INVESTMENTS

12 Months Ended

Dec. 31, 2019

Investments consist of the following:



	December 31, 2019		December 31, 2018
Private Equity	$	12,923,600	$	7,349,559
Credit	10,538,139		9,099,135
Investments of Consolidated CFEs	14,948,237		14,733,423
Real Assets	3,567,944		3,157,954
Equity Method - Other	4,846,949		4,212,874
Equity Method - Capital Allocation-Based Income	5,329,368		3,584,415
Other Investments	2,782,031		2,770,622
Total Investments	$	54,936,268	$	44,907,982

As of December 31, 2019 and December 31, 2018, there were no investments which represented greater than 5% of total investments. The majority of the securities underlying private equity investments represent equity securities.

Equity Method

Investment in Marshall Wace

On November 2, 2015, KKR entered into a long-term strategic relationship with Marshall Wace and acquired a 24.9% interest in Marshall Wace through a combination of cash and Class A common stock.

Subject to the exercise of a put option by Marshall Wace or a call option by KKR, at subsequent closings to occur in the second, third, and fourth years following the initial closing described above, and subject to satisfaction or waiver of certain closing conditions, including regulatory approvals, KKR may at each such closing subscribe (or be required to subscribe) for an incremental 5% equity interest. The exercise of such options would require the use of cash and/or KKR Class A common stock.

On each of November 30, 2017 and 2018 and November 22, 2019, KKR acquired an additional 5.0% interest in Marshall Wace after the exercise of the options agreed to between Marshall Wace and KKR, bringing KKR's total ownership of Marshall Wace to 39.6%, after giving effect to certain equity dilution. These acquisitions in 2017, 2018 and 2019 were funded through a combination of cash and 4,727,966, 5,238,889 and 5,674,251 shares of Class A common stock, respectively.

KKR's investment in Marshall Wace is accounted for using the equity method of accounting.

Summarized Financial Information

KKR evaluates each of its equity method investments to determine if any are significant as defined in the regulations promulgated by the U.S. Securities and Exchange Commission (the "SEC"). As of and for the years ended December 31, 2019, 2018, and 2017, no individual equity method investment held by KKR met the significance criteria. As such, KKR is not required to present separate financial statements for any of its equity method investments.

The following table shows summarized financial information relating to the statements of financial condition for all of KKR's equity method investments assuming 100% ownership as of December, 31, 2019 and 2018:



	December 31, 2019		December 31, 2018
Total Assets	$	112,688,482	$	93,577,773
Total Liabilities	$	22,622,609	$	21,296,194
Total Equity	$	90,065,873	$	72,281,579

The following table shows summarized financial information relating to the statements of operations for all of KKR's equity method investments assuming 100% ownership for the years ended December 31, 2019, 2018 and 2017:



	For the Years Ended December 31,
	2019		2018		2017
Investment Related Revenues	$	2,552,266	$	1,679,950	$	1,167,038
Other Revenues	5,132,796		5,304,634		3,002,987
Investment Related Expenses	1,385,870		1,258,782		482,336
Other Expenses	4,066,713		3,602,612		2,392,965
Net Realized and Unrealized Gain/(Loss) from Investments	10,532,988		1,818,861		9,217,912
Net Income (Loss)	$	12,765,467	$	3,942,051	$	10,512,636