OREANDA-NEWS. KKR & Co. L.P. (NYSE: KKR) today reported its fourth quarter
and full year 2014 results.
For the quarter and year ended December 31, 2014, the fair value
of our private equity portfolio appreciated 2.7% and 12.8%, respectively.
During the fourth quarter of 2014, KKR held the first closes of its
European Fund IV, Infrastructure Fund II and Special Situations Fund II,
and held the second close for its Lending Partners II Fund, which added
capital commitments of \$1.6 billion, \$2.0 billion, \$0.7 billion and \$0.5
billion, respectively.
KKR declares a distribution of \$0.35 per common unit, which includes
\$0.15 of realized cash carry, the 19th consecutive quarter
that realized cash carry has been a component of the distribution,
bringing full-year distributions to \$1.90 per common unit.
"Our realization activity and increasing balance sheet yield translated
into \$2.0 billion of total distributable earnings and an annual
distribution of \$1.90 per unit for the year ended December 31, 2014,
both of which are the highest figures we've reported as a public
company," said
Henry R. Kravis and
George R. Roberts, Co-Chairmen and
Co-Chief Executive Officers of KKR. "Additionally, our balance sheet
continued to generate strong cash flow, resulting in a 21% cash return
on equity in 2014."
Note: Certain financial measures, including FRE, ENI, ENI after taxes,
fee and yield earnings, book value, cash and short-term investments and
adjusted units, are not presented in accordance with accounting
principles generally accepted in the United States of America ("GAAP").
See Exhibits B and C for a reconciliation of such measures to financial
results prepared in accordance with GAAP.
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