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KKR & Co.
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment Company As of December 31, 2024[update], the firm had completed 710 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $530 billion and $46e billion, respectively.
KKR was founded in 1976 by Jerome Kohlberg Jr., and cousins Henry Kravis and George R. Roberts, all of whom had previously worked together at Bear Stearns, where they completed some of the earliest leveraged buyout transactions. Notable transactions by KKR include the 1989 leveraged buyout of RJR Nabisco as well as the 2007 buyout of TXU Energy, both of which, upon completion, were the largest buyouts ever to date.
KKR is headquartered at 30 Hudson Yards, Manhattan, New York, with offices in Beijing, Dubai, Dublin, Houston, Hong Kong, London, Luxembourg, Madrid, Menlo Park, Mumbai, Paris, Riyadh, San Francisco, São Paulo, Seoul, Singapore, Shanghai, Sydney and Tokyo.
In a 2016 interview with Bloomberg, founder Henry Kravis described KKR in terms of three broad buckets: private markets, public markets, and capital markets.
While running the corporate finance department for Bear Stearns in the 1960s and 1970s, Jerome Kohlberg, Jr., and later Henry Kravis and George R. Roberts, completed a series of what they described as "bootstrap" investments. They targeted family-owned businesses, many of which had been founded in the years following World War II, that were facing succession issues. Many of these companies lacked a viable exit for their founders because they were too small to be taken public and the founders were reluctant to sell out to competitors.
In 1964, Lewis Cullman made what some people call the first significant leveraged buyout transaction, acquiring and then selling Orkin. In the following years the three Bear Stearns bankers completed a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries ($27 million, 1971), and Boren Clay (1973), as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. Despite several highly successful investments, Cobblers ended in bankruptcy.
By 1976, tensions had built up between Bear Stearns and the three: most notably, executive Cy Lewis had rejected repeated proposals to form a dedicated in-house investment fund. This led them to form their own firm, Kohlberg Kravis Roberts & Co. The name had been planned to be Kohlberg Roberts Kravis, but public relations advisors preferred the sound of KKR.
The new KKR completed its first buyout, of manufacturer A.J. Industries, in 1976. KKR raised capital from a small group of investors including the Hillman Company and First Chicago Bank. By 1978, with the revision of the ERISA regulations, KKR was successful in raising its first institutional fund with over $30 million of investor commitments. In 1981, KKR expanded its investor base after the Oregon State Treasury's public pension fund invested in KKR's acquisition of retailer Fred Meyer, Inc. based in Portland. Oregon State remains an active investor in KKR funds.
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KKR & Co.
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment Company As of December 31, 2024[update], the firm had completed 710 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $530 billion and $46e billion, respectively.
KKR was founded in 1976 by Jerome Kohlberg Jr., and cousins Henry Kravis and George R. Roberts, all of whom had previously worked together at Bear Stearns, where they completed some of the earliest leveraged buyout transactions. Notable transactions by KKR include the 1989 leveraged buyout of RJR Nabisco as well as the 2007 buyout of TXU Energy, both of which, upon completion, were the largest buyouts ever to date.
KKR is headquartered at 30 Hudson Yards, Manhattan, New York, with offices in Beijing, Dubai, Dublin, Houston, Hong Kong, London, Luxembourg, Madrid, Menlo Park, Mumbai, Paris, Riyadh, San Francisco, São Paulo, Seoul, Singapore, Shanghai, Sydney and Tokyo.
In a 2016 interview with Bloomberg, founder Henry Kravis described KKR in terms of three broad buckets: private markets, public markets, and capital markets.
While running the corporate finance department for Bear Stearns in the 1960s and 1970s, Jerome Kohlberg, Jr., and later Henry Kravis and George R. Roberts, completed a series of what they described as "bootstrap" investments. They targeted family-owned businesses, many of which had been founded in the years following World War II, that were facing succession issues. Many of these companies lacked a viable exit for their founders because they were too small to be taken public and the founders were reluctant to sell out to competitors.
In 1964, Lewis Cullman made what some people call the first significant leveraged buyout transaction, acquiring and then selling Orkin. In the following years the three Bear Stearns bankers completed a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries ($27 million, 1971), and Boren Clay (1973), as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. Despite several highly successful investments, Cobblers ended in bankruptcy.
By 1976, tensions had built up between Bear Stearns and the three: most notably, executive Cy Lewis had rejected repeated proposals to form a dedicated in-house investment fund. This led them to form their own firm, Kohlberg Kravis Roberts & Co. The name had been planned to be Kohlberg Roberts Kravis, but public relations advisors preferred the sound of KKR.
The new KKR completed its first buyout, of manufacturer A.J. Industries, in 1976. KKR raised capital from a small group of investors including the Hillman Company and First Chicago Bank. By 1978, with the revision of the ERISA regulations, KKR was successful in raising its first institutional fund with over $30 million of investor commitments. In 1981, KKR expanded its investor base after the Oregon State Treasury's public pension fund invested in KKR's acquisition of retailer Fred Meyer, Inc. based in Portland. Oregon State remains an active investor in KKR funds.