KKR targets $1.5bn for second growth tech fund

The fund was registered in Luxembourg in November 2018 and expects to hold a final close in Q3 this year.

The vehicle's predecessor held a final close on $711m in 2016 and was reporting a net IRR of 38.6% and total value to paid-in multiple of 1.7x gross in December 2018, according to Unquote Data.

NGTGF II will charge 2% management fee during the investment period, subsequently falling to 1.5%. It will then pay 20% carried interest with a 7% hurdle.

Investors
KKR's first NGTGF fund was backed by a range of LPs including public and corporate pensions, family offices and high-net-worth individuals. Hermes GPE, the Bank of Singapore and Chepstow Capital were among the investors in the fund, according to Unquote Data.

NGTGF II has a $200m GP commitment.

Investments
The fund will invest equity tickets of $30-150m in companies with enterprise values of between $30-300m. It will target companies in the technology, media and telecommunications (TMT) sectors that fall between venture and buyout opportunities.

Like its predecessor, the fund will mostly target North America, Europe and Israel, and will focus on the sub-sectors of financial technology, enterprise software, cybersecurity and data services.

People
KKR – David Welsh (managing director; head of TMT growth); Philipp Freise (head of TMT Europe).

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