(Reuters) – Private equity firm KKR & Co (NYSE:) Inc said on Tuesday that its first-quarter distributable earnings rose 47% year-on-year, thanks to a surge in asset sales and a rise in revenue from fees it charges investors to manage their money.

KKR’s earnings surge was despite financial markets plunging in February following Russia’s invasion Ukraine and escalating worries about rising inflation. KKR had previously agreed to certain asset sales and recorded the profit when they closed the first quarter.

New York-based business said it saw its after tax distributable earnings rise to $968.5 million. This is compared to $660.2 millions a year prior. According to Refinitiv, this translated into after-tax distributed earnings per share at $1.10. This is higher than the average Wall Street analyst estimate, $0.98 per share.

KKR’s performance fee income increased to $609.2 million from $171.3million a Year ago. This was due to the fact that it recorded more asset sale profits. The company’s fee-related earnings (which reflect capital market transaction and management fees) increased to $624.9million from $439.7million a year ago.

KKR’s total assets under management increased to $479B at the close of the first quarter. This is an increase of $471 billion from the end the fourth quarter. Meanwhile, unspent capital totaled just $115 billion.