KKR Private Equity Investors, the Euronext Amsterdam-listed fund of New York-headquartered global asset manager Kohlberg Kravis Roberts has reported net asset value in the first quarter of 2009 at US$2.626bn, an increase of 0.3% on the previous quarter. Net asset value per share rose from US$12.78 to US$12.82.
KPE also marked up the value of its investment and foreign currency transactions in the period by US$116.9m, including US retailer Dollar General Corporation and US hospital operator HCA, as well as in the value of convertible senior notes invested in IT group Sun Microsystems.
This offset markdowns on US power company Energy Future Holdings, financial services business Capmark Financial Group, German broadcaster ProSiebenSat.1 Media and and German forklift truck manufacturer Kion.
“We believe that our performance during the first quarter is attributable in large part to our focus on operational improvement, cost reduction and efficiency initiatives, our progress in implementing appropriate capital structures for our portfolio companies, our adherence to procedures for monitoring our investments and our work in helping our companies to adapt to the changing global regulatory environment,” said George Roberts, co-founder of KKR and co-chairman of KPE’s managing partner’s board of directors.
KPE said that the fund has capital commitments of US$17.6m to a new vehicle called KKR Annex Fund, which is understood to be targeting at least €400m to prop up ailing investments in its second European fund. KPE said that, if accepted, the same amount would be reduced from its commitment to KKR European Fund III, which currently stands at US$291.2m.
KKR said last month that it has extended the deadline for a decision on merging with KPE, a transaction that will effectively see the enlarged group list on the New York Stock Exchange. The deadline was extended from April 27 to August 31.