KKR & Co. posted another record quarter, underscoring the private equity giant’s growing strength across asset management and insurance as it raised $43bn in new capital and achieved record fee earnings.

Adjusted net income reached $1.3bn in the third quarter of 2025, up 8% year-on-year, while total operating earnings climbed 12% to $1.4bn. Fee related earnings hit a record $1bn, reflecting strong management fee growth and continued investor inflows.

Assets under management rose 16% year-over-year to $723bn, supported by robust fundraising across private equity, credit, and infrastructure strategies. Fee-paying AUM stood at $585bn, while dry powder reached $126bn, providing ample capacity for new investments.

KKR deployed $26bn during the quarter, its most active investment period on record, and $85bn over the past twelve months.

The firm’s insurance business, Global Atlantic, contributed $305m in operating earnings and grew its AUM to $212bn. The segment also attracted a $2bn strategic investment from Japan Post Insurance, enhancing KKR’s footprint in global retirement and reinsurance markets.

Recent acquisitions also bolstered growth, including the purchase of HealthCare Royalty Partners, adding roughly $3bn to AUM and expanding KKR’s exposure to the biopharma royalties market.

Private equity AUM climbed 17% year-on-year to $222bn, supported by strong fundraising for the North America Fund XIV and K-Series vehicles. Real assets AUM rose 14% to $186bn, while credit and liquid strategies grew 16% to $315bn, driven by CLO issuance and asset-based finance inflows.

KKR’s Strategic Holdings segment, which focuses on long-term equity investments, delivered $58m in operating earnings and is projected to exceed $1bn annually by 2030.

The firm declared a quarterly dividend of $0.185 per share, maintaining consistent returns to shareholders.

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