KKR Announces Progress of the KKR COVID-19 Relief Effort

Over $50 million in funding to support those most affected by COVID-19 and resulting economic dislocation

Announces final rounds of grants awarded to 82 small business owners and nonprofits

KKR today published Engaged. KKR COVID-19 Relief Effort Progress Report (the “COVID-19 Report”), which discusses the relief fund formally established by KKR and its employees in May 2020 to provide support for those most affected by COVID-19 and the resulting economic dislocation. As part of this initiative, KKR also announced the 82 grants awarded to small business owners and nonprofits in the final rounds of the KKR Small Business Builders (“SBB”) and KKR Grants programs.

The COVID-19 Report details the four key initiatives of the relief effort – KKR SBB, KKR Grants, portfolio company support programs and employee giving – which were established with an emphasis on impact and equity. Over the past two years, KKR and its employees have contributed more than $50 million in community funding to support over 20 million people across 19 countries. The results include the following:

• KKR Small Business Builders: 278 small business owners received grants of $10,000 or more and mentorship opportunities through the SBB program. In total, 30,508 small businesses and entrepreneurs were engaged and offered support through the program’s strategic partners, Hello Alice and GEN Global.
• KKR Grants: $32 million in KKR Grants awarded to 147 nonprofits focused on three priority areas: helping frontline workers and first responders; serving the most vulnerable populations; and creating pathways for education and workforce recovery. KKR Grants also created an incubator model to help find and support social entrepreneurs who are creatively tackling the pandemic’s largest challenges, funding ongoing programs in collaboration with Echoing Green (Americas), Impetus (EMEA) and the Asian Venture Philanthropy Network (APAC).
• Portfolio Company Support: KKR companies provided comprehensive support offerings for KKR portfolio company employees, including programs for health care, financial coaching, mental health support and job outplacement services for employees impacted by the pandemic. The costs of the programs were fully subsidized for those displaced by the pandemic.
• Employee Giving: Over $18 million in charitable giving by KKR employees directly to nonprofits, including over $10 million contributed to causes directly addressing the impacts of the pandemic. Through the relief effort, KKR’s Citizenship team enhanced programs designed to engage employees in the relief work and in their communities. This included increasing the matching ceiling to $8,000 per employee annually, offering a two-to-one match for all COVID-19 and equity-oriented giving, supporting paid time off for volunteering and placing KKR employees with nonprofit boards and other mentorship opportunities.

“Over the past two years, we have provided support for the most vulnerable members of our communities who were disproportionally affected by the unprecedented global health, social and economic crisis,” said Ken Mehlman, Partner, Global Head of Public Affairs and Co-Head of Global Impact at KKR. “By focusing on small business owners, growing our strategic philanthropy, drawing on our employees’ skills and passion and creating support systems for our portfolio companies, our goal has been to engage with our communities to build a healthier, more resilient world. We know there is more work to do as we slowly emerge from the pandemic, and we remain committed to investing in and staying engaged in our communities.”

Final Round of KKR Small Business Builders

In connection with the progress report, KKR announced the recipients of the final rounds of KKR SBB and KKR Grants programs, two of the cornerstone initiatives of the KKR relief effort focused on providing grants and support to small businesses and nonprofits worldwide.

In the final round of the KKR SBB program, 49 small business owners in 47 cities spread across 24 states in the United States, as well as in Singapore, were selected to receive $10,000 grants. The businesses selected in the final round of SBB grants are 71% minority-owned, 25% owned by veterans or their immediate family members, 14% owned by persons with disabilities and 10% LGBTQ+-owned. To date, 67% of KKR’s SBB grantees are from historically underrepresented groups and the LGBTQ+ community. Notably, 54% of recipients have reported being able to increase wages for employees, 57% have reported an increase in revenue and nearly 75% say their KKR grant was a difference-maker in their ability to survive the pandemic.

Final Round of KKR Grants

The final round of KKR Grants through the relief effort included commitments of more than $3.1 million to 33 nonprofits. The grants were awarded to organizations whose missions are aligned with priority areas, including delivering immediate aid to vulnerable populations impacted by the pandemic, providing innovative pathways of workforce recovery and development, and supporting our heroes including teachers, first responders, essential workers and front-line medical professionals.

“The recovery from the pandemic will be lengthy and complex, requiring continued and reliable support for the nonprofit sector; our findings underscore this reality, and we are committed to ensuring help is on hand,” said Pamela Alexander, Managing Director and Head of Corporate Citizenship at KKR. “As we evolve our philanthropic programming beyond the relief effort, we aim to ease these challenges and ensure that communities around the world receive the support they need as they recover and rebuild.”

To access the KKR COVID-19 Relief Effort Progress Report, click here.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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