NEW YORK, Oct 24 (Reuters) - Alternative fund manager

KKR & Co ( KKR ) reported a 58% jump in adjusted net income for

the third quarter of 2024, driven by record fee-related income,

as well as earnings from its insurance business.

The New York-based firm said on Thursday adjusted net income

(ANI) rose to $1.2 billion in the July-September quarter, or

$1.38 per adjusted share. That was ahead of the average analyst

estimate of $1.21, according to LSEG data.

KKR achieved its highest-ever fee-related earnings of $1

billion, up 79% from the previous year. This growth was driven

by fees generated from managing $624 billion in total assets, an

18% increase year-over-year, along with transaction fees from

its capital markets business.

For the quarter, KKR reported a record total operating

earnings of $1.3 billion, a 71% year-over-year increase. This

metric includes fee-related earnings from its asset management

business, returns from long-term private equity holdings, and

profits from its Global Atlantic insurance division.

The firm's fee-paying assets under management (AUM) rose by

19% to $506 billion.

KKR raised $24 billion in new capital during the quarter, up

from $14 billion same quarter last year.

Its private equity portfolio appreciated by 5% in the

quarter, infrastructure funds gained 6% and opportunistic real

estate funds rose 2%.

It also deployed $24 billion in investments, up from $9

billion one year ago, and declared a quarterly dividend of 17.5

cents.

KKR announced a series of deals in the last few months,

including the acquisition of Varsity Brands, a maker of sports

uniforms and school yearbooks, for about $4.75 billion, with the

deal closing in August.

It reached a deal to take education software platform

Instructure Holdings ( INST ) private for $4.8 billion. KKR also

offloaded half of its position in Kokusai Electric ( KOKSF ).