KKR Grows Assets Under Management to $686B Amid Strong Q2 Earnings

Private investment giant KKR recorded a particularly strong second quarter, with higher revenue and adjusted income compared to the same period in 2024, and the value of its assets under management (AUM) increasing 14 percent amid a capital-raising tear. 

Manhattan-based KKR now has some $686 billion of AUM, the company announced in its Thursday morning earnings report and call. The value of fee-paying AUM was also up 14 percent from the second quarter of 2024, to $556 billion. 

Revenue for the second quarter totaled more than $5.08 billion, up from the $4.17 billion in the same period last year. Within that, nearly $1.84 billion came from revenue from asset management and strategic holdings, the company said. Net income, though, was down more than 29 percent annually, to $472.4 million for the quarter vs. $667.9 million in the second quarter of last year.

The company did say that its adjusted net income was up 9 percent from last year, to $1.1 billion.  

Much of KKR’s muscular performance in the three months that ended June 30 came from raising capital, something at which the firm is adept. The company reported $28 billion in capital raised for the quarter, and $109 billion over the last 12 months. It invested $18 billion in the quarter, and $83 billion over the last 12 months. 

“Since the start of the year, we’ve deployed nearly $37 billion in capital, with around half of that deployed in the second quarter,” said KKR Chief Financial Officer Robert Lewin, who was joined on the call by co-CEO Scott Nuttall and Craig Larson, the firm’s head of investor relations. 

And, during the first six months of 2025, KKR’s opportunistic real estate portfolio contributed 7 percent to the $9.2 billion gross income performance of its investment funds. The infrastructure portfolio contributed 14 percent, the company said.

Tom Acitelli can be reached at tacitelli@commercialobserver.com.