Overview
Kohlberg Kravis Roberts & Co. L.P. (“KKR”) is a Delaware limited partnership and is registered as an
investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). KKR has
approximately $307.7 billion
1 in assets under management as of December 31, 2023. Today, through its
offices across North America, Europe, the Middle East, Asia and Australia, KKR advises and sub-advises
private equity funds and other investment vehicles that invest capital for long-term appreciation, primarily
either through controlling ownership of companies or minority positions. Such funds also make investments
in publicly traded equity and debt securities and other marketable securities and instruments (collectively
with any investments in derivative instruments, “Marketable Securities”).
KKR advises funds and other investment vehicles that pursue private equity, infrastructure, climate, energy,
real estate equity, real estate debt, growth capital, impact and core strategies, which invest capital primarily
through acquiring interests in companies or underlying assets. KKR also sponsors and manages funds and
other investment vehicles that make co-investments alongside KKR proprietary investments or in portfolio
companies and other assets invested in by funds advised by KKR and its affiliates, strategic partnership
vehicles and other multi-strategy and/or multi-asset arrangements that invest across multiple funds and
investment strategies advised by KKR and its affiliates, and that invest in funds advised by KKR and its
affiliates, funds advised by unaffiliated investment managers (collectively, “third party funds”), related co-
investments, and other feeder funds or side-by-side vehicles established primarily for employees and certain
other persons associated with KKR and KKR Credit (as defined below). KKR also from time to time serves
as sub-adviser in respect of capital allocated within KKR Credit Funds (as defined below).
KKR is affiliated with KKR Credit Advisors (US) LLC (“KKR Credit Advisors (US)”), an investment
adviser that is separately registered with the SEC, together with its relying advisers, other affiliated entities
and participating affiliates, collectively (“KKR Credit”). KKR Credit advises pooled investment vehicles,
separately managed accounts, collateralized loan obligation vehicles (“CLOs”), closed-end investment
companies registered under the United States Investment Company Act of 1940, as amended (the
“Investment Company Act”) (“RICs”), discretionary accounts established for third-party institutional
investors (including pension plans), a closed-end management investment company that operates as an
interval fund, and side-by-side vehicles established primarily for employees and certain other persons
associated with KKR and KKR Credit (“KKR Credit Funds”). KKR also delegates sub-advisory authority
to KKR Credit in respect of capital allocated within certain KKR Funds to strategies implemented by KKR
Credit. KKR Credit’s investment management and advisory activities focus on U.S. and European
leveraged credit strategies, such as leveraged loan, high yield bonds, opportunistic and revolving credit
strategies, structured credit and U.S., European and Asian alternative credit strategies, including special
situations, strategic investments and private credit strategies, such as direct lending, junior debt and asset
based financing investment strategies.
On February 1, 2021, KKR & Co. acquired a majority interest in The Global Atlantic Financial Group
Limited (“Global Atlantic”), a retirement and life insurance company. On January 2, 2024, KKR & Co.
completed the acquisition of the remaining interests in Global Atlantic that KKR did not own, increasing
KKR’s ownership to 100%. Since KKR & Co.’s initial acquisition of the majority interest in Global
Atlantic, Global Atlantic has generally continued to operate as a separate business with its existing brands
and management team. KKR (including through KKR Credit) will serve as Global Atlantic’s investment
1 Represents KKR’s most recently published AUM as disclosed in Part 1. AUM calculations differ from those used in
other regulatory filings by KKR in accordance with applicable requirements and guidelines.
manager. Based on preliminary financial results of Global Atlantic, the estimated
value of Global Atlantic
assets managed by KKR as of December 31, 2023, was approximately $36.4 billion.
On April 28, 2022, KKR & Co. acquired 100% of KJR Management (“KJRM”) (formerly known as
Mitsubishi Corp.-UBS Realty). KJRM is a real estate asset manager in Japan that invests in diversified real
estate assets, including retail, office and mixed use properties through two Tokyo Stock Exchange-listed
real estate investment trusts (“JREITs”). As of December 31, 2023, the estimated value of assets managed
by KJRM was approximately $12 billion.
For additional information regarding KKR’s clients, including the definitions of “KKR Funds” and “Other
Clients,” please see Item 7 – “Types of Clients”.
Additional information regarding KKR’s “relying advisers” which are investment advisory affiliates that
rely on KKR, as their filing adviser, to file (and amend) a single umbrella SEC registration on their behalf,
and other advisory affiliates including and in addition to KKR Credit that are separately registered with the
SEC, is provided in Item 10 – “Other Financial Industry Activities and Affiliations”.
KKR also has an affiliated capital markets business operated through affiliated broker-dealers. Please see
Item 10 – “Other Financial Industry Activities and Affiliations” for additional information regarding
KKR’s affiliated broker-dealers.
KKR also has a proprietary investment business. Please see Item 11 – “Code of Ethics, Participation or
Interest in Client Transactions and Personal Trading” for additional information regarding KKR’s
proprietary investment activities.
With limited exceptions, for example, in connection with certain customized products advised by KKR that
invest in funds advised by KKR and its affiliates, third party funds and related co-investments, and certain
sub-advisory relationships, KKR does not manage client assets on a non-discretionary basis as of December
31, 2023, although certain clients have consent or opt-out rights with respect to certain investments.
KKR does not participate as a manager in any wrap fee programs.
Ownership/Structure
Kohlberg Kravis Roberts & Co. L.P. is an indirect subsidiary of KKR & Co. Inc. (formerly KKR & Co.
L.P.) (“KKR & Co.” or the “KKR Public Company”), which is listed on the New York Stock Exchange
(“NYSE”). KKR Management LLP (“KKR Management”) is the sole holder of Series I preferred stock of
the KKR Public Company, which is entitled to vote for the election of directors, among other matters
relating to the KKR Public Company. In addition, KKR Holdings L.P. (“KKR Holdings”) holds stock of
the KKR Public Company, which permits KKR Holdings to vote on matters submitted to a vote of the
stockholders of the KKR Public Company. As of January 1, 2021, economic ownership interests in
subsidiaries of the KKR Public Company were held directly or indirectly by KKR Holdings, KKR Holdings
II L.P. (“KKR Holdings II”) and KKR Associates Holdings L.P. (“KKR Associates Holdings”). KKR
Management, KKR Holdings, KKR Holdings II and KKR Associates Holdings are owned by certain current
and former KKR employees and their related persons. On October 8, 2021, the KKR Public Company,
through its subsidiaries, entered into an agreement (the “Reorganization Agreement”) with KKR Holdings,
KKR Management, KKR Associates Holdings and certain other parties to undertake a series of integrated
transactions completed on May 31, 2022, in which the KKR Public Company combined with KKR
Holdings, among other things. In addition, following this combination, on December 31, 2026, subject to
exceptions that would accelerate this date, the KKR Public Company will (i) eliminate the Series I preferred
stock held by KKR Management, (ii) establish voting rights for the KKR Public Company’s common stock
on a one vote per share basis, including with respect to the election of directors, and (iii) acquire control of
KKR Associates Holdings. Additional information regarding the Reorganization Agreement is provided in
the KKR Public Company’s current public filings under the Securities Exchange Act of 1934, as amended.
Further information can be found in KKR & Co.’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, filed with the SEC on February 29, 2024 and its other periodic filings with the SEC,
which are available at www.sec.gov.