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KKR’s various credit score portfolio returned 4 per cent within the first quarter of this 12 months, though this was crushed by its personal fairness and infrastructure arms which each yielded 5 per cent over the interval.
The agency reported that its credit score and liquid methods enterprise noticed its belongings beneath administration (AUM) improve by six per cent quarter-on-quarter to $260bn (£208.2bn), with $21bn raised over the quarter.
The division’s AUM includes of $130bn of leveraged credit score, $54bn of asset-based finance, $39bn of direct lending, $9bn of strategic investments and $27bn of liquid methods.
Learn extra: Moody’s downgrades three direct lending funds
It stated that new capital raised over the quarter was pushed by inflows at World Atlantic, a life insurer it acquired, in addition to asset-based finance autos, evergreen US direct lending, Asia personal credit score and CLO formation.
The credit score and liquid methods enterprise invested $7bn within the quarter, with deployment most lively in direct lending and asset-based finance.
KKR has expanded from its personal fairness roots into an alternate asset administration big in recent times, with methods together with actual property, infrastructure and credit score.
Learn extra: Personal credit score is right here to remain, says KKR
Total, the corporate reported a 20 per cent improve in adjusted web revenue to $863.7m within the first quarter, beating analysts’ estimates.
“We had a strong quarter with 20 per cent+ year-over-year progress in payment associated earnings, whole working earnings and adjusted web revenue and raised $31bn of recent capital,” stated Joseph Y. Bae and Scott C. Nuttall, co-chief executives of KKR.
“We closed on the acquisition of the remaining stake in World Atlantic and at the moment are reporting our monetary outcomes by way of three segments: asset administration, insurance coverage and strategic holdings. With three avenues for long-term, sustained progress – as detailed at our April investor day – we’re nicely positioned for the years forward.”
Learn extra: KKR touts CLO debt as hedge in opposition to excessive rates of interest
Learn extra: KKR eyes “uncommon alternative” in Asia’s personal credit score market
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