KKR Private Equity Investors, the Euronext-listed limited partnership that is invested predominantly in private equity investments sponsored by Kohlberg Kravis Roberts & Co., has agreed to transfer five co-investments totalling $211 million to a KKR-sponsored co-investment fund for an aggregate purchase price of $200.4 million in cash.
KPE will transfer portions of its co-investments in Biomet, Inc., Dollar General Corporation, First Data Corporation, HCA Inc. and The Nielsen Company in a bid to boost its liquidity. The value of each co-investment being transferred is $42.2 million.
Giving effect to the transaction, the partnership through which KPE invests would retain a $117.8 million co-investment in Biomet, a $232.8 million co-investment in Dollar General, a $77.8 million co-investment in First Data, a $157.8 million co-investment in HCA and a $137.8 million co-investment in The Nielsen Company, based on their values at the end of the year.
These figures do not include the investment partnership’s investment in these portfolio companies through its limited partner interests in certain KKR private equity funds, KPE said.
“This transaction further enhances the liquidity position of KPE and the investment partnership,” says Kendra Decious, CFO of KPE’s managing partner.
KPE seeks to create long-term value by participating in private equity and other investments identified by KKR. As of the end of last year, over 95% of KPE’s $3.4 billion portfolio was comprised of limited partner interests in six KKR private equity funds, co-investments in 13 companies alongside the private equity funds and negotiated equity investments.
D.C.