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KKR to raise $365m structured credit fund – report

  • Mirzaan Jamwal
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KKR is said to be targeting INR20 billion ($365 million) for an India debt fund that will invest in mezzanine and structured credit instruments. Its India Alternative Credit Opportunities Fund I was registered with the Securities and Exchange Board of India in August 2012.

According to The Economic Times, KKR has been sounding out Indian institutions and high net worth individuals who may be interested in investing in the fund.

So far KKR has offered credit in India through its non-bank financial company (NBFC), KKR India Financial Services. It was set up in 2009 using capital from the private equity firm's own balance sheet rather than money sourced from LPs through a fund structure. NBFCs are means of offering local currency debt financing.

At $365 million, the fund would be smaller than the $750 million to $1 billion KKR was reported as planning to raise, back in August 2012.

The firm was expected launch the new vehicle after closing its second pan-Asia fund, which has a target of $6 billion. Henry Kravis, co-chairman of the private equity firm, said in February this year that KKR Asian Fund II is "practically closed." An announcement is expected at some point in the second quarter.

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