KKR & Co's assets under management totaled $131 billion as of June 30, up 3.6% from the end of the first quarter and up 14% year-over-year, said the alternative investment firm's second-quarter earnings report released Tuesday.
The AUM increase was attributed to new capital raised in private equity, credit and hedge funds and an increase in fair value in KKR's private equity portfolio. The increase was partially offset by distributions to limited partners in KKR's private equity funds and distributions and redemptions in KKR's credit and hedge fund businesses.
New capital raised in the first quarter totaled $8.9 billion, compared to distributions to limited partners of $6.4 billion. The fair value of funds increased $2.2 billion total in the quarter.
KKR's private markets AUM totaled $75.4 billion at the end of June, up 6% from three months earlier and up 10% year-over-year. Public markets AUM totaled $55.6 billion, up 0.5% from March 31 and up 21.1% from 12 months earlier.
The money manager reported GAAP net income of $93.9 million for the quarter, compared to a net loss of $329.9 million in the first quarter and a net gain of $376.3 million in the year-earlier quarter.
Management fees were $203.6 million in the second quarter, up 4.6% from the first quarter and up 12.2% from the first quarter of 2015. Performance fee income was $328.6 million in the quarter, compared to a loss of $124.9 million and income of $598.5 million in the second quarter of 2015.