KKR gears up for sixth European fund

Harriet Matthews
28 May 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

KKR has registered its sixth European upper-mid-market vehicle, KKR European Fund VI, according to a regulatory filing.

The GP held a final close for KKR European Fund V in November 2019 on €5.8bn, surpassing its €5bn target. The vehicle was registered in December 2017 and held an interim close in April 2019 on €4.7bn. The fund had a 1.8% GP commitment and was 41% deployed as of December 2020, according to Unquote Data.

KKR's European Fund V has a six-year investment period and made its first platform investment in February 2019, according to Unquote Data, when it acquired Swedish insurance broker Söderberg & Partners. The vehicle partially realised its stake in listed German broadcaster ProSiebenSat in January 2021, selling a 4.7% stake valued at €148.5m. The GP previously invested in the company alongside Permira in 2007 and had fully exited the investment by 2014, before acquiring a 5.2% stake in May 2020.

LPs in the GP's fifth Europe-focused fund include institutional investors such as US pension funds.

KKR's fourth European fund held a final close in December 2015 on €3.3bn against a €3.3bn target; its investment period ended in March 2019, according to Unquote Data, and it made 11 platform investments.

KKR declined to comment.