KKR Earnings Surge on Record $2.1 Billion of Investment Sales

KKR & Co.’s distributable earnings surged 158% in the fourth quarter, beating Wall Street estimates, as the private equity giant took advantage of swelling asset prices to cash out of investments.

Asset exits totaled $919 million in the three months ended Dec. 31 and a record $2.1 billion for the full year, the New York-based company said Tuesday in a statement. The cut of profits awarded to KKR dealmakers surged 78% to $1.2 billion in 2021.

It was a banner year for KKR and its publicly traded peers, with private equity exits in the U.S. reaching $850 billion, according ...