KKR & Co. on Tuesday said $ 429 billion in assets under management as of June 30, up 16.9% from $ 367 billion at the end of the previous quarter and 93% year-on-year. ‘other.
KKR’s assets under management were boosted by portfolio appreciation and a record $ 59 billion fundraising in the quarter, which surpassed its previous record, said Craig Larsen, head of investor relations at KKR on a conference call Tuesday. KKR had an “exceptionally strong quarter,” said Larsen. Capital raised in the second quarter included $ 41 billion from the first closings of the KKR North America Fund XIII, Global Infrastructure Investors IV and Core Private Equity II funds. Management fees have increased 40% year over year, he noted.
During the call, KKR executives underscored the company’s continued commitment to offer investments to retail investors. In May, KKR launched KKR Real Estate Select Trust, a private closed-end real estate fund continuously registered for individual investors.
Some 14% of KKR’s fundraising in the quarter came from retail investors, Scott Nuttall, co-chairman and co-chief operating officer, said on the same call. There is “significant interest in all alternative things,” he said. The size of the retail markets is “massive”, offering KKR a great opportunity, Nuttall said.
“We are really happy with our first steps,” he added.