Evenafter seeing exits propel distributable earnings to one of its level ever as a publiccompany, KKR & Co.LP still has no shortage of uncalled capital to deploy.

Executivesspeaking on a conference call to discuss second-quarter results noted that thealternative asset manager has more dry powder than any point in the company'shistory. Given a volatile market and political environment, that's a "verygood thing for our firm," investor relations head Craig Larson said.

Speakingto that uncertainty, Scott Nuttall, head of KKR's global capital and assetmanagement group, said the company sees a "significant amount ofopportunity" across Europe given the U.K.'s decision to leave the EuropeanUnion, as well as other indications of unpredictability in the markets and thepolitical sphere. The company is likely to see its activity in the U.K. itselfslow somewhat, but KKR has been able to work with banks across the continent onpotential asset acquisitions and is spending time looking at real estate andprivate equity opportunities as well. Nuttall did caution, however, that KKRprobably will not deploy capital quickly; the company is remaining patient asit does not believe that valuations have moved down enough to warrant a buyingspree.

KKRhad $38.37 billion in uncalled commitments as of the end up the second quarter,up from $34.50 billion at the close of the first quarter and $25.91 billion inthe prior-year period. The company's latest European-focused fund, EuropeanFund IV, has about $2.38 billion in dry powder available to deploy.

Whenit comes to future targets in the credit space, executives pointed to thepurchase of AvocaCapital as a prime example of potential future tuck-in deals. KKR closed itspurchase of the European credit investment manager in 2014. Additional strategicpartnerships are, however, not likely, they added.