KKR makes second Asia impact investment

According to a release, KKR Global Impact joined the GP’s third pan-Asia fund in committing around $510 million for a 60% stake in REEL consisting of primary and secondary shares. The impact fund launched last year and made its first investment, a S$45 million ($32.8 million) round for Singapore-based Barghest Building Performance, in December.

KKR Global Impact backs companies that can provide measurable benefits to address critical global challenges identified by the UN Sustainable Development Goals (SDGs). It invests in businesses where social impact is intrinsically aligned with financial performance, and where the GP can leverage its global resources to improve performance.

“Responsibly managing waste is a critical global challenge, particularly in one of the world’s fastest-growing nations. We believe REEL will address this critical need while advancing two of the SDGs,” said Robert Antablin and Ken Mehlman, co-heads of KKR Global Impact.

REEL provides comprehensive environmental and waste management solutions including municipal, industrial, and healthcare waste disposal, along with water treatment. It operates facilities in more than 60 locations across India, Singapore, the Middle East, and Africa, and caters to 20,000 healthcare establishments. Affirma Capital (formerly Standard Chartered Private Equity), which invested in REEL in 2009, is reported to have exited its stake to KKR.

The deal represents the first private equity buyout in India’s environmental services sector, which is expected to benefit from the government’s initiatives to reduce pollution and improve sanitation infrastructure.

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• Topics
• South Asia
• Infrastructure
• Buyouts
• India
• KKR
• Impact investment
• Affirma Capital