KKR Raises $129B in Record Fundraising, Q4 FRE Hits $972M
KKR raised a record $129 billion in fundraising, reaching over 80% of its $300B target, while fee-related earnings totaled $972 million in Q4 with a 69% margin and management fees up 24% to $1.1B. The firm also agreed to acquire Arctos for $1.4B and doubled private wealth AUM to $35B.
1. Record Annual Fundraising
KKR raised $129 billion for the full year, nearly doubling its pace from two years prior and securing over 80% of its $300 billion-plus target for the 2024–2026 period.
2. Q4 Fee-Related Earnings and Management Fees Growth
Fee-related earnings reached $972 million in Q4 with a 69% annual margin, while management fees rose 24% year-over-year to $1.1 billion, driven by balanced growth across private equity, real assets and credit.
3. $1.4B Arctos Acquisition and Solutions Vertical
The $1.4 billion acquisition of Arctos creates a new KKR Solutions vertical targeting over $100 billion in AUM, aligning with the firm’s strategy to secure long-dated capital in high-growth markets.
4. Surge in Private Wealth AUM and Embedded Gains
Private wealth K Series AUM doubled year-over-year to $35 billion on strong alternative asset demand, and embedded gains rose 19% to $19 billion, while KKR deployed $95 billion in 2025 across infrastructure and asset-based finance.