KKR KKR (KKR) Q4 FY25 earnings call
KKR delivered a strong Q4 FY25, marked by record fundraising and robust management fee growth, driven by broad-based demand across asset classes and regions. The firm's strategic acquisition of Arctos is set to expand its solutions franchise and diversify earnings. Management expresses confidence in exceeding fundraising and FRE targets, while maintaining a disciplined approach to deployment amidst market volatility.
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KKR operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Assets under management (AUM) K-Series | $16BWe are seeing continued scaling with AUM across our K-Series vehicles at $16 billion as of year-end.Source: earnings call transcript | — | — | $35B+AUM across our K-Series vehicles is now over $35 billion.Source: earnings call transcript | $38B+Redemptions totaled around $250 million and AUM now stands at over $38 billion.Source: earnings call transcript | $42BIn total, we brought in $3 billion of capital in Q2, and K-Series AUM now stands at $42 billion compared to approximately 25 a year ago, so up almost 70% year-over-year.Source: earnings call transcript | — |
| Assets under management (AUM) Asset-based finance | ~$70BAnd of that $110 billion, we've got about $70 billion in asset-based finance and another $40 billion in direct lending.Source: earnings call transcript | $74BAnd within that private credit piece, $74 billion of that is in asset-based finance, and ABF year-over-year has grown at a number between 35% and 40%.Source: earnings call transcript | $84BTotal AUM across the ABF franchise, now is $84 billion, that's up 12% just from last quarter, and it's up almost 30% on a year-over-year basis, so very strong growth.Source: earnings call transcript | $85BOur ABF business, which today represents $85 billion of AUM, invested $19 billion of capital last year.Source: earnings call transcript | $90B+That momentum was driven by our asset-based finance business, which represents over $90 billion of AUM today.Source: earnings call transcript | — | — |
| Assets under management (AUM) Infrastructure | — | — | — | ~$100BIn infrastructure, our AUM has grown from approximately $17 billion 5 years ago to around $100 billion today.Source: earnings call transcript | — | ~$120BWe have 1 of the largest infrastructure platforms in the world at approximately $120 billion of AUM.Source: earnings call transcript | — |
| Assets under management (AUM) Arctos | — | — | — | — | ~$16BAs a reminder, Arctos is the leading investor in professional sports franchise stakes and a leader in GP solutions with approximately $16 billion of AUM and $10 billion of fee-paying AUM.Source: earnings call transcript | ~$20BAnd with the closing this quarter, we now manage approximately $20 billion of capital through Arc dose with significant upside in front of us.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.