Friends of KKR raise $231m fund

Friend Skoler, a Saddle Brook, New Jersey smaller-buyout firm, has raised a debut third-party fund after years of investing the personal capital of the partners at Kohlberg Kravis Roberts.

Friend Skoler, a Saddle Brook, New Jersey, private equity firm, announced today the closing of its debut third-party fund, rounding up a total of $231 million (€194 million).

 

The firm is managed by Alexander Friend and Steven Skoler, who have invested together since 1986. Friend Skoler was founded in 1998 hand has primarily been backed by capital contributions from the partners of New York buyout giant Kohlberg Kravis Roberts. The firm utilised a ‘pledge fund’ structure, by which backers may decide whether and how much to contribute on a deal-by-deal basis.

 

The new fund, Friend Skoler Equity Investers, is the firm’s first ‘blind-pool’ partnership. It was launched with a target of $150 million, according to a press release.

 

The firm announced that to date it has realised a total of $88.7 million on an cost basis of $19.6 million. Since 1986, the firm claims to have generated an IRR of 63.9 percent on $60.1 million invested.

 

Friend Skoler invests between $10 million and $30 million in equity per deal.