Overview
KKR Credit Advisors (Singapore) Pte Ltd. (“KKR Credit Advisors (Singapore)”) is a Singapore private
limited company incorporated in February 2020 and is licensed by the Monetary Authority of Singapore
(the “MAS”). KKR Credit Advisors (Singapore) has approximately $2.2
1 billion in assets under
management as of December 31, 2022, managed on a discretionary basis. KKR Credit Advisors
(Singapore) advises pooled investment vehicles, dedicated separately managed account vehicles,
discretionary accounts established for third-party institutional investors (each a “Client” and together the
“Clients”) including pension plans, and side-by-side vehicles investing alongside other KKR Credit
Advisors (Singapore) Funds and Other Clients (as defined below) (“Manager Co-investment Vehicles”).
KKR Credit Advisors (Singapore)’s investment management and advisory activities will focus on private
credit opportunities, including but not limited to senior and unitranche corporate lending, subordinated
corporate lending (mezzanine and other subordinated debt investments), asset-based finance investments,
and liquid credit investment opportunities across the liquid credit markets in Asia.
KKR Credit Advisors (Singapore) is affiliated with KKR Credit Advisors (US) LLC (“KKR Credit
Advisors (US)”), an investment adviser that is separately registered with the SEC. KKR Credit Advisors
(US) advises pooled investment vehicles, dedicated separately managed account vehicles, collateralized
loan obligation vehicles (“CLOs”), closed-end investment companies (the “RICs”) registered under the
U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”) and discretionary
accounts established for third-party institutional investors, including pension plans, and side-by-side
vehicles investing alongside other KKR Credit Advisors (Singapore) Funds and Other Clients (as defined
below) (“Manager Co-Investment Vehicles”). KKR Credit also provides sub-advisory services to certain
investment funds and investment vehicles established and managed by KKR (as defined below), including
non-U.S. listed and unlisted investment trusts that have investment exposure to funds and investments
managed by KKR and its affiliates. KKR Credit Advisors (US) focuses on U.S. and non-U.S. leveraged
credit strategies, including but not limited to leveraged loans, high yield bonds, opportunistic credit and
revolving credit strategies, structured credit and U.S., European and Asian alternative credit strategies,
including special situations, and private credit strategies such as direct lending, junior debt and asset based
financing investment strategies.
KKR Credit Advisors (Singapore) is also affiliated with KKR Credit Advisors (Ireland) Unlimited
Company (“KKR Credit Advisors (Ireland)”), an investment advisor that is regulated by the Central Bank
of Ireland (“CBI”) and that provides discretionary investment management services to a number of pooled
investment vehicles, separately managed accounts and CLOs pursuing primarily European credit strategies
including investments in European leveraged loans and high yield bonds, alternative credit opportunities
such as investments in mezzanine-like instruments, originated senior loans and specific types of syndicated
credit investments (e.g. investments in revolver credit facilities) and other structured and illiquid credit
investments, and with KKR Credit Advisors (EMEA) LLP, an investment advisor that is authorized and
regulated by United Kingdom Financial Conduct Authority and that engages in similar investment activity
to the above in its capacity as a sub-advisor or participating affiliate of the foregoing. Use of the term
“KKR Credit” throughout this brochure collectively includes KKR Credit Advisors (Singapore), KKR
Credit Advisors (US) LLC, KKR Credit Advisors (Ireland) Unlimited Company, KKR Credit Advisors
(EMEA) LLP and their respective wholly owned and controlled management entities through they provide
investment management and advisory services.
1 Represents KKR Credit Advisors (Singapore)’s most recently published AUM as disclosed in Part 1. AUM calculations could
differ from those used in other regulatory filings by KKR Credit Advisors (Singapore) in accordance with applicable requirements
and guidelines.
