KKR cash pile rises on deals

City A.M. Reporter
PRIVATE equity giant KKR said the fourth quarter of last year was its strongest yet as a publicly listed firm, as exits from private equity investments delivered a record amount of cash for itself and its investors.

KKR said economic net income for the fourth quarter, a measure of private equity profitability, came in at $347.7m (£221.4m), compared with $285.5m a year ago.

It added assets under management rose to $75.5bn from $66.3bn over the quarter due to its acquisition of Prisma Capital Partners, a hedge fund-of-funds.