KKR closes EUR400m European annex fund
Funds
US-based buyout giant Kohlberg Kravis Roberts & Co (KKR) has closed a EUR400m annex fund to support additional equity investments for portfolio companies of its second European fund, which closed in 2005 on EUR4.5bn. Fundraising for the annex fund was first reported in April 2009, with the fund believed to have targeted up to EUR700m.
Investors
It was understood that investors in the annex fund will take the first 20% IRR on each deal. Existing KKR investor Washington State Investment Board is to transfer EUR67m of its $700m commitment to KKR's third fund to the second fund's annex, while KKR's Euronext-listed vehicle KPE would transfer $17.6m. Several other large investors also committed to the fundraising.
Investments
The fund is designed to support portfolio companies of KKR's EUR4.5bn European Fund II, which include PagesJaunes Group, Dutch semiconductor company NXP, German satellite operator ProSiebenSat.1 Media and the UK retailer Alliance Boots.
Name: KKR European Annex Fund
Closed on: EUR400-700m August 2009
Focus: Expansion
Contact: Christina Pamberg
Address: Kohlberg Kravis Roberts & Co Ltd, Stirling Square, 7 Carlton Gardens, London SW1Y 5AD, UK
Tel: +44 20 7839 9800.
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