KKR Credit Advisors (Singapore) is affiliated with KKR Alternative Investment Management Unlimited
Company (“KKR AIM”), which is regulated by the CBI, is an authorized European Union (“EU”)
alternative investment manager, and separately files reports as an exempt reporting adviser with the SEC.
KKR AIM will enter into delegation and/or sub advisory agreements with KKR Credit Advisors
(Singapore) under which KKR Credit Advisors (Singapore) provides certain portfolio management services
to KKR AIM in connection with investment funds, including KKR Credit Advisors (Singapore) Funds (as
defined below), with respect to which KKR AIM serves as alternative investment fund manager for the
purposes of the EU Alternative Investment Fund Managers Directive (“AIFMD”).
KKR Credit Advisors (Singapore) is affiliated with KKR & Co. Inc. (formerly KKR & Co. L.P.) (“KKR
& Co.” or the “KKR Public Company”) which, through its subsidiaries, acquires stakes in, or seeds, or
otherwise holds interests in third-party hedge funds and fund of fund managers (the “Stakes and Seed
Managers”).
KKR Credit Advisors (Singapore) is affiliated with Kohlberg Kravis Roberts & Co. L.P. and its
subsidiaries, which operate under the name “KKR”. KKR advises and sub-advises private equity funds and
other investment vehicles, including proprietary entities that invest capital for long-term appreciation, by
acquiring controlling or minority positions in portfolio companies, and other assets. 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”). In addition, to its
traditional private equity strategy, KKR advises funds and other investment vehicles focused on
infrastructure, energy and real estate, which invest capital primarily through acquiring interests in
companies or acquiring underlying assets. KKR also advises investment funds and other investment
vehicles that make growth capital and core investments. KKR also advises vehicles that make real estate
debt investments, real estate investment trusts (“REITs”). KKR also offers and sponsors funds and other
investment vehicles that make co-investments alongside KKR proprietary investments or in specific or
multiple portfolio companies and other assets invested in by investment funds advised by KKR and its
affiliates, a customized platform that invests in funds advised by KKR and its affiliates and funds sponsored
and managed by unaffiliated investment managers (collectively, “third party funds”) and related co-
investments, and strategic partnership vehicles or other multi-strategy or multi-asset arrangements that
invest across multiple funds and investment strategies advised by KKR and its affiliates several publicly
listed vehicles that are publicly traded on a stock exchange or are otherwise made available for investment
by public investors, including a publicly listed energy company. KKR’s Global Institute (“KGI”)
periodically publishes papers, highlighting views from KKR’s portfolio companies and portfolio managers
and political, economic and social trends. KKR’s Global Macro and Asset Allocation Group also
periodically publishes commentary on macro-economic trends and related topics through KGI and oversees
a proprietary
portfolio of investments in a variety of instruments and securities.
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. Global Atlantic operates as a separate
business with its existing brands and management team. KKR (including through KKR Credit) serves as
Global Atlantic’s investment manager. KKR has entered into investment management agreements with
various Global Atlantic Accounts (as defined in Item 11) which were approved by applicable insurance
regulators. KKR Credit Advisors (US) provides investment management services to Global Atlantic
Accounts through a sub-advisory agreement with KKR. Based on preliminary financial results of Global
Atlantic, the estimated value of Global Atlantic assets managed by KKR Credit Advisors (US) as of
December 31, 2022 is approximately $105.1 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 the time of KKR & Co.’s acquisition of KJRM, the estimated
value of assets managed by KJRM was approximately $12.7 billion.
For additional information regarding KKR’s clients, including the definitions of “KKR Credit Advisors
(Singapore) Funds” and “Other Clients,” please see Item 7 – “Types of Clients”.
Additional information regarding KKR Credit Advisors (Singapore)’s “relying advisers” which are
investment advisory affiliates that rely on KKR Credit Advisors (Singapore), as their filing adviser, to file
(and amend) a single umbrella SEC registration on their behalf, and other advisory affiliates that are
separately registered with the SEC, is provided in Item 10 – “Other Financial Industry Activities and
Affiliations”.
