Kohlberg Kravis Roberts & Co reported assets under management of $83.5 billion for the quarter ended June 30, up 7% from March 31 and a 36% increase from a year earlier, according to the alternative investment firm's quarterly earnings report released Friday.
KKR's net income under generally accepted accounting principles was $15.1 million for the quarter, down 90% from a year earlier. The decrease in net income was primarily due to lower investment appreciation, the earnings report noted. The decrease in net income was partially offset by a rise in fees, primarily as a result of the acquisition of hedge funds-of-funds manager Prisma Capital Partners and higher transaction fees.
Management fees for the quarter were $164.2 million, up from $153 million the previous quarter and $129.6 million in the second quarter of 2012. Incentive fees were down to $15.6 million from $18.8 million on March 31 and up from $4.1 million in the quarter ended June 30, 2012.