Still no word on when KKR will pull the trigger on its so-called IPO, but today it pulled back the curtain a bit in preparation. The buyout giant published an eight-page update on its business, including information on annual fee revenue and remaining dry powder in its existing funds (it didn’t address the new U.S. fund it wants to raise).
KKR also revealed that it is carrying half of its ten largest investments below cost, including a 40% markdown on its $2.33 billion investment in First Data. The other fair value cuts are for Alliance Boots, Energy Future Holdings (f.k.a. TXU Corp.), Biomet and US Foodservice. Four other companies are marked up, including a 128% markup for Legrand. The final company — HCA — is being held at cost.
Here’s the full report:
Investor Presentation May 31 2009 FINAL Rev3