KKR closes $1b global mezzanine fund
KKR Asset Management (KAM) has made a final close on its more than $1 billion KKR Mezzanine Partners I fund, raised through global investors including insurers, pension plans, family offices and sovereign wealth funds.
KKR confirmed to AVCJ that, while there is no specific allocation to Asia, the fund will invest globally and can make investments in Asia. The vehicle closed on August 31.
KAM has been investing in mezzanine assets since 2005 but this is the first fund dedicated to the asset class. It has in the past provided mezzanine financing for transactions including: Advent International Corp. and Bain Capital Partners' joint acquisition of UK-based payment processor RBS WorldPay; Bain's buyout of Dutch chemical distributor IMCD Group; and Providence Equity Partners-owned Altegrity's purchase of Kroll.
"We have a healthy pipeline of opportunities and look forward to putting this additional capital to work by continuing to partner with private equity sponsors and management teams to support their objectives," Frederick Goltz, head of KKR's mezzanine business, said in a statement.
Mezzanine has been a hot topic for regional private equity players recently. Last month, news surfaced that the private equity arm of China's CITIC Group would launch a RMB5 billion ($777 million) renminbi-denominated mezzanine fund, which would mark China's first-ever mezzanine vehicle. Also that month, IDFC provided $33.5 million in mezzanine funding to Caparo Energy, and in April, US-based global asset manager Eight Capital announced its India-focused Mezzanine Income Fund, with a $250 million target size.
More on Fundraising
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.