Friday, 27 March 2015
Last updated 1 hour ago
Jul 20 2012 | 2:15am ET
Private equity giant Kohlberg Kravis Roberts is going retail, in the form of a pair of mutual funds.
New York-based KKR said it would launch a pair of distressed funds targeted at individual investors. One will be a closed-end vehicle investing in both stocks and bonds, while the other will give retail investors a taste of one of KKR's specialties: high-yield debt.
The former, the KKR Alternative Corporate Opportunities Fund aims to profit from the European debt crisis and other distressed situations. The latter, the KKR Alternative High Yield Fund, will put at least 80% of its money in high-yield debt, primarily in the U.S., KKR said in regulatory filings.
KKR did not say what the funds' minimum investment requirements would be, nor the management fees it plans to charge. But it did say that it expected to make quarterly distributions and would have quarterly repurchase offers for the closed-end Alternative Corporate fund. Neither will be listed on an exchange.
In offering its first mutual funds, KKR follows in the footsteps of competitor the Blackstone Group, which offers two publicly-listed closed-end mutual funds. Apollo Global Management also has a listed closed-end fund.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…