PRINT THIS PAGE KKR to join 2005 fundraising crush with E3.5bn European fund20/10/2004. Source: AltAssets. 
 US buy-out giant KKR is to join the fundraising crush in Europe next year with the launch of its second dedicated fund for the region with a target of E3.5bn. The launch follows closely on the announcement that it has made record $9bn of distributions to investors over the past 18 months.
KKR has been among the most active US groups in Europe over the last few years, investing both out of its 1999 E3bn European fund and its global Millennium fund. In recent months it has bought Benelux retailer Vendex for E1.5bn and sold German telecoms business Tenovis to trade buyer Avaya.
A handful of the US firms presently active in Europe have raised dedicated funds, including Hicks Muse Tate & Furst, Carlyle, Bain Capital and KKR. But the majority have been investing out of global pots, such as Clayton Dubilier & Rice. Texas Pacific Group and Blackstone.
KKR will be joining a number of European heavyweights when it starts marketing in the coming months. BC Partners, Candover and CVC, for example, are expected to start fundraising at some point in 2005. The combined target of upper mid-market and large buy-out funds in the market next year is expected to be around E40bn, according to research by Almeida Capital.
Ned Gilhuly, one of KKR's most senior partners in the region, is planning to return to the US at the same time as the fundraising is launched. His relocation, however, is understood to be entirely unrelated and simply marks the natural conclusion to a six-year stay in Europe during which time he helped consolidate the firm's activities.
Copyright © 2004 AltAssets
|
