Kohlberg Kravis Roberts has completed the acquisition of European debt group Avoca Capital in a deal which sees the US-headquartered group expand its credit assets under management by $8.4 billion.
The deal has completed following regulatory approvals, the firm said in a statement on Wednesday.
KKR now has more than $30 billion in credit assets under management across its various platforms, it said.
Craig Farr, head of KKR’s credit and capital markets businesses, said in the statement: “KKR is committed to our European corporate and sponsor clients as we have demonstrated over the past several years through various forms of capital and operational support.
“We have provided substantial capital to European corporate partners, and we expect this trend to continue over the coming years as banks in Europe continue to deleverage. We look forward to working with the Avoca team and being in a position to provide an enhanced credit product offering in the future,” he added.
All of Avoca’s Dublin and London-based employees are joining KKR, which said it planned to grow its presence in Ireland in the future.