The private equity giant saw a big jump in revenue in 2019.

The KKR earnings report arrived this week.

The alternative investment giant said that assets, fees and book value all grew by double digits in 2019.

Revenues for the quarter ending December 31, 2019, were $1.06 billion compared to $(178.1) million for the same period in 2019. Revenues for all of 2019 were $4.22 billion compared to $2.39 billion in 2018.

KKR Earnings Report

Expenses for the quarter were $751.3 million compared to $237.7 million for the same period in 2018. The increase is primarily driven by accrued carried interest compensation resulting from net carried interest gains in the current period.

Expenses for the year were $2.91 billion compared to $2.09 billion during the previous year.

Book Value for the firm increased by 24% over the prior year to $19.24.

KKR also had a strong fundraising quarter with $7.7 billion of new capital multiple strategies including infrastructure, real estate, leveraged credit, and strategic partnerships.

Fee-Paying Assets Under Management increased to $161.2 billion during the quarter.

KKR remained very active in buying back stock in 2019. During the year they spent approximately $200 million to repurchase 4.1 million shares in the open market and to retire equity awards representing 3.7 million shares that otherwise would have been issued to participants in the Equity Incentive Plans.

Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-CEOs offered their view on the report.

“Assets Under Management, Management Fees and Book Value per Share all grew at double-digit rates in 2019,” said they wrote. “Given our investment performance, integrated business model and growing fundraising pipeline, we feel well position to continue to deliver strong results for our shareholders.”

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