The data shows that asset sales declines in its private equity portfolio, and weaker transaction fees in its capital markets arm, took a toll on the bottom line. KKR is one of the largest managers of private equity and other "alternative" asset classes.

KKR, aka Kohlberg Kravis Roberts – one of the big-hitters in the private equity and alternative investments sector – yesterday reported a full-year net loss of $910 million, against a profit of $7.624 billion a year before.

Total revenues fell sharply last year to $5.721 billion from $16.23 billion a year ago, while total costs were $6.78 billion, down from $11.4 billion in 2021, the US-listed firm said. Fourth-quarter after-tax distributable earnings fell 42 per cent year-on-year, driven by asset sale declines in its private equity portfolio and lower transaction fees in the capital markets division. The result mean that after-tax distributable earnings, which represent the cash available to pay dividends to shareholders, dropped to $821.8 million from $1.4 billion a year earlier.

Assets under management stood at $504 billion at the end of 2022, a rise of 7 per cent on a year ago. Fee-paying assets rose 15 per cent to $412 billion, the firm said in a statement. 

KKR’s uncalled commitments – known as “dry powder” in the industry – stood at $108 billion, and fell 4 per cent on a year earlier, the firm said.