KKR & Co. reported assets under management of $99.1 billion as of March 31, up 0.5% from Dec. 31 and down 3% from March 31, 2014, KKR first-quarter earnings release shows.
KKR's private markets assets under management were $62.1 billion, up 1% from three months earlier and up 3% from a year earlier. The increase was primarily due to new capital raised by European Fund IV, which raised $2.22 billion as of March 31; Global Infrastructure Investors II, which raised $2.33 billion as of March 31; and appreciation of KKR's private equity portfolio. Fundraising for European Fund IV began in December and for Global Infrastructure Investors II in October.
Public markets assets under management totaled $37 billion at the end of the quarter, flat from Dec. 31 and down 11% from March 31, 2014.
The decreases are mainly due to distributions and redemptions as well as the impact of foreign-exchange rates on KKR's euro-denominated collateralized loan obligations portfolio.
GAAP net income was $270.5 million for the first quarter, up from a loss of $583,000 in the previous quarter and up 29% from the first quarter of 2014. Revenue totaled $962 million in the first quarter, up from $946 million in the first quarter of 2014.