KKR’s first quarter AUM gets a boost from Global Atlantic buyout

KKR & Co. on Tuesday reported $367 billion in assets under management as of March 31, up 45.8% from $251.7 billion as of Dec. 31 and from up 77% year over year.

Speaking on an analysts call following the earnings release, Craig Larsen, partner and head of investor relations, attributed the AUM increases to the Feb. 1 closing of its acquisition of Global Atlantic as well as strong investment performance and fundraising.

KKR raised $15 billion in the first quarter and $51 billion for the year ended March 31. Including the Global Atlantic acquisition, new capital raised for the 12-month period was $149 billion. The acquisition of Global Atlantic contributed $98 billion in the first quarter.

Scott C. Nuttall, co-president and co-chief operating officer said that "it's really been a great fundraising environment. ... Best we've seen for a long time."

KKR's private markets business had $178 billion in AUM as of March 31, a 20% quarter-over-quarter rise and a gain of 56% for the year. KKR's private markets business invested $4 billion in the quarter and $22 billion for the year.

KKR's public markets business reported $190 billion, up 84% from the prior quarter and up 104% year over year. The Global Atlantic acquisition added $85 billion to KKR's credit AUM.

GAAP net income was $1.6 billion for the quarter, compared to GAAP net income of $1.5 billion for the fourth quarter.