KKR & Co. reported $251.7 billion in assets under management as of Dec. 31, up 7.8% from three months earlier and up 15% from a year earlier.
"We had the most active fundraising and deployment year in our history," said Henry R. Kravis and George R. Roberts, co-chairmen and co-CEOs, in a news release on Monday.
KKR raised $43.8 billion in 2020, including $11.6 billion in the quarter ended Dec. 31. Most of the capital was raised by its private markets business, specifically for real assets, growth equity and leveraged credit strategies. KKR's private markets business raised $28 billion in the year and $7.8 billion in the quarter ended Dec. 31. KKR's public markets business raised $15.8 billion in all of 2020 and $3.8 billion in the fourth quarter.
This was offset by "distributions and other" of $27.3 billion in the year and $5.2 billion in the quarter ended Dec. 31. This includes redemptions by KKR's public market fund investors of $2.2 billion in the fourth quarter and $11 billion in all of 2020.
On Feb. 1, KKR completed the acquisition of retirement and life insurance company Global Atlantic Financial Group Ltd., which it estimated, pro forma, would increase its AUM to about $342 billion.
KKR's private markets assets were $148.7 billion as of Dec. 31, up 9.5% from Sept. 30 and up 24.6% from Dec. 31, 2019.
KKR's public markets business had $103 billion in AUM at the end of the fourth quarter, a 5% increase from three months earlier and a 3.9% bump up from a year earlier.
KKR had uncalled commitments of $67 billion as of Dec. 31, flat from Sept. 30 and up 18% year over year.
GAAP net income was $1.5 billion for the quarter and $1.9 billion for the year ended Dec. 31. By comparison, KKR earned GAAP net income of $515.1 million in the fourth quarter of 2019 and $2 billion for the year ended Dec. 31, 2019.