<p class="bodytext">Private equity firm KKR & Co Inc said on Friday its after-tax distributable earnings rose 6% year-on-year in the third quarter, driven by growth in management and transaction fees from its capital markets business.</p>.<p class="bodytext">After-tax distributable earnings (DE) – the cash available for paying dividends to shareholders – rose to $410.4 million, up from $388.8 million a year earlier. This translated to DE per share of 48 cents, which exceeded the average Wall Street analyst forecast of 40 cents, according to data from Refinitiv.</p>.<p class="bodytext">"The capital markets business has been growing over time as this has been an area KKR has invested a lot in, but it can bounce around a bit from quarter-to-quarter and we expect it to moderate," said JMP Securities analyst Devin Ryan. KKR's shares were down 1.8% in afternoon trading, in line with the broader market.</p>.<p class="bodytext">KKR said the value of its private equity portfolio appreciated by 16% during the quarter, while real estate and infrastructure funds rose 6% and 10% respectively. Its leveraged credit funds rose by 5%.</p>.<p class="bodytext">On Wednesday, rival Blackstone Group said its third-quarter distributable earnings rose 9%, while its private equity funds appreciated by 12.2%.</p>.<p class="bodytext">Carlyle Group Inc reported a smaller-than-expected 6% drop in its third-quarter distributable earnings on Thursday, with its overall fund portfolio rising 5%. Apollo Global Management said its private equity portfolio rose 8%, although distributable earnings fell 8% during the quarter.</p>.<p class="bodytext">KKR said its net income under generally accepted accounting principles rose to $1.1 billion, from $241.2 million a year earlier, driven by income from capital allocated out of its balance sheet. The strength in its capital markets business offset a decline in profits from asset sales.</p>.<p class="bodytext">Total asset management was $233.8 billion at the end of September, up from $221.8 billion from three months earlier. KKR closed the quarter with $67.1 billion in unspent capital.</p>.<p class="bodytext">KKR said it is on track to raise its three flagship funds - Americas private equity, global infrastructure, and Asia private equity - as well as 20 other strategies over the next 18 months. It said it already amassed over $13 billion in its flagship Asia private equity fund, which began fundraising last year.</p>.<p class="bodytext">"We really did lean in when the market was dislocated, so this dry powder is particularly noteworthy given the level of capital investment we have made year-to-date," KKR chief financial officer Robert Lewin said during an analyst earnings call on Friday.</p>.<p class="bodytext">KKR declared its regular dividend of $0.135 per share.</p>
<p class="bodytext">Private equity firm KKR & Co Inc said on Friday its after-tax distributable earnings rose 6% year-on-year in the third quarter, driven by growth in management and transaction fees from its capital markets business.</p>.<p class="bodytext">After-tax distributable earnings (DE) – the cash available for paying dividends to shareholders – rose to $410.4 million, up from $388.8 million a year earlier. This translated to DE per share of 48 cents, which exceeded the average Wall Street analyst forecast of 40 cents, according to data from Refinitiv.</p>.<p class="bodytext">"The capital markets business has been growing over time as this has been an area KKR has invested a lot in, but it can bounce around a bit from quarter-to-quarter and we expect it to moderate," said JMP Securities analyst Devin Ryan. KKR's shares were down 1.8% in afternoon trading, in line with the broader market.</p>.<p class="bodytext">KKR said the value of its private equity portfolio appreciated by 16% during the quarter, while real estate and infrastructure funds rose 6% and 10% respectively. Its leveraged credit funds rose by 5%.</p>.<p class="bodytext">On Wednesday, rival Blackstone Group said its third-quarter distributable earnings rose 9%, while its private equity funds appreciated by 12.2%.</p>.<p class="bodytext">Carlyle Group Inc reported a smaller-than-expected 6% drop in its third-quarter distributable earnings on Thursday, with its overall fund portfolio rising 5%. Apollo Global Management said its private equity portfolio rose 8%, although distributable earnings fell 8% during the quarter.</p>.<p class="bodytext">KKR said its net income under generally accepted accounting principles rose to $1.1 billion, from $241.2 million a year earlier, driven by income from capital allocated out of its balance sheet. The strength in its capital markets business offset a decline in profits from asset sales.</p>.<p class="bodytext">Total asset management was $233.8 billion at the end of September, up from $221.8 billion from three months earlier. KKR closed the quarter with $67.1 billion in unspent capital.</p>.<p class="bodytext">KKR said it is on track to raise its three flagship funds - Americas private equity, global infrastructure, and Asia private equity - as well as 20 other strategies over the next 18 months. It said it already amassed over $13 billion in its flagship Asia private equity fund, which began fundraising last year.</p>.<p class="bodytext">"We really did lean in when the market was dislocated, so this dry powder is particularly noteworthy given the level of capital investment we have made year-to-date," KKR chief financial officer Robert Lewin said during an analyst earnings call on Friday.</p>.<p class="bodytext">KKR declared its regular dividend of $0.135 per share.</p>