KKR CREDIT ADVISORS (US) LLC other names

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Adviser Profile

As of Date:

03/28/2024

Adviser Type:

- Large advisory firm
- An investment adviser (or subadviser) to an investment company


Number of Employees:

470

of those in investment advisory functions:

207


Registration:

SEC, Approved, 10/15/2008

AUM:

205,116,297,686 16.53%

of that, discretionary:

205,116,297,686 16.53%

GAV:

39,072,990,451 14.85%

Avg Account Size:

1,096,878,597 11.55%


SMA’s:

YES

Private Funds:

88 4

Contact Info

415 xxxxxxx

Websites :
Client Types:

+

Advisory Activities:

+

Compensation Arrangments:

+

Reported AUM

Discretionary
Non-discretionary
176B 151B 126B 101B 75B 50B 25B
2015 2016 2017 2018 2019 2020 2021 2022 2023

Recent News

Should You Hold Kohlberg Kravis Roberts & Co. L.P. (KKR)?
11/27/2023

Alphyn Capital Management, an investment management firm, released its third-quarter 2023 investor letter. The same can be downloaded here. The Master Account of the fund returned -1.1% net in the third quarter compared to -3.3% for the S&P500 Index. As of September 30, 2023, the top ten holdings accounted for approximately 71% of the portfolio, and […]

Insider Monkey

5 Stocks Prem Watsa Just Bought and Sold
11/20/2023

In this piece, we will take a look at the five stocks that Prem Watsa just bought and sold. To learn more about the investor and his. firm, check out 10 Stocks Prem Watsa Just Bought and Sold. 5. Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) Fairfax Financial’s Q3 2023 Investment: $2.2 million Bought Or […]

Insider Monkey

Kohlberg Kravis Roberts & Co. L.P. Buys 1, Sells 4 in 2nd Quarter
08/15/2022

Related Stocks: FISV, EDR, PLAY, KREF, DASH,

gurufocus.com

CDP Equity, KKR, Macquarie, Open Fiber and TIM Ink MoU on Integrating TIM and Open ...
05/29/2022

... Luxembourg company controlled by one or more funds managed by Kohlberg Kravis Roberts & Co. LP (KKR), Macquarie Asset Management (Macquarie), ...

swfinstitute.org

Kohlberg Kravis Roberts & Co. L.P. Buys ForgeRock Inc, SPDR Blackstone Senior Loan ETF, ...
11/16/2021

Related Stocks: KINZ, INKA, IGAC, LMAO, TMKR, GOAC, FORG, SRLN, BKLN, JCIC, JNK, TEKK, IR, ASO, COOP, EQR, KRP, CUZ,

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Preqin appoints new CEO
11/01/2021

Preqin appoints new CEO Submitted 01/11/2021 - 9:55am Preqin, a specialist in alternative assets data, tools, and insights, has appointed Christoph Knaack, currently the company's Chief Strategy & Product Officer, as CEO as of 1 January, 2022.  Knaack will focus on leading Preqin through its next growth phase, as the company moves toward serving its customers t...

Hedge Week


Private Funds Structure

Fund Type Count GAV
Hedge Fund 48 $25,651,424,613
Private Equity Fund 31 $10,572,044,843
Securitized Asset Fund 2 $508,841,687
Other Private Fund 7 $2,340,679,308

