Wednesday, 31 August 2016
Last updated 13 hours ago
Nov 4 2011 | 10:24am ET
The third quarter was not been kind to publicly-listed private equity firms, and Kohlberg Kravis Roberts is no exception.
New York-based KKR suffered a $592.1 million pretax economic net income loss, it said today, following similar loss announcements by Fortress Investment Group, Apollo Global Management and the Blackstone Group. The firm had earned $317.3 million in the year-earlier period.
KKR said its investment income was a negative $688.5 million on the quarter, reflecting the write-down of its private equity assets by 8.5%. Fee earnings actually rose by more than 40% to $98.2 million, but were overwhelmed by KKR's market losses.
KKR's assets under management dipped 5.2% on the quarter to $58.7 billion.