KKR Reports Positive Earnings, $28B in New Fundraising in Q1 2026

Even amid constant market volatility, private equity giant KKR continues to raise boatloads of cash and deliver positive returns to its investors. 

KKR reported earnings after taxes and expenses of $1.3 billion, or $1.47 per share, in the first quarter of 2026, up 19 percent year-over-year and a slight increase from the $1.1 billion in earnings it posted in the fourth quarter of 2025. Quarterly fee-related earnings rose 23 percent year-over-year to $1 billion, and adjusted net income came out 20 percent higher. 

“All of these figures are among the highest we’ve reported in our firm’s history,” said Craig Larson, head of investor relations at KKR. 

KKR’s assets under management now stand at $758 billion, an increase of 14 percent year-over-year. The firm has become a capital fundraising machine in recent months, with $28 billion in new capital raised in the first quarter and $127 billion raised over the last 12 months. 

The firm holds a total of $85 billion of commercial real estate assets under management, or 11 percent of total AUM, while infrastructure and energy real assets stand at $114 billion, good for 15 percent of total assets. 

KKR’s realized performance income exceeded $750 million and realized investment income hit $120 million, bringing total monetization activity to $880 million, up over 50 percent from the first quarter of 2021. 

“Broadly, you’re seeing healthy investment performance on behalf of our clients across asset classes, including through this period of heightened volatility,” said Larson, who noted that embedded gains (unrealized capital gains) hit $18.3 billion, up 11 percent compared to one year ago. 

Larson also pointed out that private credit, despite the recent spate of bad headlines, is not a sizable aspect of KKR’s portfolio and should not be considered as such. 

“Direct lending is $39 billion, or 5 percent, of our AUM,” he said. “It’s an important business for us, but in the framework of KKR, it’s of modest size.” 

Robert Lewin, chief financial officer at KKR, said that the firm experienced “continued momentum around capital raising.” Lewin noted $28 billion in new capital was raised in the first quarter, with credit being “a real bright spot,” securing $15 billion in new capital from investors for that platform. 

“Given the current sentiment around private credit, it might be surprising … this was one of our largest fundraising quarters,” he said. “Inflows here more than doubled quarter-over-quarter, and our capital-raise pipelines remain strong.” 

Lewin noted that the firm reached a milestone by closing its North American XIV Fund at $23 billion, eclipsing the firm’s previous $19 billion North American fund, and bringing the firm $46 billion in total capital to invest across the Americas, Europe and Asia.   

“We are the clear market leader of private equity,” said Lewin. 

KKR CEO Scott Nuttall noted that the firm celebrated its 50th birthday last month, but he spent most of his remarks discussing the firm’s stock price, which has struggled in recent months. 

KKR’s stock sits at $100.93 per share as of Tuesday, down nearly 22 percent year-to-date, and 12 percent less than it was one year ago. That said, the stock is up 71 percent of where it was five years ago. 

Nuttall noted that AUM and fee-related AUM have grown between 10 percent and 25 percent per year for the last several years, and that KKR employees own 30 percent of the stock. He also added that the firm has recently agreed to increase its share repurchase program by $500 million.  

He said KKR’s operating metrics are steady and show consistent growth over multiple quarters across several years. 

“The fact is, perception of the volatility of our business and industry is disconnected from the lived experience,” said Nuttall.  “We’re confident that the volatility of our stock will come down over time.” 

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