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Private Funds



Employees




Brochure Summary

Overview

Overview KKR Credit Advisors (US) LLC (“KKR Credit Advisors (US)”) is a Delaware limited liability company founded in August 2004 and registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). KKR Credit Advisors (US) together with its relying advisers, participating affiliates and other affiliated entities listed in Item 10 are collectively referenced, together with the KKR Credit Managers (as defined below) as applicable, as “KKR Credit”. KKR Credit has approximately $175.51 billion in assets under management as of December 31, 2022, managed on a discretionary basis. KKR Credit advises pooled investment vehicles, dedicated separately managed account vehicles, collateralized loan obligation vehicles (“CLOs”), closed-end investment companies registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”) (the “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 investing alongside other KKR Credit 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 Kohlberg Kravis Roberts & Co. L.P. and it affiliates (“KKR”), 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’s investment management and advisory activities focus on U.S. and European leveraged credit strategies, such as leveraged loan, high yield bonds, opportunistic credit 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. KKR Credit is also affiliated with KKR Credit Advisors (Ireland) Unlimited Company (“KKR Credit Advisors (Ireland)”), which is regulated by the Central Bank of Ireland (“CBI”), and 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. KKR Credit is also affiliated with KKR Credit Advisors (Singapore) Pte Ltd. (“KKR Credit Advisors (Singapore)), a Singapore private limited company founded in May 2020 and licensed by the Monetary Authority of Singapore (the “MAS”) to provide advisory services to pooled investment vehicles, separately managed account vehicles, and discretionary accounts established for third-party institutional investors. KKR Credit Advisors (Singapore)’s investment management and advisory activities focus on Asia based 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 owns a 50% interest, alongside an affiliate of Franklin Square Holdings, L.P. ("FS Investments") who owns the other 50% interest, in FS/KKR Advisor, LLC, an investment adviser registered with the SEC. FS/KKR Advisor provides investment advisory services to FS KKR Capital Corp., a business development company registered under the Investment Company Act (“BDC”) and listed on the New York Stock Exchange ("NYSE"), and KKR FS Income Trust, a privately-placed BDC. 1 Represents KKR Credit’s most recently published AUM as disclosed in Part 1. AUM calculations could differ from those used in other regulatory filings by KKR Credit in accordance with applicable requirements and guidelines. KKR Credit 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 enters into delegation and/or sub advisory agreements with KKR Credit under which KKR will provide certain portfolio management services to KKR AIM in connection with investment funds 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 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 (US) is affiliated with KKR 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, including 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 Credit’s clients, including the definitions of “KKR Credit Funds” and “Other Clients,” please see Item 7 – “Types of Clients”. Additional information regarding KKR Credit’s “relying advisers” which are investment advisory affiliates that rely on KKR Credit, 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 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, 2022, although certain clients have consent, or opt-out, or opt-in rights with respect to certain investments. Ownership/Structure KKR Credit Advisors (US) is 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 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, 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 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 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. 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/. Nature of KKR Credit’s Clients KKR Credit provides investment management, advisory and administrative services directly and indirectly through wholly-owned and controlled management entities established with respect to one or more Clients for operational and other purposes (“KKR Credit Managers”). KKR Credit generally provides these services (i) through affiliated general partners or managing members (“KKR Credit GPs”) and/or through KKR AIM, as applicable, in respect of investment funds, and dedicated investment vehicles established for institutional investors and certain high net worth investors sponsored and managed by KKR Credit (“KKR Credit Funds”), (ii) as adviser to the RICs, (iv) as adviser to a number of CLO vehicles, (v) as adviser to side-by-side vehicles that are established primarily for the benefit of KKR Credit and KKR employees, KKR Advisors, Senior Advisors, Executive Advisors, Industry Advisors, KKR Capstone and executives and certain other persons associated with KKR (“Manager Co-investment Vehicles”), and (vi) as adviser directly to other 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 Funds are typically 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 with the exception of the RICSs. The offering of the securities of the KKR Credit Funds are also typically not required to be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) with the exception of the RICs. For purposes of this brochure, the term “KKR Credit Funds” includes the RICs. KKR Credit Funds and the Other Clients are collectively referred to in this brochure as KKR Credit’s ‘Other Clients’. 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) and KKR Credit Advisors (Ireland) provides investment management services to Global Atlantic Accounts through sub-advisory agreements with KKR. Unless otherwise specified herein, Global Atlantic Accounts are included in the definition of Other Clients. Please see Item 11 –“Allocations of Investment Opportunities – Global Atlantic” for further information. KKR Credit also provides sub-advisory services to certain investment funds and investment vehicles established and managed by KKR, including a Australian Securities Exchange listed and unlisted investment trusts . KKR Credit also could, through KKR Credit GPs, provide certain operational and administrative services to co-investment vehicles that are not advisory clients of KKR, 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 Funds and Other Clients. KKR Credit Advisors (US) does not participate as a manager in any wrap fee programs. Investment Mandates The terms upon which KKR Credit serves as investment manager or advisor of a KKR Credit Fund or Other Client are established at the time each KKR Credit Fund or Other Client relationship is established and are generally set out in the governing documents entered into by KKR Credit with respect to the relevant KKR Credit Fund or Other Client and disclosed in the offering or disclosure documents for the relevant KKR Credit Fund or Other Client, as applicable. These terms, which vary among each KKR Credit Fund and Other Client, could limit the investments KKR Credit can invest on behalf of the relevant KKR Credit Fund or Other Client based on security classes, geographies, concentration limits, leverage limits and/or other criteria, among others.