Kohlberg Kravis Roberts & Co. said fourth-quarter profit nearly tripled from a year earlier, as the private equity firm sold shares of companies it took public and racked up management fees by raising money from investors for new deals.

The New York firm reported a fourth-quarter profit of $277.9 million, or 89 cents a share, up from $96.7 million, or 36 cents, a year earlier. The buyout firm reported a full-year profit of $691.2 million, or $2.30 a share, up 23% from $560.8 million, or $2.21 a share, in 2012.