KKR related stories
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Friday Letter: And the winners are ...Private equity is a truly international business, and is shaping companies and economies around the world.
- Friday Letter: Caps off
In the era of the mega-mega fund, a new math has developed for determining an appropriate size for one’s next investment vehicle. It is a complex calculation that always ends up equaling the maximum that LPs are willing to commit.
- Permanent capital revisited
Everyone is going to want one – a listed private equity fund that is, especially if the $1.5 billion structure that KKR is getting ready to float in Amsterdam next month sells well. (See also "Listed Private Equity Funds" in the Features section of this newsletter. )
- Friday Letter: KKR Forever
And in the 30th year of its life, KKR said, “Let there be a $5 billion pool of permanent capital.” And lo, there was a $5 billion pool of permanent capital.
- Friday Letter: How do you RDU?
Readers of PEO’s Friday Letter of two weeks ago will know that Kohlberg Kravis Roberts’ $5 billion listing of KKR Private Equity Investors Ltd on Euronext caused more than a ripple not just across the asset class but across the capital markets too.
- Friday Letter: Shipping News
A glossy report from Barclays Private Equity (BPE) was sent to PEO recently, discussing numbers compiled by the Centre for Management Buy-out Research at Nottingham University Business School (BPE is a founding sponsor of the Centre along with professional services firm Deloitte). It is one of the more pessimistic research notes to originate from within the industry in recent years – at least if you happen to be a large buyout specialist (which BPE, a successful pan-European mid-market house, is not).
- Friday Letter: Don't cry for Apollo
To the extent that rounding up $1.5 billion can be called “disappointing”, Apollo Management now has tasted this more bitter fruit. The New York firm’s Guernsey partnership, AP Alternative Assets, has only been able to attract the number on the prospectus cover, according to sources close to the firm. Contrary to reports, the vehicle has not yet been listed on the Euronext Amsterdam exchange, and in fact this is part of the problem.
- Friday Letter: IPO Pain
It is a brave man that pushes ahead with a flotation of a portfolio company in today’s volatile equity markets. In London, at least three initial public offerings have been publicly pulled or tempered in the last few weeks. Who knows how many have been mulled and abandoned before they even received the oxygen of publicity?
- Friday Letter: Diamonds in the rough
The barbarian hordes are sweeping once more across Europe. Only this time they are heading East and are flying first class.
- Friday Letter: Appetite for creation
History does not repeat itself, but it can act as a guide as to what to expect.