KKR listed fund deploys $4.3 billion

KKR Private Equity Investors, the $5 billion (€3.8 billion) listed investment vehicle of US buyout firm Kohlberg Kravis Roberts, has already invested or committed $4.3 billion of this total, the firm said today.

Reporting its annual results for 2006, the Euronext-listed KKR Private Equity Investors said it had already committed $4.3 billion to current investments and pending transactions.

KKR PEI started trading in May last year, with $4.8 billion of net assets. This means the vehicle has already committed 90 percent of its orginal investable capital.

As of December 31, the vehicle’s net assets had increased to $5.0 billion, while net asset value per share was up from $23.61 to $24.81.

During 2006, KKR PEI committed $701.8 million to KKR buyout funds, $958.1 million in co-investment deals, and $241.9 million in “opportunistic investments”, which included an $83 million commitment to a KKR-sponsored credit fund.

The vehicle aims to invest at least 75 percent of its assets in KKR’s funds or deals, and the other 25 percent in opportunistic investments identified by KKR.

So far in 2007, the vehicle has been ramping up its co-investment activity, committing $235 million to KKR’s acquisition of French directories business PagesJaunes and $199 million to German broadcaster ProSiebenSat. It has also committed a further $1.3 billion to some of KKR’s upcoming deals.