KKR reports record fundraising amid profitable Q2
August 5, 2020
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Investor demand for deals in Hong Kong and other parts of Asia helped KKR soar to a quarterly fundraising record.
(Max Sit/Getty Images)
(Max Sit/Getty Images)
KKR returned to profitability in the second quarter following a disastrous start to the year. The firm also raised $16.4 billion in new capital in Q2, a quarterly high for KKR, driven in part by strong investor demand for buyout and infrastructure strategies in Asia.
The New York-based firm reported a net profit of $698.6 million, reversing its Q1 net loss of nearly $1.3 billion amid slumping public equity prices in the early days of the pandemic. Its Q2 profit marks a year-over-year increase of nearly 36%. KKR posted distributable earnings of $325.6 million, or 39 cents per share, topping reported analyst estimates of 36 cents per share and nearly equaling its earnings from Q2 2019.
KKR had $221.8 billion in assets under management as of the end of Q2, up 7% from the previous quarter and up 8% from the corresponding year-ago period. After the quarter's fundraising push, the firm now has nearly $67 billion in dry powder. KKR shares closed up 1% Tuesday.
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The New York-based firm reported a net profit of $698.6 million, reversing its Q1 net loss of nearly $1.3 billion amid slumping public equity prices in the early days of the pandemic. Its Q2 profit marks a year-over-year increase of nearly 36%. KKR posted distributable earnings of $325.6 million, or 39 cents per share, topping reported analyst estimates of 36 cents per share and nearly equaling its earnings from Q2 2019.
KKR had $221.8 billion in assets under management as of the end of Q2, up 7% from the previous quarter and up 8% from the corresponding year-ago period. After the quarter's fundraising push, the firm now has nearly $67 billion in dry powder. KKR shares closed up 1% Tuesday.
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