KKR raised $32bn (£24.9bn) within the second quarter – the second highest quarter within the agency’s historical past – bringing property below administration (AUM) to over $600bn.
The non-public markets big’s second-quarter outcomes confirmed that adjusted web earnings rose 49 per cent year-on-year to $972m, whereas fee-related earnings rose by 25 per cent year-on-year to a report $755m.
The group’s whole AUM amounted to $601bn, up 16 per cent year-on-year.
Inside credit score and liquid methods, AUM elevated two per cent quarter-on-quarter, and 17 per cent year-on-year, to $265bn.
$12bn was raised throughout these methods through the quarter and the identical worth was invested, with deployment most energetic in excessive grade asset-based finance and direct lending.
New capital raised was pushed by inflows at World Atlantic, a life insurer it acquired, in addition to opportunistic asset-based finance, evergreen direct lending within the US and Europe, and CLO formation.
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KKR’s credit score and liquid AUM is comprised of $127bn of leveraged credit score, $61bn of asset-based finance, $39bn of direct lending, $9bn of strategic investments and $28bn of liquid methods.
Each the leveraged credit score and different credit score portfolios returned 12 per cent within the final 12 months.
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“This was a robust quarter for KKR,” stated co-chief govt officers Joseph Bae and Scott Nuttall. “We reported report payment associated earnings and are experiencing acceleration throughout our key working metrics and monetary outcomes.
“We raised $32bn of latest capital within the quarter, bringing property below administration to over $600bn. Moreover, we deployed $23bn within the quarter, up from $10bn one yr in the past, and have a wholesome deal pipeline within the second half of 2024 throughout our companies and geographies. Momentum throughout the agency stays excessive, and we stay assured in our workforce, our mannequin and our progress prospects.”
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