KKR reaches $2b final close on special situations fund
KKR has reached a final close of $2 billion on its KKR Special Situations Fund (KSSF), double its original target of $1 billion. It will make distressed and event-driven investments in Europe, Asia and North America.
KKR began fundraising in 2012 and has received backing from institutional investors, such as pensions, sovereign wealth funds, insurance companies, as well as individual investors.
The global special situations team is a unit of the KKR Asset Management (KAM) division and has 15 investment professionals located in London, New York, San Francisco and Sydney.
KAM invests across the capital structure in secured credit, bank loans and high yield securities as well as in equities and alternative assets such as mezzanine financing, distressed investing and structured finance.
Since holding a first close in December 2012, KSSF has invested approximately 30% of capital. In Indonesia, it invested in Tiga Pilar Sejahtera Food (TPSF) last year and has deployed about $2 billion in European companies.
Launched in 2010, KKR's Special Situations platform now has approximately $4 billion in assets under management. Since the inception of the strategy in 2010 through Q3 2013, it has generated a gross internal rate of return of 20%.
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