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KKR Passes $500 Billion in Assets Despite Earnings Headwinds

  • Private equity firm’s earnings fell 41% in fourth quarter
  • Higher interest rates, tumbling valuations crimp deal activity
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KKR & Co. passed $500 billion in assets under management during the fourth quarter even as earnings fell 41% on sluggish asset sales.

The New York-based firm raised $16 billion of new capital in the quarter to reach $504 billion in AUM, it said Tuesday in a statement. Distributable earnings fell to $822 million, or 92 cents a share, from $1.4 billion, or $1.59, a year earlier. That beat the 85-cent average estimate of 14 analysts surveyed by Bloomberg.