KKR Credit Advisors (Singapore) 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.
With limited exceptions in connection with certain sub-advisory relationships, KKR Credit does not
manage client assets on a non-discretionary basis as of December 31, 2021.
Ownership/Structure
KKR Credit Advisors (Singapore) is wholly owned by KKR Credit Advisors (US) LLC, which is in turn
wholly owned by KKR. KKR is an indirect subsidiary of the KKR Public Company, which is listed on the
“NYSE”. KKR Management LLP (“KKR Management”) is the sole holder of Series I preferred common
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. 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, 2022, the ownership interests in subsidiaries
of the KKR Public Company were held 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 a Reorganization Agreement (the “Reorganization Agreement”) with KKR
Holdings, KKR Management, KKR Associates Holdings and certain other parties to undertake a series of
integrated transactions competed on May 31, 2022, in which the KKR Public Company will combine 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. For further information, please see the annual report filed on Form 10-K by the
KKR Public Company: https://ir.kkr.com/sec-filings-annual-letters/sec-filings/.
KKR Credit Advisors (Ireland) is an indirect subsidiary of KKR Group Partnership, which is in turn, an
indirect subsidiary of the KKR Public Company.
Nature of KKR Credit Advisors (Singapore)’s Clients
KKR Credit Advisors (Singapore) provides investment management and advisory services through
affiliated general partners or managing members (“KKR Credit Advisors (Singapore) GPs”) and/or
through KKR AIM, as applicable, in respect of pooled investment funds and other investment vehicles
established for institutional investors and certain high net worth investors sponsored and managed by KKR
Credit Advisors (Singapore) (“KKR Credit Advisors (Singapore) Funds”). KKR Credit Advisors may
also provide such services in respect specific institutional clients, including U.S. and non-U.S. pension
plans and sovereign wealth funds (“Other Clients”), pursuant to contractual relationships, such as
investment management agreements. KKR Credit Advisors (Singapore) Funds are structured as U.S. and
non-U.S. investment limited partnerships, companies, limited liability companies and other vehicles that
are not registered or required to be registered under the Investment Company Act. The offering of the
securities of the KKR Credit Advisors (Singapore) Funds will also be conducted so as not to require
registration under the United States Securities Act of 1933, as amended (the “Securities Act”). KKR Credit
Advisors (Singapore) Funds and the Other Clients are collectively referred to in this brochure as KKR
Credit Advisors (Singapore)’s ‘Other Clients’. KKR Credit Advisors (Singapore) expects also, through
KKR Credit Advisors (Singapore) GPs, to provide certain operational and administrative services to co-
investment vehicles that are not advisory clients of KKR Credit Advisors (Singapore), such as syndicated
capital co-investment vehicles, as described in Item 11 – Allocation of Investment Opportunities, through
which third-party investors co-invest alongside KKR Credit Advisors (Singapore) Funds and Other Clients.
KKR Credit Advisors (Singapore) will not participate as a manager in any wrap fee programs.
Investment Mandates
The terms upon which KKR Credit Advisors (Singapore) serves as investment manager or advisor of a
KKR Credit Advisors (Singapore) Fund or Other Client are established at the time each KKR Credit
Advisors (Singapore) Fund or Other Client relationship is established and are generally set out in the
governing documents entered into by KKR Credit Advisors (Singapore) with respect to the relevant KKR
Credit Advisors (Singapore) Fund or Other Client and disclosed in the offering or disclosure documents for
the relevant KKR Credit Advisors (Singapore) Fund or Other Client, as applicable. These terms, which
vary among each KKR Credit Advisors (Singapore) Fund and Other Client, could limit the investments
KKR Credit Advisors (Singapore) can invest on behalf of the relevant KKR Credit Advisors (Singapore)
Fund or Other Client based on security classes, geographies, concentration limits, leverage limits and/or
other criteria, among others.