By Isla Binnie

(Reuters) -KKR reported a rise in third-quarter profit that beat Wall Street’s expectations on Friday, boosted by strong fundraising, particularly in its insurance unit and credit.

Adjusted net income of $1.27 billion, or $1.41 per share, surpassed the $1.17 billion, or $1.30 per share, which analysts on average had expected from the New York-based alternative asset manager, according to estimates compiled by LSEG.

Shares of the company rose 6% in premarket trading. The stock has slipped 19% this year.

Fee-related earnings, which reflect fees charged for managing a growing stash of assets, rose to $1 billion. Total assets rose to $723 billion on the back of $43 billion in fresh capital raised in the quarter.

KKR’s co-CEOs Scott Nuttall and Joe Bae have set a target for

See Full Page