KKR Capstone Founder Flies Coach; Portfolio Companies Are Performing
Dean Nelson, founder and head of KKR's operational group (KKR Capstone), said during today's Reuters PE and Hedge Fund Summit that he only flies coach. This despite being having “top elite status” on at least two airlines. So take that, Wall Street Culture of Excess. (On one hand, if there is any industry more acutely aware of its conspicuous consumption, it's private equity. The magnifying glass has been on private equity's excessive lifestyles far longer than it has on Wall Street CEOs, thanks to the SEIU.) Beyond that, Nelson defended KKR’s portfolio companies, saying that the firm’s lineup of “defensible” companies were hanging in, despite posting sizable mark-downs for 2008. Companies like TXU, Dollar General, First Data and HCA are performing well, he said.
