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KKR AUM up 7.9 per cent in Q3

KKR’s assets under management were USD54.8bn as of 30 September 2009, up 7.9 per cent from USD50.8bn at 30 June 2009.

Fee related earnings were USD61.5m for the quarter ended 30 September 2009, compared to USD54.3m for the quarter ended 30 June 2009 – an increase of 13.3 per cent.

Economic net income was USD656.6m in Q3, an increase of 78.9 per cent from USD366.9m in Q2.

Private equity dollars invested amounted to USD1.1bn for the quarter ended 30 September 2009.

KKR Guernsey, formerly known as KKR Private Equity Investors, had a net asset value of USD3.5bn as of 30 September 2009, compared to USD3.0bn as of 30 June 2009. NAV per unit was USD16.98, compared to USD14.66 as of 30 June 2009, an increase of 15.8 per cent.

“While we continue to face difficult economic conditions, we are also observing signs of improving trends, particularly as it relates to debt and equity capital markets. We are seeing interesting situations to invest capital all over the world, across various industries, and throughout the capital structure. We remain focused on capitalising on these opportunities and creating value in the investments we have already made,” said Henry R. Kravis and George R. Roberts, co-chairmen and co-chief executive officers.

On 1 October 2009, KPE and KKR completed their transaction to combine their businesses. In connection with the business combination, KPE changed its name to KKR Guernsey. KKR acquired all of the assets and all of the liabilities of KKR Guernsey, and, in exchange, KKR Guernsey received interests representing 30 per cent of the outstanding equity in the combined business with the balance of the equity remaining with KKR’s owners and employees.

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