Documents

Balance Sheet Overview

Description
Balance Sheet and Corporate Development Robert Lewin James Rudy July 17, 2012 CONFIDENTIAL AND PROPRIETARY For One-on-One Use by Investment Professionals Only Why Do We Have Such a Large Balance Sheet? ã KKR inherited a sizable balance sheet by virtue of its merger with KKR Private Equity Investors (KPE) in October 2009, the transaction by which we became publicly-traded – KPE was a $5bn permanent capital vehicle we raised in 2006 on the Euronext Amsterdam that was invested almost exclusively
Categories
Published
of 8
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Transcript
  July 17, 2012 CONFIDENTIAL AND PROPRIETARY For One-on-One Use by Investment Professionals Only Balance Sheet and Corporate Development Robert Lewin James Rudy  Why Do We Have Such a Large Balance Sheet? 1 ã KKR inherited a sizable balance sheet by virtue of its merger with KKR Private Equity Investors (KPE) in October 2009, the transaction by which we became publicly-traded – KPE was a $5bn permanent capital vehicle we raised in 2006 on the Euronext Amsterdam that was invested almost exclusively in KKR private equity funds and individual deals ã Our balance sheet is significantly larger than those of our peers and provides us with a number of competitive advantages – Ability to make sizable GP commitments to funds that we are raising, particularly 1 st  time funds (Infrastructure, Mezzanine, Special Situations) – Seed capital for new strategies that we are incubating (hedge funds, real estate, royalties/PUDs) – Funding source for broker-dealer underwriting activities (KCM, NBFC India) – Anchor co-investments to support large private equity transactions (Samson) – Flexibility to invest in new businesses (Prisma) – Fundraising / Alignment of interests with LPs (we are our own largest investor)  B/S Investments ■  PE Funds ■  PE Co-Invest ■  Energy/Infra ■  KAM ■  Other Segment Balance Sheet (March 31, 2012) Balance Sheet Snapshot ã KKR currently has a $6.1 billion balance sheet ($8.67/unit) ã Balance sheet is essentially unlevered – $350mm net cash position – A/A- rated by Fitch/S&P ã Investment portfolio is heavily weighted to private equity due to legacy KPE investments, but has diversified since the combination – Just over 80% private equity today vs. 97% at the time of the combination Cash and Short-Term Investments$856 Investments 5,023 Unrealized Carry600Other Assets297Total Assets$6,7756.375% Notes due 2020$500Other Liabilties/Noncontrolling Interests198 Partners' Capital $6,077Book Value/Adjusted Unit $8.67 31%1%8%52%8%  $856$185$750  CorporateRevolverLiquid SeedCapitalCash Sources of Liquidity   Uses of Liquidity Current Liquidity Profile $1.8bn $2.3bn ã The B/S has ~$1.8bn of liquidity and outstanding commitments of $2.3bn (expected to be drawn over 5 years) – We have over $4bn of funded PE investments (~50% public stocks) $1,650$300$100$250 MinimumCash BalanceOther ItemsKCM CapitalUsageUnfundedCommitments
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks
SAVE OUR EARTH

We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

More details...

Sign Now!

We are very appreciated for your Prompt Action!

x