NEW YORK (Reuters) – Private equity firm Kohlberg Kravis Roberts & Co told investors at a recent meeting that 70 percent of its private equity portfolio was performing on or above target, according to a source who attended the meeting.
KKR executives made the comments at a meeting for investors at a New York hotel a week ago and also said the company had $16 billion not yet invested, the source said.
The company highlighted investments such as budget-retailer Dollar General as performing well, the source said.
KKR declined to comment.
KKR co-founder George Roberts said on a conference call in November that about 75 percent of the company’s private equity portfolio had EBITDA for the third quarter above the previous year and/or above plan. EBITDA is a measure of profitability that strips out items such as interest, tax and depreciation.
Robert highlighted investments such as Alliance Boots, Biomet, Dollar General, HCA, Energy Future Holdings and First Data as being able to weather an economic downturn.
KKR in July announced plans to go public through a complicated transaction that involves buying its publicly listed Amsterdam investment fund, delisting it from Amsterdam and relisting the new company in New York. It said in November that the process would be delayed until 2009.
(Reporting by Megan Davies; editing by John Wallace)