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KKR’s assets up 10% in quarter, 30% for year

KKR & Co. reported $168.5 billion in assets under management as of Dec. 31, up 10% from Sept. 30 and up 30% from a year earlier, according to the alternative investment firm's earnings report released Thursday.

KKR attributed the AUM increase to new capital raised and an increase in value in its private equity and alternative credit businesses. These increases were partially offset by distributions to private equity fund limited partners.

During the fourth quarter, KKR closed on $8.5 billion for its core investment strategy, including a $3.5 billion commitment from KKR's balance sheet.

KKR's private markets business AUM was $97.5 billion as of Dec. 31, up 11.3% from Sept. 30 and up 32.1% from the end of the year-earlier quarter. KKR's public markets business segment assets under management increased to $70.9 billion as of Dec. 31, up 8% from Sept. 30 and up 27.3% from Dec. 31, 2016.

KKR raised $25.5 billion in new capital for the year ended Dec. 31.

KKR also disclosed in its earnings statement that senior management and the board are evaluating whether to convert from a partnership to a corporation.

Management fees for the quarter ended Dec. 31 was $234.4 million, up 0.6% from the third quarter and up 18.3% from the year-over-year quarter. Monitoring fees were $22.9 million, up 60% from the third quarter and up 88% from the quarter ended Dec. 31, 2016.

GAAP net income was $166.4 million in the quarter, compared to net income of $153.6 million the previous quarter and net income of $171 million in the year-over-year quarter.

Total revenues made up of fees and other were $941.6 million, compared to $692.9 million in the third quarter and $481.5 million in the year-earlier period.