(Bloomberg) -- KKR & Co. became the fourth private-markets firm to eclipse $500 billion of fee-paying assets under management, moving further beyond its buyout roots in a push for more client assets and steadier fees.

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KKR’s fee-paying assets jumped 19% year-over-year to $506 billion, the firm reported Thursday in its third-quarter results. Shares of KKR rose 3.24% to a record high of $143.04 at 9:30 a.m. in New York.

Blackstone Inc. had more than $820 billion of fee-earning assets at the end of September, and Apollo Global Management Inc. and Brookfield Asset Management Ltd. previously passed the half-trillion mark.

Growth for the half-trillion club has been explosive, driven by investor interest in a wider array of private investments and the firms’ acquisitions of insurers and other managers. The four firms now have more than $2.3 trillion in fee-paying capital, nearly quadruple what they had eight years ago.

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