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Feb 7 2014 | 2:05pm ET
Kohlberg Kravis Roberts' fourth-quarter profit more than doubled compared to 2012, as its share of its funds' profits also more than doubled.
KKR's economic net income for the quarter was $789.6 million, 127% higher than the $347.7 million it reported in the year-earlier period. Under generally-accepted accounting principles, KKR's profit soared 187% to $277.9 million, giving it a 23% jump over the full year.
"We continue to see progress across our capital-raising, investment performance, monetization and strategic initiatives," firm co-founders Henry Kravis and George Roberts said.
Carried-interest rose from $152.7 million in the fourth quarter of 2012 to $347.8 million in the last quarter. But distributable earnings fell 6.6% to $510.4 million.
KKR said it would pay a $0.48 dividend for the fourth quarter. It paid more dividends in 2013—$1.40—than ever before.