Asset management firm KKR had assets under management of USD52.2bn as of 31 December 2009.
Fee related earnings were USD87.5m for the quarter ended 31 December 2009 and pro forma FRE for the year ended 31 December 2009 were USD247.4m.
Economic net income was USD515.3m for the quarter ended 31 December 2009 and pro forma ENI for the year ended 31 December 2009 was USD1,953.9m.
Committed dollars invested amounted to USD456.7m for the quarter ended 31 December 2009 and USD2.1bn for the year ended 31 December 2009.
KKR had uncalled commitments to its investment funds of USD14.5bn as of 31 December 2009, of which USD445.0m had been committed by KKR as a general partner and USD827.3m consisted of commitments by KPE acquired through the business combination.
Book value was USD4.2bn or USD6.08 per unit as of 31 December 2009.
AUM in KKR’s private markets segment were USD38.8bn as of 31 December 2009, an increase of USD1.3bn or 3.6 per cent compared to pro forma AUM of USD37.5bn as of 30 September 2009. The increase was due primarily to an increase in the fair value of KKR’s private equity portfolio offset by distributions during the quarter.
AUM in KKR’s public markets segment were USD13.4bn as of 31 December 2009, an increase of USD0.4bn or 3.3 per cent compared to pro forma AUM of USD12.9bn as of 30 September 2009. The increase was due primarily to new capital raised offset by distributions during the quarter.
As of 31 December 2009, KKR had an available cash balance of USD556.7m and USD733.7m of outstanding debt obligations. Its availability for further borrowings was approximately USD1.2bn. In addition, KKR has a USD500m revolving credit facility for use in KKR’s capital markets business that was undrawn as of 31 December 2009.
Subsequent to 31 December 2009, KKR received net proceeds of USD392.1m related to both the settlement of its investment in Sun Microsystems and a dividend received on its investment in HCA. Those proceeds, plus other available cash on hand, were used to make repayments on debt obligations of USD429.1m.
On 1 October 2009, KKR and KKR Guernsey completed a transaction to combine their businesses. KKR acquired all of the assets and all of the liabilities of KKR Guernsey, and, in exchange, KKR Guernsey received interests in KKR Group Holdings representing 30 per cent of the outstanding equity in the combined business. The remaining 70 per cent of the equity is held by KKR’s predecessor owners and employees through KKR Holdings.
