KKR credit raises $14bn of Q3's $25bn inflows

KKR raised $25 billion of new capital in the third quarter, according to Alternative Credit Investor.

Credit and liquid strategies accounted for $14 billion, or 56%, of that total. They ended the quarter with $337 billion in assets, up 2% from the prior quarter and 7% year on year. The division has raised $39 billion so far this year, including the quarter's $14 billion, and invested $8 billion in the period, with deployment most active in asset-based finance.

For third-party limited partners in KKR's credit funds, the key question is how much future capacity KKR will reserve for Global Atlantic's balance sheet rather than outside fund commitments. KKR attributes the division's growth mainly to Global Atlantic and said the quarter's new capital came from inflows at the insurer as well as private credit and strategic investments.

Firm-wide, assets under management rose 11% year on year to $804 billion, with $116 billion of organic capital raised over the past 12 months. Credit and liquid strategies account for about 42% of that total. Fee-related earnings were $1.3 billion for the quarter, up 27% year on year. Fee-paying AUM rose 11%.

Joseph Bae and Scott Nuttall, KKR's co-chief executives, said in a joint statement: "In 2026, we expect to return more than $40bn to our clients, exceeding our previous annual record by more than 50 per cent."

Realised performance income fell to $602.3 million in the quarter from $930.7 million a year earlier, and realised carried interest declined year on year across private equity, real assets and credit. Over the first nine months of 2026, realised performance income rose to $2.21 billion from $1.7 billion in the same period of 2025.