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KKR & Co. Inc. reports developments across its global investment business, including alternative asset management, capital markets activity and insurance solutions. Company news commonly covers operating results, fund and strategy activity, portfolio investments, co-investment vehicles, debt financing, and capital-structure updates.
KKR sponsors investment funds in private equity, credit and real assets, works with strategic partners that manage hedge fund platforms, and operates insurance subsidiaries that offer retirement, life and reinsurance products through Global Atlantic Financial Group. Recent company updates also reflect activity in technology growth, sports, sustainable infrastructure and insurance-related platforms.
Global Atlantic Financial Group has appointed Emily LeMay as Chief Operations Officer, responsible for leading Individual Markets operations, customer experience, analytics, and project management. LeMay, who joined in 2017, previously focused on strategy execution and analytics, driving growth opportunities. Her promotion is expected to enhance client service and operational efficiency. Rob Arena, Co-President, highlighted her ability to foster departmental cohesion. Global Atlantic is a subsidiary of KKR, leveraging KKR's financial expertise to provide tailored insurance solutions.
KKR has successfully sold four Class A self-storage properties totaling approximately $80 million. The properties, which encompass around 2,897 units, are located in location value="LU/us.tx.austin"Austin, TX, location value="LU/us.az.phonix"Phoenix, AZ, and location value="LU/us.ca.rivers"Riverside, CA. These sales were part of KKR’s strategy to enhance its portfolio through strategic acquisitions in high-demand markets. As of December 31, 2022, KKR's global real estate business manages over $64 billion in assets.
KKR aims to continue expanding its presence in the self-storage sector, which is expected to outperform due to resilient demand and beneficial lease dynamics amid inflation.
KKR has released a new report titled Regime Change: The Role of Private Equity in the ‘Traditional’ Portfolio, authored by CIO Henry McVey and Racim Allouani. This report emphasizes the importance of incorporating Private Equity into diversified portfolios, showcasing its superior risk-adjusted returns compared to traditional 60/40 models. Key factors driving Private Equity performance include differing sector allocations, investment timings, and effective company selection. The analysis targets both institutional and individual investors, suggesting that Private Equity can be particularly beneficial for retirement-focused investors seeking higher compounding capital returns.
KKR has successfully completed its acquisition of Hitachi Transport System Ltd. (HTS), now set to be renamed LOGISTEED, Ltd. Effective April 1, 2023, KKR, through HTSK, holds 100% of HTS's shares, while Hitachi owns a 10% stake in HTSK Holdings. The acquisition, which involved a cash tender offer announced on November 30, 2022, aims to strengthen KKR's position in the logistics sector, leveraging HTS’s established presence in Japan’s third-party logistics market. KKR anticipates significant growth opportunities as LOGISTEED expands its services beyond traditional logistics.
FS KKR Capital Corp. (NYSE: FSK) reported its financial results for Q4 and the year ending December 31, 2022. The company declared a first quarter 2023 distribution of $0.70 per share, including a base distribution of $0.64 and a supplemental of $0.06. Net investment income for Q4 was $0.80 per share, up from $0.76 in Q3, while adjusted net investment income increased to $0.81 per share. The net asset value decreased to $24.89 per share from $25.30 in Q3. The company experienced a total net realized and unrealized loss of $0.56 per share. As of December 31, total fair value of investments stood at $15.4 billion, with a net debt to equity ratio of 118%.
KKR has appointed Pete Stavros and Nate Taylor as the Global Co-Heads of its Private Equity business. Previously, both have led the Americas division since 2019. Their new roles aim to enhance global connectivity and bolster KKR’s investment strategies worldwide. The firm’s Private Equity assets have nearly doubled since 2019, reaching $165 billion as of December 31, 2022, with over 300 investment professionals managing more than 200 companies. Leadership highlights the duo's innovative approaches in value creation and employee ownership, which have significantly contributed to the firm’s success.
Gamma Biosciences has announced an agreement with Biotage AB, where Biotage will acquire Gamma's operating company, Astrea Bioseparations. This acquisition aims to create a global chromatography leader, enhancing Biotage's product offerings in the bioprocessing sector. The deal involves an enterprise value of approximately $190M in Biotage shares and up to $45M in milestone payments. Gamma will inject around $25M into Astrea, positioning KKR as Biotage's largest shareholder with 17% ownership. The transaction awaits shareholder approval and customary closing conditions.
Boasso Global and Quala have signed a merger agreement to create a major infrastructure services provider for the liquid bulk logistics industry. Supported by KKR's investment through its Global Infrastructure Investors IV fund, the merger aims to combine their services and geographical strengths in North America and Europe. Quala, a leader in tank cleaning and maintenance with 119 locations, has grown significantly since Advent International's 2016 investment. The merger, expected to close in H1 2023, will enhance service delivery and operational efficiency, benefiting customers and expanding market reach.
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KKR & Co. Inc. (NYSE: KKR) released its fourth quarter 2022 financial results. The results can be reviewed on KKR’s Investor Center website. A conference call discussing these results is set for February 7, 2023, at 10:00 a.m. ET, accessible to the public via phone and live streaming. KKR continues to implement its disciplined investment approach, providing attractive returns through diverse asset management strategies, including private equity and credit. Additionally, KKR’s insurance subsidiaries offer a spectrum of financial products, contributing to its overall business strategy.