Washington Paying 1% Fee On KKR Fund

Kohlberg Kravis Roberts & Co. has agreed to charge the Washington State Investment Board a super-low 1 percent annual management fee on the pension fund’s $250 million follow-on commitment to the firm’s flagship fund, KKR North American Fund XI LP, according to a source familiar with the terms. The buyout giant considers the rate a “volume discount,” our source said.

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