NEW YORK (Reuters) – Private equity firm Kohlberg Kravis Roberts & Co paid $7.9 million for the use of private aircraft in 2008, according to a document made public on Friday.
Of that, $6 million was paid to entities collectively controlled by KKR’s founders Henry Kravis and George Roberts, it says.
The 400-page document was distributed on Friday to unit holders of KKR Private Equity Investors (KKR.AS), the Amsterdam fund KKR aims to combine with as part of a plan to become a publicly listed entity. For more details [nN24493337].
A section on the firm’s use of private aircraft states that certain of KKR’s senior principals, including Kravis and Roberts, own aircraft that KKR uses for business purposes.
The executives paid for the purchase of these aircraft with their personal funds, the documents says, and bear all operating and maintenance costs associated with their operation. The hourly rates that KKR pays for the use of these aircraft are based on current market rates for chartering private aircraft of the same type, it said.
KKR paid $7.9 million for the use of these aircraft during the year ended December 31 2008, the document said, of which $6 million was paid to entities collectively controlled by Kravis and Roberts.
(Reporting by Megan Davies; Editing by Richard Chang)