KKR Doubles Target, Raises $2B For Special Situations Fund

Jan 9 2014 | 9:41am ET

Private equity giant Kohlberg Kravis Roberts has staged a final closing of the KKR Special Situations Fund at $2 billion, doubling its target amount.

The fund first closed in December 2012 and began investing shortly thereafter, deploying roughly 30% of its capital commitments across the globe, particularly in Europe. 

Last year's special situations investments included Hilding Anders International, a leading bed and mattress manufacturer based in Sweden; TPS Group, a food-related business in Indonesia; Winoa Group, a world leader in abrasion and cutting technologies for the metal and stone industries based in France; the insulation division of Uralita in Spain; and Amedisys, a home healthcare company based in the United States.

Prior to raising the fund, KKR’s special situations team, led by Nat Zilkha and Jamie Weinstein, primarily invested on behalf of large institutional clients through separate accounts. Today, with the new fund, KKR’s special situations platform has approximately $4 billion in assets.

The platform, launched in 2010, is part of KKR’s $20.9 billion credit business, which is expected to grow to approximately $29 billion with close of the announced acquisition of Avoca Capital.

From its inception in 2010 through Q3 2013, KKR's special situations strategy has generated a gross internal rate of return of 20%.


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