Expect KKR To Begin Next Fundraise in Q3
I was off duty last week when KKR filed the S-1 for its un-IPO, and neglected to take an actual look until yesterday. Not too much new info, save for the following fund performance data (through 12/31/09) that I haven’t seen reported elsewhere: * European Fund (1999): 100% called, 19.9% net IRR * Millennium Fund (2002): 100% called, 17.7% net IRR * European Fund II (2005): 100% called, -13.4% net IRR * 2006 Fund (2006): 74% called, -2.8% net IRR Since its founding, KKR funds have a 19.2% net IRR. My first thought upon seeing the numbers was that the 2006 Fund is beginning to look a bit light on dry powder, particularly given that mega-buyout funds from that vintage may need to hold a bit more reserve capital than usual (due to possible refinancings, etc.). Plus, KKR keeps being tied to possible multi-billion take-privates like Harley-Davidson.
