KKRGlobal Leader in Alternative Asset Management Capital Markets & Q1 Q1 Private Markets Public Markets 2013 2014 Principal Activities 61 bn AUM 42 bn AUM 7.5 bn of Total Cash and Investments Distributable Private Equity…
Last Twelve Months Progress Fee Revenue Total Distributable Earnings 400 500 447 mm 328 mm 50+% 400 300 221 mm 291 mm 300 200 200 100 100 0 0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 FPAUMNew Capital Raised Distribution per Unit…
Private Markets Private Equity Recent PE Performance(1) Industry pioneer with 37 years of experience 35% 32.9% 32.4% 26% gross IRR (19% net IRR) and over 700 bps 30% 27.4% of S&P 500 net outperformance since inception(2), 25%…
Public Markets Strategies Recent Performance(1) Leveraged Credit Alternative Credit 50% 40% Bank Loans Mezzanine 40% High Yield Special 30% Bank Loans Plus Situations 23% 24% High Yield Direct Lending 20% 11% Hedge Fund of…
Capital Markets Global team of 40 professionals offering full-service capital markets advisory and underwriting Acquisition finance: expands capacity for private equity/mezzanine transactions Refinancing/buybacks during ownership:…
Principal Activities Through the combination with KPE, KKR acquired a significant balance sheet 8.1 bn of book value at March 31, 2014 (11.18/unit) Investments in KKR funds/transactions worth 5.4 bn at March 31, 2014 Permanent capital…
How We Use Our Balance Sheet to Drive Growth Sizable Fund KKR Lending Partners Commitments Special Situations Real Estate Drop-Down Funds Energy Income & Growth Seed Capital KKR Credit Relative Value KCM Underwriting…
KFN at a Glance KFN was a specialty finance company externally managed by KKR, with a 3.2 bn portfolio of assets on an unconsolidated basis Assets span a range of complementary asset classes, with the objective of generating both…
Why KFN Attractive Finance business with complementary and known Portfolio portfolio of assets and an attractive capital structure Scale to Support 3+ billion of assets and 2+ billion of new permanent KKRs Growth equity capital…
Balance Sheet Evolution Scale Diversification Liquidity Yielding 28% 54% 10.4 60% 8.1 20% 40% 31% 5.7 3% 4% 4% 12/31/10 3/31/14 Pro Forma 12/31/10 3/31/14 Pro Forma 12/31/10 3/31/14 Pro Forma 12/31/10 3/31/14 Pro…
Firm Return on Equity We have been able to generate attractive ROEs as a firm, and have done so without the use of leverage (net cash position) 39% 32% 29% 27% 9% 2010 2011 2012 2013 Average Note: KKR Return on…
LTM Financial Metrics (Amount in millions) KKR(1) KFN Total Distributable 1,612 194(2) Earnings Book Value 8,146 2,217(3) Note: All values are in shown in millions and are as of LTM 3/31/14. (1) KKR values include…
Our Distribution Profile In Q1 of 2013, we amended our distribution policy to include 40% of the net realized principal investment income earned quarterly, in addition to the traditional fee-related earnings and cash carried interest…
Appendix 16
Quarter Ended March 31, 2014 (Amount in thousands) Capital Markets Total Private Markets Public Markets and Principal Reportable Segment Segment Activities Segment Segments Fees Management and incentive fees: Management fees 123,039…
Segment Balance Sheet as of March 31, 2014 (Amount in thousands, except per unit amounts) Total Reportable Segments Cash and short-term investments 2,139,940 Investments 5,380,306 Unrealized carry 1,276,776 Other assets 695,246…
Investment Vehicle Summary(a) as March 31, 2014 Investment Period Amount (Amounts in Million, except percentages) Percentage Committed by Uncalled General Remaining Fair Commencement Date End Date Commitment Commitments Partner…
Reconciliation of Net Income (Loss) Attributable to KKR & Co. L.P. (GAAP Basis) to Economic Net Income (Loss), Fee Related Earnings, Fee Related EBITDA, and Total Distributable Earnings (Unaudited) (Amount in thousands) Quarter Ended…
Reconciliation of GAAP Common Units Outstanding to Adjusted Units As of As of March 31, 2014 December 31, 2013 GAAP Common Units Outstanding - Basic 300,354,288 288,143,327 Unvested Common Units (1) 30,098,382 24,164,354 Other…
Reconciliation of KKR & Co. L.P. Partners Capital (GAAP Basis Unaudited) to Book Value and Book Value per Adjusted Unit (Amount in thousands, except common unit and per unit amounts) As of March 31, 2014 KKR & Co. L.P. partners…
Reconciliation of GAAP Cash and Cash Equivalents to Cash and Short-Term Investments (Amount in thousands) As of March 31, 2014 Cash and cash equivalents 1,324,925 Liquid short-term investments 815,015 Cash and short-term…
KFN Reconciliation from Net Income to Net Cash Earnings (Amount in thousands) 12 Months Ended March 31, 2014 Revenues 546 Investment Costs and Expenses (298) Other Income 150 Other Expenses (94) Income Tax Benefit (Expense) and…
Simplified Legal Structure KKR Management LLC(1) Majority Independent Directors Certain KKR Public GP (No Economics) KKR Holdings L.P.(2) Employees Unitholders and Others LP Special KKR & Co. L.P. Non-economic (NYSE:KKR) Voting…
Notes to the Simplified Legal Structure (1) KKR Management LLC serves as the general partner of KKR & Co. L.P., which is governed by a Board of Directors consisting of a majority of independent directors. KKR Management LLC does not hold…
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