On February 24th, the US private equity firm KKR has completed the fundraising work of the China Growth Fund, with a total value of 1 billion US dollars. It is understood that the fund began to raise funds in 2010, with an initial target of 800 million US dollars.
In 2010, KKR announced a fundraising strategy for non-North American M & A funds. The fourth quarter 2010 financial report released on the 23rd showed that KKR had raised US $ 5 billion in these strategies in 2010 for funds in areas such as natural resources, mezzanine capital, and infrastructure. Among them, US $ 558 million was for mezzanine funds, US $ 515 million was for infrastructure funds, and US $ 1 billion was for KKR China Growth Fund. KKR said that 40% of the newly raised funds come from new LPs.
Scott Nuttall, head of KKR's global capital and asset management group, said of the company's performance in 2010 that KKR is spending more time with global sovereign wealth funds. It also revealed that sovereign wealth funds have increased asset allocation in parts of Asia, the Middle East and Europe.
KKR established the 11th North American fund in early 2011, with a fundraising target of between US $ 8-10 billion. The new fund is expected to complete the fundraising in 2011.
KKR announced the fourth quarter 2010 financial report on February 23. The financial report shows that KKR's fourth-quarter net profit was 697 million US dollars, more than double the same period in 2010, mainly due to the continued improvement in the prospects of the leveraged buyout market. Throughout fiscal year 2010, KKR's net profit was $ 1.9 billion, and the PE fund's return was 33%.
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