For private equity firms, the bigger the credit business, the better, writes TheRealLSL.
KKR said on Aug. 4 that second-quarter distributable earnings were essentially unchanged from the same quarter last year. Assets under management increased 8% to $222 billion, with the company run by Henry Kravis raising $16 billion in the period.
The company’s private equity funds posted 14% gross returns in the last year, versus flat for the leveraged credit group and a 10% decline in alternative credit. Apollo Global Management said on July 30 that its second-quarter distributable earnings fell 11% compared to the same quarter last year, to $205 million. Assets under management increased more than 30% to $414 billion.
The company’s best performing credit fund in the quarter was its structured credit group, with an 8.7% net return in the quarter. Private equity investments appreciated 11.7% in the period.
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