|
KKR & Co. L.P. today reported its first quarter 2014 results. “Our investment portfolio and balance sheet continue to perform, resulting in a 26% return on equity over the last twelve months” On February 19, 2014, we closed our acquisition of Avoca Capital (Unlimited) and its affiliates (“Avoca”), a European credit investment manager. Avoca’s financial results have been reported as part of our Public Markets segment in the first quarter of 2014. The acquisition of Avoca contributed $8.4 billion to our Public Markets segment’s assets under management. In March 2014, we held our final close for our first Energy Income and Growth Fund L.P., which including general partner and employee commitments closed with approximately $2.0 billion of commitments. On December 16, 2013, KKR announced the signing of a definitive merger agreement where KKR will acquire KFN through a stock-for-stock merger. The merger, which is subject to KFN shareholder approval and other customary closing conditions, is expected to close in the second quarter of 2014. “Our investment portfolio and balance sheet continue to perform, resulting in a 26% return on equity over the last twelve months,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “Additionally, our realization activity and record fee revenue both contributed to a 60% year-over-year increase in our first quarter distribution per unit to $0.43 per share.” GAAP RESULTS GAAP results for the quarter ended March 31, 2014, included net income attributable to KKR & Co. L.P. of $210.0 million and net income attributable to KKR & Co. L.P. per common unit of $0.65, on a diluted basis. For the quarter ended March 31, 2013, net income attributable to KKR & Co. L.P. was $193.4 million and net income attributable to KKR & Co. L.P. per common unit was $0.69, on a diluted basis. The increase quarter over quarter was primarily due to (i) an increase in management fees attributable to new capital raised; (ii) higher transaction fees; and (iii) an increase in KKR & Co. L.P.’s ownership percentage in the KKR business. The increase was partially offset by a lower level of investment income. SEGMENT RESULTS Private Markets AUM was $60.5 billion as of March 31, 2014, a decrease of $0.7 billion, or 1.1%, compared to AUM of $61.2 billion as of December 31, 2013. The decrease was primarily attributable to distributions to the limited partners of our private equity funds arising from realizations and to a lesser extent a reduction in AUM as a result of the European Fund III entering the post-investment period. The decrease was largely offset by appreciation in the fair value of our private equity portfolio and new capital raised primarily from our Energy Income and Growth Fund. FPAUM was $48.2 billion as of March 31, 2014, a decrease of $2.0 billion, or 4.0%, compared to FPAUM of $50.2 billion as of December 31, 2013. The decrease was primarily attributable to distributions to the limited partners of our private equity funds arising from realizations and to a lesser extent a reduction in FPAUM as a result of the European Fund III entering the post-investment period. The decrease was partially offset by new capital raised primarily from our Energy Income and Growth Fund. FRE was $53.6 million for the quarter ended March 31, 2014, an increase of $12.9 million, or 31.7%, compared to FRE of $40.7 million for the quarter ended March 31, 2013. The increase was primarily driven by higher transaction fees and higher management fees resulting from new capital raised, partially offset by higher compensation expense. ENI was $241.1 million for the quarter ended March 31, 2014, a decrease of $25.6 million, or 9.6%, compared to ENI of $266.7 million for the quarter ended March 31, 2013. The decrease was primarily attributable to lower net carried interest resulting from a lower level of appreciation in our private equity portfolio. The decrease was partially offset by the increase in FRE discussed above. Public Markets AUM was $41.8 billion as of March 31, 2014, an increase of $8.7 billion, or 26.3%, compared to AUM of $33.1 billion as of December 31, 2013. FPAUM was $35.4 billion as of March 31, 2014, an increase of $8.2 billion, or 30.1%, compared to FPAUM of $27.2 billion as of December 31, 2013. For both AUM and FPAUM, the increases were primarily attributable to new capital from the acquisition of Avoca. FRE was $53.6 million for the quarter ended March 31, 2014, an increase of $16.4 million, or 44.1%, compared to FRE of $37.2 million for the quarter ended March 31, 2013. The increase was principally attributable to higher management fees related to new capital raised from fund investors, partially offset by higher compensation expense. ENI was $67.9 million for the quarter ended March 31, 2014, an increase of $18.8 million, or 38.3%, compared to ENI of $49.1 million for the quarter ended March 31, 2013. The increase was primarily driven by the increase in FRE discussed above. Capital Markets and Principal Activities FRE was $44.5 million for the quarter ended March 31, 2014, an increase of $34.4 million, or 340.6%, compared to FRE of $10.1 million for the quarter ended March 31, 2013. The increase was primarily driven by a higher level of overall capital markets transaction activity, partially offset by higher compensation expense. ENI was $321.2 million for the quarter ended March 31, 2014, a decrease of $10.7 million, or 3.2%, compared to ENI of $331.9 million for the quarter ended March 31, 2013. The decrease was primarily due to a lower level of investment income from our principal investments, partially offset by the increase in FRE discussed above. While the fair value of our principal investments increased during the quarter ended March 31, 2014, the level of appreciation was lower than in the first quarter of 2013. CAPITAL AND LIQUIDITY As of March 31, 2014, KKR had $2.1 billion of cash and short-term investments on a total reportable segment basis and $1.0 billion of outstanding debt obligations. KKR’s availability for borrowings was $750.0 million (which is reduced by an outstanding letter of credit), which does not include a $500.0 million revolving credit facility for use in its capital markets business that was undrawn as of March 31, 2014. As of March 31, 2014, KKR’s portion of total uncalled commitments to its investment funds was $1.0 billion, consisting of the following (amounts in thousands): Uncalled Commitments Private Markets North America Fund XI $ 274,100 Energy Income and Growth Fund 191,600 Real Estate Partners Americas 154,700 European Fund III 68,500 Asian Fund II 67,300 2006 Fund 61,700 Infrastructure 16,300 Natural Resources 11,100 Other Private Equity Funds 11,000 Co-Investment Vehicles 32,900 Total Private Markets Commitments 889,200 Public Markets Special Situations Vehicles 98,300 Mezzanine Fund 20,300 Direct Lending Vehicles 12,400 Total Public Markets Commitments 131,000 Total Uncalled Commitments $ 1,020,200 DISTRIBUTION A distribution of $0.43 per common unit has been declared, comprised of (i) $0.15 per common unit from after-tax FRE, (ii) $0.17 per common unit from realized cash carry, and (iii) $0.11 per common unit from net realized principal investment income. The distribution will be paid on May 23, 2014 to unitholders of record as of the close of business on May 9, 2014. Please refer to the distribution policy presented later in this release. |
|
| aus der Diskussion: | KKR & Co - lukrative Beteiligungs- und Privat Equity-Geschäfte für jedermann |
| Autor (Datum des Eintrages): | sirmike (24.04.14 16:45:32) |
| Beitrag: | 6 von 251 (ID:46869544) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |