KKR & Co.

KKR & Co. Inc.

Company type	Public
Industry	Private equity, Investment management
Founded	1976 (1976)
Founder	Jerome Kohlberg Jr., Henry Kravis, George R. Roberts
Headquarters	New York City , United States
Area served	Worldwide
Key people	Henry Kravis (Chairman), George Roberts (Chairman), Scott Nuttall (Co-CEO), Joseph Bae (Co-CEO)
Products	Private equity, Investment funds, Asset management
Number of employees	4,490 (2023)
Website	www.kkr.com

KKR & Co. Inc., also identified as Kohlberg Kravis Roberts & Co., stands as a prominent American multinational private equity and investment company. By December 2023, KKR had finalized private-equity investments in portfolio firms with an aggregate enterprise value near $710 billion. The firm reported assets under management (AUM) of $553 billion and fee-paying assets under management (FPAUM) totaling $446 billion.

Established in 1976 by former Bear Stearns executives Jerome Kohlberg Jr. and cousins Henry Kravis and George R. Roberts, KKR was a pioneer in early leveraged buyout transactions. The company is distinguished for monumental deals, including the 1989 leveraged buyout of RJR Nabisco, which was then the largest buyout ever, as well as the 2007 acquisition of TXU, recognized today as the biggest buyout completed.

KKR initiated public trading in October 2009 through KKR & Co., an affiliated entity holding 30% of the firm’s equity, while the remaining shares are owned by its partners. The firm submitted its application to list on the New York Stock Exchange in March 2010 and began trading on July 15, 2010.

The firm

As of December 31, 2023, KKR’s workforce numbered 4,490 employees. The company’s headquarters are located at 30 Hudson Yards, Manhattan, New York. It operates offices in key financial hubs worldwide, including Beijing, Dubai, Dublin, Houston, Hong Kong, London, Luxembourg, Madrid, Menlo Park, Mumbai, Paris, Riyadh, San Francisco, São Paulo, Seoul, Singapore, Shanghai, Sydney, and Tokyo.

Senior leadership

• Chairmen: Henry Kravis and George Roberts (serving since 1987)
• Chief Executives: Scott Nuttall and Joseph Bae (appointed in 2021)

Former leaders

• Jerome Kohlberg Jr. (co-chairman from 1976 to 1987)
• Founders Henry Kravis, George Roberts, and Jerome Kohlberg Jr. held co-CEO roles between 1976 and 1987
• Kravis and Roberts served jointly as co-CEOs until their tenure ended in 2021

Business structure

According to founder Henry Kravis, KKR’s activities are divided into three principal areas: private markets, public markets, and capital markets.

Founding and early history

KKR was created in 1976 by Jerome Kohlberg Jr., Henry Kravis, and George Roberts following their experience at Bear Stearns, where they developed "bootstrap" investment strategies focused on family-owned enterprises facing succession issues. These businesses were generally too small to access public markets and were hesitant to sell to competitors.

During the late 1960s and early 1970s, the founders completed several leveraged buyouts including Stern Metals (1965), Incom (1971), Cobblers Industries (1971), and Boren Clay (1973). Although many were successful, the Cobblers deal ultimately resulted in bankruptcy.

Disagreements with Bear Stearns prompted the establishment of KKR in 1976. The firm’s inaugural buyout involved A.J. Industries, financed by investors such as the Hillman Company and First Chicago Bank. By 1978, regulatory adjustments allowed KKR to raise over $30 million for its first institutional fund. Notably, Oregon State Treasury's public pension fund became an early investor in 1981.

In 1979, KKR completed a landmark $380 million public-to-private acquisition of Houdaille Industries. Although creditors profited, the transaction culminated in company disintegration and significant job losses.

Throughout the leveraged buyout surge of the 1980s, KKR executed several notable acquisitions:

Investment	Year Acquired	Transaction Description
Malone & Hyde	1984	Conducted its first tender offer purchase of a public corporation; acquired this food distribution company alongside chairman Joseph R. Hyde III.
Wometco Enterprises	1984	Completed its inaugural billion-dollar buyout by acquiring this leisure industry firm for $842 million plus $170 million in debt.
Beatrice Companies	1985	Sponsored a $6.1 billion management buyout—the largest at that time—including brands such as Samsonite and Tropicana.
Safeway	1986	Executed a friendly $5.5 billion buyout enabling management to resist hostile takeover attempts; Safeway returned to public markets in 1990.
Jim Walter Corp. (later known as Walter Industries)	1987	Acquired for $3.3 billion but later confronted asbestos-related liabilities leading to Chapter 11 bankruptcy proceedings in 1989.

Acquisition of RJR Nabisco

In 1987, at 61 years old, Kohlberg stepped down and Henry Kravis took over as senior partner. Under the leadership of Kravis and Roberts, the firm carried out the 1988 leveraged buyout of RJR Nabisco, valued at $25 billion—the largest buyout ever at that time, a record that stood for 17 years. This historic transaction was famously chronicled in Barbarians at the Gate and later adapted into a television film.

RJR Nabisco, a prominent conglomerate formed by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company, was headed by CEO F. Ross Johnson in 1988. Johnson initiated a $17 billion management-led buyout supported by Shearson Lehman Hutton and American Express. Soon after, Kravis countered with a competing bid of $20.3 billion, financed through substantial leverage and backed by equity contributions from pension funds and institutional investors such as Coca-Cola, Georgia-Pacific, United Technologies, MIT, Harvard, and the New York State Common Retirement Fund.

KKR encountered criticism for its aggressive approach during the bidding process. Efforts to negotiate with Johnson and Shearson were declined, resulting in limited access to essential financial data. Forstmann Little & Co., another private equity competitor, briefly entered the contest but did not submit a final offer.

By November 1988, RJR established criteria for final bids. Management and Shearson proposed $112 per share to surpass KKR’s $109 offer. Despite the lower amount, RJR’s board accepted KKR’s guaranteed proposal due to concerns over Johnson’s lucrative exit package and ambiguities surrounding management’s revised terms. Johnson received $53 million from the deal while KKR earned fees totaling $75 million.

The total value of the transaction reached $31.1 billion when including assumed debt, marking an unprecedented leveraged buyout size that significantly reshaped private equity’s market presence and showcased KKR’s prowess in orchestrating large-scale acquisitions.

Early 1990s: Consequences Following the RJR Nabisco Deal

After completing the 1989 acquisition of RJR Nabisco, KKR concentrated its efforts throughout the early 1990s on reducing its heavy debt load through asset disposals and operational restructuring. Notably, the firm refrained from making new investments in 1990, instead focusing on managing its portfolio accumulated during the late 1980s buyout surge. In 1991, six portfolio companies including RJR Nabisco and Duracell went public via IPOs.

KKR began RJR's turnaround by divesting Del Monte Foods in January 1990 to alleviate debt pressures. Over subsequent years, strategies such as restructuring initiatives, capital injections, and public offerings were employed to enhance financial stability. In July 1990, KKR contributed an additional $1.7 billion in equity to RJR’s capital structure—surpassing its initial $1.5 billion equity input from the leveraged buyout. By December 1990, RJR implemented a debt-for-equity swap that effectively reintroduced it to public markets while lowering its debt obligations.

Further stock issuances in March 1991 continued to reduce RJR’s liabilities and improved its credit rating from junk status to investment grade. Beginning in 1994, KKR started divesting its stake in RJR by using shares as payment for acquiring Borden, Inc., a diversified company in food and industrial products sectors. By 1995, KKR had fully exited its position in RJR Nabisco after Borden sold a $638 million block of stock.

KKR’s initial investment in RJR was not completely monetized until 2004. After sixteen years involving multiple equity infusions, public offerings, asset sales, and share exchanges culminating in ownership of Borden Chemical, KKR sold its remaining interest to Apollo Management for $1.2 billion—bringing closure to its extensive involvement with the RJR Nabisco transaction.

Early 1990s: Strategic Investments

During the early 1990s, with the high-yield market largely inactive, KKR transitioned from pursuing sizable leveraged buyouts to focusing on industry consolidations through leveraged buildups or rollup strategies. A significant venture involved the leveraged buildup of Primedia, which originated from K-III Communications—a media entity established after an unsuccessful attempt to acquire Macmillan in 1988. This initiative began with a $310 million divisional buyout in 1989, acquiring Macmillan's book club division along with Intertec Publishing assets.

K-III pursued an aggressive expansion strategy by acquiring various publishing properties, including a $650 million acquisition from News Corporation in 1991. Following its public offering, KKR reinvested capital into K-III during 1998, 2000, and 2001 to support further growth through acquisitions. Nevertheless, by 2005, Primedia repurchased KKR’s preferred shares, while KKR suffered significant losses on its common stock holdings due to a dramatic decline in share price.

In collaboration with Fleet/Norstar Financial Group, KKR acquired the Bank of New England from the FDIC in 1991, ultimately exchanging this stake for a 7.5% ownership interest in Fleet Bank by 1996. Additional notable transactions included the 1992 acquisition of American Re Corporation from Aetna, securing a 47% interest in TW Corporation (which later became The Flagstar Companies, owner of Denny's), and purchases of World Color Press (1993–95), RELTEC Corporation (1995), and supermarket chain Bruno's (1995).

These early-1990s investments exemplify KKR’s flexible approach and emphasis on enhancing market presence through focused acquisitions and rollups across sectors such as media, financial services, and consumer goods.

1996–1999

By the mid-1990s, after moving beyond the RJR Nabisco transaction, KKR successfully raised a then-unprecedented $6 billion private equity fund known as the KKR 1996 Fund. Despite facing skepticism from media outlets and investor demands to lower fees and calculate carried interest based on total fund profits, KKR intensified its investment pace.

Among its prominent acquisitions were Spalding Holdings Corporation and Evenflo in 1996; Newsquest also in 1996; KinderCare Learning Centers and Amphenol Corporation in 1997; Randalls Food Markets in 1997; The Boyds Collection and MedCath Corporation in 1998; Willis Group Holdings also in 1998; Smiths Group and Wincor Nixdorf in 1999.

The largest deal for KKR during this decade was the $1.5 billion purchase of Regal Entertainment Group in 1998, executed alongside Hicks, Muse, Tate & Furst. The plan was to integrate Regal with Act III Cinemas—acquired by KKR in 1997 for $706 million—and United Artists Theaters, owned by Hicks Muse. However, the collapse of the United Artists acquisition disrupted anticipated cost synergies. As a result, Regal encountered financial difficulties and filed for bankruptcy protection in 2000, with control ultimately transferring to billionaire Philip Anschutz.

2000–2005

Entering the new millennium, numerous large leveraged buyout firms experienced challenges following the telecom bubble burst. While KKR’s performance since RJR Nabisco was mixed—incurring losses on investments such as Regal Entertainment Group, Spalding, and RentPath—these setbacks were offset by gains realized from Willis Group, Wise Foods, Inc., Wincor Nixdorf, and MTU Aero Engines.

KKR distinguished itself by completing significant leveraged buyouts even after the Internet bubble collapse, including acquisitions of Shoppers Drug Mart and the directories business of Bell Canada Yellow Pages. The Shoppers Drug Mart investment was monetized via an initial public offering in 2002 followed by additional public offerings. Meanwhile, the directories operation entered public markets as the Yellow Pages Income Fund, a Canadian income trust vehicle, in 2004.

In 2004, KKR led a consortium alongside Bain Capital and Vornado Realty Trust to acquire toy retailer Toys "R" Us for $6.6 billion—outbidding a competing $5.5 billion proposal from Cerberus Capital Management. This transaction ranked among the largest buyouts of that era. Toward late 2004 and into early 2005, leveraged buyouts experienced a resurgence characterized by aggressive leverage levels and financing structures.

In 2005, KKR joined forces with six other private equity firms to acquire SunGard for $11.3 billion—the largest leveraged buyout since RJR Nabisco in 1988. Partners included Silver Lake Partners, Bain Capital, Goldman Sachs Capital Partners, Blackstone Group, Providence Equity Partners, and TPG Capital. This consortium-led acquisition was notable as the largest club deal completed at that time and represented the biggest technology sector buyout until Blackstone’s purchase of Freescale Semiconductor. Nonetheless, some investors expressed concerns regarding potential conflicts arising from the involvement of multiple firms.

Buyout Surge 2006–2007

In 2006, KKR secured $17.6 billion through the KKR 2006 Fund, empowering the firm to carry out some of the most substantial buyouts ever recorded. The $44 billion acquisition of Texas-based utility TXU in 2007 stood as the largest leveraged buyout of the mid-2000s and remains unmatched in scale. Noteworthy transactions from this timeframe included:

Investment	Year	Company Description
HCA	2006	Alongside Bain Capital, Merrill Lynch, and the founding Frist family, KKR completed a $31.6 billion purchase of HCA, setting a new benchmark that exceeded the 1989 RJR Nabisco acquisition.
NXP Semiconductors	2006	A consortium consisting of KKR, Silver Lake Partners, and AlpInvest acquired an 80.1% interest in Philips' semiconductor division for €6.4 billion, establishing NXP Semiconductors with headquarters in the Netherlands.
TDC A/S	2006	KKR joined forces with Apax Partners, Providence Equity Partners, and Permira to acquire Danish telecom operator TDC for €12.2 billion ($15.3 billion), marking Europe's second-largest buyout at that time.
Dollar General	2007	KKR finalized the acquisition of this American discount retail chain.
Alliance Boots	2007	Collaborating with Stefano Pessina, KKR acquired UK-based drugstore retailer Alliance Boots for £12.4 billion ($24.8 billion), surpassing bids from competitors such as Terra Firma Capital Partners.
Biomet	2007	In partnership with Blackstone Group, TPG Capital, and Goldman Sachs, KKR acquired medical device manufacturer Biomet for $11.6 billion.
First Data	2007	KKR and TPG Capital executed a $29 billion buyout of payment processing company First Data; following the deal, Michael Capellas was appointed CEO.
TXU (Energy Future Holdings)	2007	Led by KKR and TPG Capital, the consortium acquired TXU for $44.37 billion, overcoming regulatory hurdles and initiating substantial changes in the company’s environmental strategies.

Further investments encompassed holdings in Legg Mason, Sun Microsystems, Tarkett, Longview Power Plant, and Seven Network. In October 2006, KKR purchased a 50% stake in Tarkett for approximately €1.4 billion ($1.8 billion). Additionally, the firm established a A$4 billion partnership with Australia's Seven Network and made PIPE investments amounting to $700 million in Sun Microsystems (January 2007) and $1.25 billion in Legg Mason (January 2008).

KKR's proposed $8 billion takeover of premium audio equipment manufacturer Harman International Industries alongside Goldman Sachs in 2007 did not succeed, causing a notable decline in Harman's share value.

This era reinforced KKR's dominant position through expert guidance in major leveraged buyouts and a broad spectrum of investments across various sectors, strengthening its global footprint and competitive edge within private equity.

Initial public offering 2007

In 2007, KKR submitted a filing with the Securities and Exchange Commission aiming to raise $1.25 billion by offering equity in its management company. This move came shortly after rival private equity firm Blackstone Group completed its IPO. Although KKR had previously listed its KPE vehicle in 2006, this was the inaugural occasion for investors to acquire a direct stake in the management company itself. Nevertheless, the credit crunch and a sluggish IPO market negatively impacted valuation expectations, resulting in multiple delays and ultimately the cancellation of the offering by August.

By July 2008, KKR revealed intentions to list shares through a reverse takeover of its publicly traded affiliate KKR Private Equity Investors, proposing to exchange a 21% ownership interest in the company. However, due to falling KPE share prices amid the 2008 financial crisis, this transaction was postponed to 2009 as of November 2008. KKR anticipated completing the listing during 2009.

In October 2009, KKR successfully listed shares on the Euronext exchange, replacing KPE, with aspirations for a subsequent listing on the New York Stock Exchange in 2010. This public entity represented a 30% ownership stake in Kohlberg Kravis Roberts, marking a pivotal development in its corporate framework and international operations.

2010–2019

In December 2011, private equity investors led by KKR acquired Samson Investment Company for roughly $7.2 billion, creating Samson Resources Corporation. Due to declining oil and gas prices, the entity filed for Chapter 11 bankruptcy protection in September 2015 and divested several major assets during its restructuring phase.

KKR entered retail real estate in 2012 with an investment in Yorktown Center, Illinois. In March 2013, it exited its joint venture in BMG Rights Management by selling its controlling 51% stake back to Bertelsmann.

January 2014 marked KKR’s acquisition of Sedgwick Claims Management Services for $2.4 billion. In June that year, it secured a one-third interest in Spanish renewable energy company Acciona Energy for €417 million ($567 million), broadening its renewable energy portfolio across fourteen countries. August 2014 saw a $400 million investment to acquire Fujian Sunner Development, China’s leading poultry producer supplying chains like KFC and McDonald's. The following month, KKR invested $90 million in Savant Systems, specializing in lighting and electrical products. Additionally, in 2014, KKR merged commercial landscaping firms ValleyCrest and Brickman to establish BrightView.

In January 2015, KKR acquired British rail ticketing platform thetrainline.com. Later that year in October, it obtained a majority shareholding in Selecta Group, a European vending services provider.

During 2016, KKR expanded into Hispanic grocery chains Mi Pueblo and Cardenas Market while allocating $75 million toward commercial real estate lender A10 Capital. It purchased Epicor Software Corporation in September and invested $250 million into OVH to fuel international growth, elevating OVH to unicorn status. In December, Lonza Group acquired Capsugel from KKR for $5.5 billion.

KKR continued its acquisition spree in 2017 with an attempted takeover of market research firm GfK SE and successful purchases including WebMD Health Corp for $2.8 billion; PharMerica for $1.4 billion; Pepper Group for $518 million; Covenant Surgical Partners; and American Medical Response (the ambulance division of Envision Healthcare) for $2.4 billion. That year also saw the merger of Mi Pueblo and Cardenas Market amid challenges facing the retail sector highlighted by Toys "R" Us filing for Chapter 11 bankruptcy in September.

Also in 2017, KKR acquired an 80% interest in Dixon Hospitality Group (Australian Venue Co.), which operates over 200 venues throughout Australia.

In mid-2018, KKR purchased RBMedia, a prominent audiobook publisher and distributor, along with Taiwan-based LCY Chemical Corp. for $1.56 billion as part of its expansion strategy within Greater China. It also divested Gallagher Shopping Park in the UK to South Korean investors for £175 million.

By February 2019, KKR had acquired Brightsprings amid scrutiny regarding care standards post-acquisition and expanded its German media portfolio by acquiring Tele München Gruppe and film distributor Universum Film GmbH. In April, it added German film producer Wiedemann & Berg Film Production while maintaining independence of its television division. July brought acquisition of Canadian software firm Corel. In August 2019, KKR purchased Australian snack producer Arnott's from Campbell Soup Company for $2.2 billion and became Axel Springer’s largest shareholder through a $3.2 billion investment securing a 43.54% stake in the German media conglomerate. The firm also obtained majority control of German fintech payment processor Heidelpay for over €600 million.

In December 2019, together with Alberta Investment Management Corporation (AIMCo), KKR acquired a controlling 65% interest in the Coastal GasLink Pipeline project from TC Energy—a contentious infrastructure undertaking crossing Wet'suwet'en territory that triggered widespread protests across Canada due to indigenous opposition.

2020–2024

Toward the end of 2019, KKR revealed plans to acquire OverDrive, Inc., a prominent distributor of eBooks to libraries, completing the transaction in June 2020 and setting the stage for integration with its subsidiary RBMedia. In March 2020, KKR expanded its presence in the recycling sector by purchasing Viridor from Pennon Group for £4.2 billion.

In May 2020, KKR invested $750 million in Coty, a cosmetics manufacturer, acquiring a 60% ownership in a newly created spinoff entity. Simultaneously, the firm secured a $1.5 billion stake in India's Jio Platforms, which was valued at up to $65 billion. Despite challenges posed by the COVID-19 pandemic, KKR led a $48 million funding round for Artlist, a provider of royalty-free music, in June. The company reported an unprecedented $16 billion profit during Q2 2020.

June 2020 also saw KKR acquire Roompot Group, a European holiday park operator, at an approximate valuation of €1 billion. In August, it divested Epicor Software Corp. to Clayton, Dubilier & Rice for $4.7 billion, marking one of the year's largest software transactions. September involved a $755 million investment in Reliance Industries’ retail division.

In November 2020, KKR collaborated with Rakuten to purchase an 85% share in Seiyu, a Japanese retail chain previously owned by Walmart. Early 2021 included acquiring majority rights to the music catalog of Ryan Tedder and his band OneRepublic.

By November 2021, KKR sold Audiobooks.com to Storytel for $135 million and partnered with Global Infrastructure Partners to jointly acquire data center operator CyrusOne for $15 billion. In early 2022, KKR acquired an 8.5% stake in gaming firm Nexon amid Saudi Arabia’s Public Investment Fund taking positions in both Capcom and Nexon.

April 2022 featured KKR’s $4 billion purchase of cybersecurity company Barracuda Networks and acquisition of Mitsubishi UBS Realty, bolstering its real estate holdings. In May, it invested $200 million into cybersecurity firm Semperis.

In June 2022, KKR exited Cardenas Markets by selling it to Apollo Global Management and maintained its position atop Private Equity International's PEI 300 list as the largest private equity firm globally before dropping to second place in later years. That same month included acquiring a 25% interest in Northumbrian Water Group, a UK water utility, for around £870 million.

October 2022 involved buying ISO tank services company Boasso Global from Apax Partners. In April 2023, KKR acquired a 30% stake in PR agency FGS Global at a valuation of $1.4 billion.

August 2023 marked KKR’s acquisition of Simon & Schuster, one of the "Big Five" publishers, from Paramount Global for $1.6 billion; the deal concluded by October with employee participation in ownership. The firm also agreed to transfer controlling shares of Australian Venue Co. to PAG for approximately AUD 1.4 billion.

In October 2023, KKR secured a minority interest in Catalio Capital Management, which specializes in venture capital and medical fund management. November saw the acquisition of Potter Global Technologies from Gryphon Investors.

Earlier in 2023, KKR invested roughly ₩700 billion into TY Holdings—the holding company of Taeyoung Group—through private equity bonds.

February 2024 included the purchase of VMware's End-User Computing division (rebranded as Omnissa), encompassing products such as Horizon and Workspace ONE UEM, for $3.8 billion.

March 2024 involved acquiring Avantus (previously known as 8minutenergy Renewables), a US-based developer of solar and energy storage projects; April added Indian medical technology company Healthium MedTech for $839 million.

By June 2024, KKR held second place on the PEI 300 ranking behind Blackstone and was preparing to join the S&P 500 index. The firm also announced acquiring Superstruct Entertainment—a UK-based owner of major European music festivals—for approximately €1.3 billion, which prompted some criticism from artists.

In November 2024, media reports identified KKR among prospective bidders for ITV plc alongside CVC Capital Partners and others, indicating interest in consolidating media assets.

December 2024 saw KKR extend its tender offer deadline for Fuji Soft amid competition with Bain Capital over control of the Japanese software company.

2025–present

On 17 February 2025, Assura, a British developer specializing in healthcare properties, declined a $2 billion acquisition proposal from KKR and the Universities Superannuation Scheme pension fund.

Two days later, on 19 February 2025, KKR put forward a £4 billion equity offer aiming to secure a controlling interest in Thames Water. By the end of March, KKR had been designated as the preferred bidder, progressing the transaction subject to regulatory clearance. Nevertheless, on 3 June 2025, KKR withdrew from the agreement.

Earlier in February 2025, KKR increased its offer for Japan’s Fuji Soft to 9,850 yen per share, exceeding Bain Capital’s prior bid of 9,600 yen amid a competitive $4 billion auction. Although Fuji Soft’s board dismissed KKR’s initial proposal, KKR maintains a 33.97% ownership stake supported by activist investors. Bain Capital, backed by Fuji Soft’s founding family, has yet to present an official bid.

In April 2025, KKR and Stonepeak attained board endorsement for their £1.6 billion proposal to acquire Assura plc, a publicly traded UK real estate company. The transaction is pending both regulatory and shareholder approval and is anticipated to conclude in autumn 2025.

That same month, KKR agreed to purchase OSTTRA—a joint venture between S&P Global and CME Group that delivers post-trade services across various markets—for $3.1 billion.

KKR reported adjusted net income of US$1.03 billion for the first quarter of 2025, with its assets under management growing by 15% to reach US$664 billion.

Fossil fuel investment criticism

KKR encountered backlash following revelations from the Private Equity Climate Risks project that despite committing to a climate action plan, the firm invested heavily in fossil fuel enterprises associated with environmental degradation and community harm.

Investments related to Israel and Palestinian territories

As the principal shareholder in a conglomerate providing housing within Palestinian areas, KKR also holds investments in Israeli cybersecurity companies, arms manufacturers, and data firms. Additionally, it possesses a significant stake in Axel Springer SE, which owns Yad2—an Israeli classifieds platform that lists properties located in occupied territories.

KKR's acquisition of Superstruct Entertainment for €1.3 billion in June 2024 established it as a major player in global leisure and entertainment. This move triggered boycott movements targeting numerous music festivals—including Sónar, Field Day, Viña Rock, Resurrection Fest—and event broadcasters such as Boiler Room due to controversies surrounding KKR’s investments.

More than 70 artists publicly opposed cultural affiliations with organizations linked to alleged war crimes by refusing to perform at Sónar. Likewise, over 200 performers urged Field Day organizers to cut ties with KKR. Boiler Room stated it had no involvement in Superstruct’s acquisition and reaffirmed its support for the BDS movement until human rights issues related to Israel are resolved.

Partners

Several of KKR's founding partners have exited over time; notably co-founder Jerome Kohlberg departed in 1987 to establish Kohlberg & Company, concentrating on smaller middle-market firms. Since 1996, general partners have included Henry Kravis, George R. Roberts, Paul Raether, Robert MacDonnell, Jose Gandarillas, Michael Michelson, Saul Fox, James H. Greene Jr., Michael Tokarz, Clifton S. Robbins, Scott Stuart, Perry Golkin, and Edward Gilhuly. Influential figures such as Saul Fox, Ted Ammon, Ned Gilhuly, Mike Tokarz, and Scott Stuart played key roles in shaping KKR’s reputation during the 1980s. Control remains firmly with Kravis and Roberts as succession planning continues to be a strategic priority.

• Scott C. Nuttall (born 1972) joined KKR in 1996 from Blackstone Group and headed the Global Capital and Asset Management division. With backing from co-founder George Roberts, Nuttall led KKR's evolution into a diversified investment platform pursuing wider opportunities. He serves on Fiserv’s board following its $22 billion acquisition of First Data Corp., supported by KKR. Elevated to co-president and co-COO alongside Joseph Bae in 2017, he manages corporate credit, real estate credit, capital markets activities, hedge funds, corporate development efforts, balance sheet oversight, and growth strategies. Promoted to co-CEO in 2021, Nuttall graduated summa cum laude with a Bachelor of Science from the Wharton School.

• Joseph Bae (born 1972) joined from Goldman Sachs in 1996; he served as managing partner for KKR Asia and led Infrastructure and Energy Real Assets divisions. He spearheaded KKR’s expansion into Asia starting in 2005 and concentrates on global private equity along with real asset platforms including energy and infrastructure sectors. Named co-president and co-COO alongside Nuttall in 2017 and elevated to co-CEO in 2021. Bae holds a Bachelor of Arts degree from Harvard College.

• Alexander Navab (1965–2019) arrived from Goldman Sachs in 1993 as head of Americas Private Equity. After dedicating 24 years at KKR, he retired during the leadership transition involving Nuttall and Bae. Navab earned an MBA from Harvard Business School and received the Ellis Island Medal of Honor in 2016. He passed away at age 53 in 2019.

• Saul A. Fox left the firm in 1997 to create Fox Paine & Company—a middle-market private equity firm managing assets exceeding $1.5 billion.

• Clifton S. Robbins departed for General Atlantic Partners in 2000 before founding Blue Harbour Group based in Greenwich, Connecticut.

• Edward A. Gilhuly and Scott Stuart exited in 2004 to establish Sageview Capital; Gilhuly oversaw European operations at KKR while Stuart led energy and consumer product sectors.

• Ted Ammon founded multiple ventures including Big Flower Press and Chancery Lane Capital before his untimely death in 2001.

Other prominent executives include:

• Paul Hazen, former CEO of Wells Fargo (1995–2001), later chaired Accel-KKR joint venture and KKR Financial;
• Clive Hollick, ex-CEO of United News and Media;
• Ken Mehlman, appointed global head of public affairs in 2008;
• David Petraeus, named chairman of KKR Global Institute in 2013;
• Joseph Grundfest, Stanford Law professor and former SEC Commissioner;
• Malcolm Turnbull, former Australian Prime Minister who joined KKR in 2019.

These executives have played vital roles shaping KKR’s strategic direction, expanding its global footprint, and maintaining its influential position within private equity markets.

References

• FT.com / Industries / Basic industries – "KKR poised to acquire Masonite for C$3.1bn"
• Gross, Daniel & David Sterling. "Is Henry Kravis softening?". Slate, August 5, 2007; accessed August 7, 2007.
• "Inside the KKR Approach". Bloomberg Markets, August 2007
• "The gatekeepers have been losing their golden touch". The Times (London), August 6, 2005; accessed February 16, 2009.