KKR & Co. on Tuesday reported $221.8 billion in assets under management as of June 30, a 7.1% increase from $207.1 billion as of March 31 and up 8% from $206 billion in the previous year's second quarter.
KKR attributed the growth in AUM in part to fundraising. The firm raised $16 billion in the second quarter, a record quarterly amount, mainly from its Asia private equity, Asia infrastructure, core plus real estate and dislocation strategies. Through March 31, KKR's average new capital raised per quarter through March 31 was $7.3 billion.
Increases in fundraising and appreciation of KKR's portfolios was offset by distributions to limited partners in its infrastructure and private equity portfolios and redemptions in funds managed by strategic partners. KKR had $67 billion in uncalled commitments, up 18% from June 30, 2019.
In July, KKR announced the acquisition of retirement and life insurance company Global Atlantic Financial Group. When the deal closes — expected in early 2021 — KKR will manage Global Atlantic's assets as well as use Global Atlantic's distribution networks for KKR's investment strategies as well as create new products alongside the insurer.