew more than its private markets segment, which consists mainly of its iconic private equity business.
KKR's private markets group's assets under management as of Dec. 31 totaled $43.6 billion, down 5.6% from $46.2 billion a year earlier. Meanwhile, KKR public markets assets were up 4.1% to $15.4 billion in 2011 from $14.8 billion at the end of 2010.
But the private markets business topped the public markets unit in new capital raised, collecting $2.3 billion in new capital in 2011, with $1.4 billion in the fourth quarter alone. At the same time, KKR distributed $6.5 billion for the year, much of it to limited partners, including $2.3 billion in the fourth quarter.
KKR's public markets business, in comparison, raised $1.6 billion last year, with $423.6 million in the fourth quarter. These numbers reflect $1.4 billion paid out in distributions, including $801.1 million in redemptions during the year. Some $200 million in redemptions were in the fourth quarter alone.