Private equity enjoys its wet hot American summer, says johnsfoley.
KKR said on Aug. 3 that its main measure of earnings more than doubled in the second quarter of 2021, driven by rising fees and profit realized from selling companies in its private equity portfolio.
The buyout firm’s after-tax distributable earnings – which excludes theoretical profit from assets it hasn’t yet sold – hit $926 million, compared with $366 million a year earlier. KKR had $429 billion of assets under management at the end of June, boosted by $98 billion from its acquisition of insurance firm Global Atlantic, which closed in February.
Rival private equity groups Blackstone and Carlyle both previously reported a near-doubling in their distributable earnings for the second quarter.Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., August 23, 2018.
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