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US non-public fairness agency KKR’s first quarter earnings dropped as a slowdown in dealmaking exercise weighed on its capability to promote investments for a revenue and realise profitable efficiency charges.
The group’s charge associated earnings dropped 6 per cent throughout the first quarter to $549mn from this time final 12 months, barely lacking expectations from analysts polled by Refinitiv. Its distributable earnings, a measure analysts regard as a proxy for money flows, fell 26 per cent to $719mn over the identical interval.
The outcomes confirmed that new cash continues to pour into KKR, which raised $12bn from buyers throughout the quarter.
“In our expertise volatility creates alternative,” co-chief executives Joseph Bae and Scott Nuttall mentioned in a press launch, noting KKR sits on $106bn in uncalled investor commitments that it could possibly put money into dislocated markets.
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