KKR Reports Record $43B Capital Raised In Q3 During Earnings Call

Private equity powerhouse KKR keeps getting closer to the famed $1 trillion assets under management metric. 

KKR reported another strong quarter of earnings in the third quarter, as the firm raised $43 billion, the highest quarterly fundraise in four years, while its assets under management grew 16 percent year-over-year, and now sits at $723 billion.  

Moreover, KKR invested $26 billion during the third quarter of 2025, the most active investment quarter in the firm’s 49-year history. Not surprisingly, the private equity giant has benefited from the renewed credit and equity activity and $55 billion of new capital it has raised year-to-date, as the firm reported substantially increased fees across the board through the year.

“Looking over the last 12 months, management fees, fee-related earnings and adjusted net income are all at record levels for KKR at any 12-month period in our history,” said Craig Larson, head of investor relations, during the third-quarter earnings call Friday.  

GAAP Net Income Attributable [earnings after taxes and expenses] to the firm’s common stockholders came out to $900 million for the quarter and $1.1 billion year-to-date, while fee-related earnings rose 16 percent year-over-year, and total operating earnings rose 16 percent on the year.  

Firm co-CEOs Scott Nuttall and Joseph Bae said in a statement that the firm-record $43 billion fundraise in the third quarter reflects the trust KKR has built with its longtime pool of investors, as well as the continued momentum across its different business lines, particularly private credit. 

“With a record $126 billion of dry powder, we remain incredibly well positioned to help our clients navigate the current environment,” wrote Nuttall and Bae. 

The firm aggressively deployed capital in the third quarter and reported that $9 billion in capital was invested over the last three months and $19 billion year-to-date, with much of it invested into Japanese commercial real estate.  

“In the third quarter, deployment was primarily driven by infrastructure in both the U.S. and Europe, as well as real estate equity in Japan and U.S. real estate credit,” the firm noted in a financial supplement. 

Commercial real estate investments make up 14 percent of assets under management for KKR, according to the firm. 

Brian Pascus can be reached at bpascus@commercialobserver.com.