KKR Closes $3.35 Billion Global Special Situations Fund II Back to Press Releases

KKR Closes $3.35 Billion Global Special Situations Fund II

April 5, 2016

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final closing of KKR Special Situations Fund II L.P. (“KSSF II” or the “Fund”), a $3.35 billion global fund primarily focused on credit-oriented, deep-value investing in distressed or event-driven situations.

“The number of credit assets trading at distressed levels has been increasing steadily for several months. Coupled with the wave of redemptions in the distressed and opportunistic credit fund space, pricing environment for risk is meaningfully more attractive than in prior years,” Jamie Weinstein, Co-Head of Special Situations, said. “In short, we believe this is a good environment for our fund investors.”

KSSF II received strong backing from a diverse group of new and existing global investors, including public and corporate pensions, sovereign wealth funds, insurance companies, foundations, endowments, private banking platforms, family offices and individual investors.

KSSF II is the successor fund to KKR Special Situations Fund (“KSSF I”), KKR’s first dedicated special situations vehicle, which completed fundraising in December 2013 with $2.0 billion in capital commitments. KSSF I is fully committed and has exited its investment period. The majority of Fund I was deployed outside the United States.

KKR formed its special situations strategy in 2009. Since the inception of the strategy, KKR has raised approximately $9.1 billion of capital across funds, separate accounts, and firm capital.

KKR’s special situations strategy invests across the capital structure in both privately negotiated transactions and in the secondary markets, seeking to earn strong risk adjusted returns from market dislocations, complex situations and distressed assets. KKR employs a partnership approach when working with companies and seeks unique opportunities to offer solutions to its various counterparties. The special situations strategy is dynamic and able to deploy capital in multiple ways in order to capture opportunities arising from market dislocation.

KKR’s Special Situations platform is part of KKR’s $33.8 billion credit business. The dedicated special situations team includes 29 investment professionals located in Hong Kong, London, New York, Mumbai, Singapore, San Francisco and Sydney and is supported by KKR’s Credit business, comprised of approximately 85 dedicated Credit investment professionals.

About KKR

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

KKR
Kristi Huller, +1 212-230-9722
media@kkr.com

Source: KKR & Co. L.P.


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This presentation contains certain forward-looking statements pertaining to KKR & Co. Inc. and its consolidated subsidiaries (collectively “KKR”), including certain investment funds, vehicles and accounts that are managed by KKR (each, a “fund”). Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to, assets under management, fee paying assets under management, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, fee and yield segment EBITDA, core interest expense and book value, may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; the general volatility of the capital markets; failure to realize the benefits of or changes in KKR’s business strategies including the ability to realize the anticipated synergies from acquisitions or strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreased ability to raise funds; and the degree and nature of KKR’s competition. All forward-looking statements speak only as of the date they are made. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long-term and financial results are subject to significant volatility.

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