Wednesday, 6 May 2015
Last updated 19 hours ago
Jul 26 2013 | 11:27am ET
Kohlberg Kravis Roberts' second-quarter earnings plummeted as returns on its private-equity investments slowed.
The New York-based firm said that its economic net income dropped 74% to $144.4 million. KKR blamed the mere 0.9% increase in the value of its p.e. portfolio for the slowdown, while trumpeting stronger metrics.
The firm said more than 80% of its p.e. assets have now cleared their performance hurdle, allowing it to take its share of the profits. Carried interest cash more than quadrupled year-on-year, to $161.9 million. KKR also pointed to its second-quarter distribution, which more than tripled due to its decision to hand out 40% of its balance-sheet income every quarter.
"Our realization activity in the second quarter drove the highest cash carry we have reported since going public, contributing to a quarterly distribution of 42 cents per unit," the firm said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…