KKR Closes $13.9 Billion Americas Private Equity Fund

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KKR, a leading global investment firm, today announced the final closing of KKR Americas XII Fund ("the Fund"), a $13.9 billion fund focused on opportunistic investments inprivate equity-related transactions primarily in the United States, Canada and Mexico. KKR will be investing nearly $1.4 billion in capital alongside investors through the Firm's balance sheet and employee commitments.


"As we mark this important milestone in our Americas private equity business and close our 12th flagship private equity fund, we are grateful to our investors, both old and new, for their continued confidence in us. In today's increasingly complex world, we are pleased that they share our enthusiasm for the opportunities that lie ahead in the Americas, in particular the U.S. where we anticipate significant long-term investment opportunities and where we have been investing for more than four decades and six economic cycles," said Alexander Navab, KKR Member and Head of Americas Private Equity. "Throughout this period, we have invested through economic challenges and volatility but have remained focused on delivering top quartile performance. That continues to be our focus as we work hard to support our investors' goals and the needs of their beneficiaries."


Alisa Amarosa Wood, KKR Member and Head of Private Market Products Group, added: "Our optimism about the future, our team, and our belief that alignment is the best demonstration of our partnership, is why KKR is committing more money into this fund than any private equity fund in our history."


KKR's Americas private equity platform invests across seven industry teams, including Energy; Financial Services; Healthcare; Industrials; Media & Communications; Retail and Consumer; and Technology sectors. In addition to traditional management buyouts and build-ups, the business seeks to find opportunities to provide growth capital, as well as minority investments, and public toehold investments where KKR can partner with public companies, leveraging the Firm's industry expertise and operational capabilities to add value beyond just providing capital. The Americas private equity team consists of over 60 experienced investment professionals, and is supported by over 20 operational executives in KKR Capstone.

 

Americas XII is the largest Americas-focused private equity fund, according to data sourced from Preqin. It received strong backing from a diverse group of new and existing global investors, including public and corporate pensions, sovereign wealth funds, insurance companies, endowments, private banking platforms, family offices and high net worth individual investors.

 

A sovereign wealth fund (SWF) or sovereign investment fund is a state-owned investment fund that invests in real and financial assets such asstocks,bonds, real estate, precious metals, or in alternative investments such as private equityfund Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank. By historic convention, the United States'Social Security Trust Fund, with $2.8 trillion of assets in 2014, and similar vehicles like Japan Post Bank's 200 trillion yen of holdings, are not considered sovereign wealth funds.

 

Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by thecentral bank. By historic convention, the United States' Social Security Trust Fund, with $2.8 trillion of assets in 2014, and similar vehicles like Japan Post Bank's 200 trillion yen of holdings, are not considered sovereign wealth funds.KKR has been investing in North America since the Firm's establishment in 1976 and has been one of the most active private equity investors, having completed or announced over 225 transactions with a total enterprise value of approximately $495 billion. Through 11 North America private equity funds, the Firm has invested approximately $48.5 billion of equity in the Americas. Since inception, KKR's first 18 private equity funds have delivered over two times total capital invested on a gross basis. This corresponds to a cumulative Gross IRR of 25.6% (net IRR of 18.9%) and a Gross multiple of 2.1x (net multiple of 1.9x). The predecessor fund of Americas XII, KKR North America Fund XI began investing in late 2012 and is now fully deployed. It has generated a Gross IRR of 24.0% (net IRR of 18.1%) and a Gross Multiple of 1.5x (net multiple of 1.4x) as of December 31, 2016. With the closing of this fund, KKR's Americas private equity business manages approximately $36 billion in assets under management.

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