KKR & Co.'s assets under management were $207.1 billion as of March 31, down 4% from $218.4 billion as of Dec. 31, with the COVID-19 outbreak responsible for the drop in value in the first quarter, the alternative investment manager reported Wednesday.
However, KKR's year-over-year AUM increased 3.8% from $199.5 billion.
The decline in values was offset by new capital raised in KKR's private equity and real estate funds and leveraged credit investment vehicles, including its business development company.
Assets under management for KKR's private markets business were $114.1 billion as of March 31, a 4.4% drop from $119.3 billion at the end of the previous quarter, but up 5.6% from $108.1 billion as of March 31, 2019. Management fees for the private markets business was $217.3 million as of March 31, up 7.7% from $201.8 million at the end of the first quarter and up 18.6% from $183.2 million a year earlier.
KKR's public markets business AUM was $93 billion as of March 31, down 6.2% from $99.1 billion as of Dec. 31 but up 1.8% from $91.4 billion year-over-year.
KKRs recorded $1 billion in losses for the quarter ended March 31, compared to revenues of $1.2 billion in the year-earlier quarter. The decrease was primarily due to mark-to-market net carried interest losses caused by the COVID-19 pandemic, partially offset by a higher level of management fees.
