Ladies and gentlemen, thank you for standing by. Welcome to KKR's Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. Please note, this conference is being recorded.

I will now hand the call over to Craig Larson, Head of Investor Relations for KKR. Craig, please go ahead.

Craig Larson

Thank you, operator. Good morning, everyone. Welcome to our third quarter 2021 earnings call. I'm joined this morning by Scott Nuttall, our co-CEO; and by Rob Lewin, our CFO.

We would like to remind everyone that we'll refer to non-GAAP measures on the call which are reconciled to GAAP figures in our press release, which is available on the Investor Center section at kkr.com. And as a reminder, we report our segment numbers on an adjusted share basis.

This call will contain forward-looking statements which do not guarantee future events or performance. Please refer to our SEC filings and our earnings release for cautionary factors related to these statements.

Now turning to our results. We're pleased to be reporting another very strong quarter with fee-related earnings per share of $0.60 and after-tax distributable earnings of $1.05 per share. Both of these figures are as high as we've ever reported. Building on the success we've had in fundraising, management fees increased 16% from just last quarter, and management fees are up over 50% since the third quarter of 2020 to $559 million. This growth is the key