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KKR Completes $6.5 Billion Asset-Based Finance Fundraise

By: via Business Wire

Successor Fund Expands on Firm’s Commitment to Fast-Growing ABF Space

KKR, a leading global investment firm, today announced the completion of a $6.5 billion fundraise focused on committing capital globally to privately originated and negotiated credit investments backed by large and diversified pools of financial and hard assets. The fundraise includes $5.6 billion in KKR Asset-Based Finance Partners II (“ABFP II” or the “Fund”) and nearly $1 billion from separately managed accounts focused on the same type of investment opportunities.

"The $6 trillion Asset-Based Finance (ABF) market, projected to exceed $9 trillion by 2029, is one of the most dynamic opportunity sets today, yet it remains relatively undercapitalized,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “ABFP II will help fill this gap by providing long-term capital to the real economy and offering investors a chance to diversify their portfolios with high-quality non-corporate collateral-backed cash flows.”

"Our extensive experience and global scale in ABF uniquely positions us to capitalize on the dynamic opportunities we see across various sectors and geographies,” said Varun Khanna, Avi Korn, and Chris Mellia, global co-heads of ABF at KKR. “At over 2.5x the size of its predecessor, ABFP II’s success is a testament to the confidence our investors place in our team to deliver compelling risk-adjusted returns. We are grateful for their continued support.”

ABFP II received widespread support across a diverse group of new and existing investors globally, including public and corporate pensions, sovereign wealth funds, private banks, insurance companies, asset managers, and family offices.

KKR established its ABF strategy in 2016 and has since grown the platform significantly, with more than $74 billion in ABF assets under management and a team of approximately 50 ABF professionals globally. Today, the ABF business has two distinct investment strategies, offering solutions to borrowers across the capital structure. These include an opportunistic approach and a high-grade strategy that focuses on investment grade opportunities at the top of the capital structure.

KKR’s ABF portfolio focuses on four key themes: Consumer/Mortgage Finance, Commercial Finance, Hard Assets, and Contractual Cash Flows. The firm has 18 captive ABF platforms across these four segments, enabling proprietary sourcing and structuring of investments. KKR’s broad, multi-sector approach offers flexibility to invest across a diverse range of industries, including aviation, real estate, automotive finance, mortgages, royalties and equipment leasing, among others.

Over the past two decades, KKR has built one of the largest private credit platforms globally, with the ability to invest across the capital structure and liquidity spectrum. These capabilities are paired with KKR’s approach to proprietary sourcing, capital preservation, and active portfolio management to seek out long-term capital appreciation and attractive risk-adjusted returns. Today, KKR manages approximately $254 billion in credit assets globally, including approximately $117 billion in private credit and $129 billion in leveraged credit.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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