KKR closes second special situations fund on $3.35bn

According to the firm, the number of credit assets trading at distressed levels has been steadily increasing in recent months. Along with greater instances of redemptions in the distressed and opportunistic credit market, pricing is perceived to be more attractive than it has been in recent years.

The fund received commitments from new and existing investors, including public and private pensions, sovereign wealth funds, insurance companies, foundations, endowments, private banking platforms, family offices and individuals.

KSSF II succeeds KKR's first special situations fund, which closed in December 2013 on $2bn. That fund is now fully committed, with the majority of investments taking place in the US.

The newly-raised vehicle will follow the same strategy of investing through the capital structure in both privately negotiated transactions and the secondary market. It will seek to generate returns through market dislocations, complex situations and distressed assets.

The fund forms part of KKR's $33.8bn credit business.

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• Topics
• Funds
• Credit/Special Situations
• KKR