KKR Beats Estimates as Higher Fees Lift AUM to $686 Billion

KKR & Co. reported stronger-than-expected second-quarter results, as higher management fees and fresh fundraising offset slower exits from legacy investments. Adjusted earnings rose to $1.18 a share, topping the $1.14 consensus, while revenue reached $1.86 billion. Net income came in at $472 million. Fee-related earnings increased to $887 million, up 22% from a year earlier, helped by a 9% quarter-on-quarter jump in management fees. The private-equity firm ended June with $686 billion of assets under management, ahead of analysts’ $680.51 billion forecast, and declared a quarterly dividend of $0.185 per share. KKR said it raised $6.5 billion for asset-backed finance during the quarter and is expanding into growth areas such as life sciences through its HealthCare Royalty Partners deal. Management described the operating environment as “highly constructive” as the firm heads into the second half of 2025.