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The $140bn pension fund promoted a handful of existing staff members.
The fundraising comes amid a flurry of private equity firms launching credit arms.
The two pensions each increased their investment allocations for private equity.
The latest vehicle from the investment bank comes amid a slower mezzanine fundraising year.
The US mid-market private equity firm launched its debt practice earlier this summer.
The European mid-market firm invests both debt and equity across the capital structure.
The buyout firm is just the latest in a string of technology specialists to launch a debt arm.
The new heads of private credit had been looking for a home since their former firm was sold last fall.
The $9.19bn pension plan, which has 16% of its assets in private equity, saw total fund gross quarterly returns missed its benchmark by 0.1%.
Kravis and Roberts say the promotions are ‘about the future’ and making sure the firm can serve its investors ‘for decades to come’.