KKR Profit Jumps 20%

Oct 24 2013 | 10:23am ET

Kohlberg Kravis Roberts' third-quarter profit topped analysts' estimates with a 20% gain and better returns than its private-equity rivals.

New York-based KKR said its economic net income for the quarter was $613.7 million, up from $509.9 million in the year-earlier period. The figure was enough to easily top expectations, which called for a per-share adjusted profit of 59 cents, rather than the 84 cents the firm actually posted.

KKR said its private-equity funds returned 5.9% in the quarter, well ahead of both the Blackstone Group and the Carlyle Group. The firm invested $1.8 billion during the quarter, its most active in almost two years. Assets under management rose 8% to $90.2 billion.

Credit proved the one black mark on the quarter, with the business' economic net income falling 19% on the quarter. KKR blamed lower fee revenue, weaker returns and high fundraising costs.

KKR said it would pay a 23-cent third-quarter dividend.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...