WSIB set to back KKR European Fund V

KKR European Fund V, a pan-European equity vehicle, has a target size of €5bn. Following the private committee's approval, the full board will consider the recommendation on 20 September. Hamilton Lane, WSIB's independent consultant, has also recommended the investment. Investors have the option of investing in either US dollars or euros, and staff have recommended an investment in US dollars.

KKR's previous Europe-focused vehicle, KKR European Fund IV, was 64% deployed as of March 2018. The fund backs mid-cap and large-cap buyouts across Europe, with a preference towards western European markets.

KKR European Fund IV had generated a 32% gross IRR and 24% net IRR as of December 2017, according to Unquote Data.

WSIB, a $129.1bn pension fund, had allocated 16% of its portfolio to private equity as of March 2018. It recently committed $350m to Sequoia Global Growth Fund III, and $450m to TowerBrook Investors V. Other commitments include $400m to Providence Equity Partners VIII and $415m to Bridgepoint Europe VI.

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