GLOBAL - KKR to float

KKR is to follow in the steps of its rival Blackstone by floating on the New York Stock Exchange. KKR filed an initial public offering registration with the SEC on Tuesday and will seek to raise $1.25bn in new capital from the flotation. However, unlike Blackstone, the firm is not going to allow any of the founders or partners to sell any of their stakes. Blackstone's two founders sold $2.6bn of stock in its flotation last month. KKR will maintain its current structure as a partnership following the listing and, like Blackstone, will sell partnership units rather than traditional shares, allowing them to navigate corporate governance requirements. KKR was formed in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts. As of March 31 it held equity investments worth $76bn.