KKR & Co. L.P. (NYSE: KKR) today reported its second quarter 2012 results.
For the quarter and six months ended June 30, 2012, the carrying value of KKR’s private equity investment portfolio appreciated 5.1% and 14.5%, respectively, driving meaningful ENI. ENI was $546.1 million and $1,273.3 million for the quarter and six months ended June 30, 2012, respectively, up from $315.0 million and $1,057.5 million in the comparable periods of 2011. The increase in both comparable periods was primarily due to greater investment income earned from our principal investments as well as a higher level of net carried interest earned from our private equity funds.
AUM and fee paying assets under management (“FPAUM”) were $61.5 billion and $47.2 billion, respectively as of June 30, 2012, both down slightly from March 31, 2012. The decreases in both AUM and FPAUM were primarily attributable to distributions to limited partners of our investment funds, largely offset by investment appreciation during the period and new capital raised. Neither of these measures includes capital-raising for our eleventh North American private equity fund nor our second Asian private equity fund.
Our infrastructure fund had a final close during the second quarter on over $1 billion, which, in addition to the $1.3 billion of already committed infrastructure-related separate accounts, brings total infrastructure committed capital to $2.4 billion. Our natural resources fund also had a close during the quarter, bringing total commitments to $1.25 billion, which, in addition to $350 million of capital outside the fund, brings total committed capital for natural resources to $1.6 billion.During the second quarter of 2012, we announced an agreement to acquire Prisma Capital Partners LP and its affiliates (“Prisma”), a leading provider of customized hedge fund solutions. The transaction is expected to close in the fourth quarter 2012. As of April 1, 2012, Prisma had $7.8 billion of assets under management.
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