KKR in $1.2bn loss as investments dive
City PM
Published Jun 1, 2009 Reviewed Jun 30, 2026 ✓ Reviewed by citations.press editors
KKR reported a $1.2 billion loss for the previous year.
1.2 billion USD · loss729 million GBP · loss
KOHLBERG Kravis Roberts (KKR), US private equity giant
KKR’s total annual fee income fell 27 % to $640 million in 2008.
27 · annual fee income decline640 million USD · annual fee income388 million GBP · annual fee income
KOHLBERG Kravis Roberts (KKR)
$2.8 billion was written off from the European Fund II portfolio.
2.8 billion USD · write‑off amount1.7 billion GBP · write‑off amount
KOHLBERG Kravis Roberts (KKR)
KKR now holds $15.4 billion of uninvested capital across Europe, the US and Asia.
15.4 billion USD · uninvested capital9.34 billion GBP · uninvested capital
KOHLBERG Kravis Roberts (KKR)
Total assets under management fell to $48.5 billion from $53.2 billion at the end of 2007.
48.5 billion USD · assets under management29.4 billion GBP · assets under management53.2 billion USD · assets under management (end‑2007)
KOHLBERG Kravis Roberts (KKR)
From 2004 to 2007, KKR’s averaged adjusted pre‑tax economic net annual income was $926 million.
926 million USD · average adjusted pre‑tax economic net annual income561.6 million GBP · average adjusted pre‑tax economic net annual income
KOHLBERG Kravis Roberts (KKR)
The loss for last year contrasts with a 2007 pre‑tax economic net income of $815 million.
815 million USD · pre‑tax economic net income (2007)495 million GBP · pre‑tax economic net income (2007)
KOHLBERG Kravis Roberts (KKR)
Write‑downs were made on the $5.8 billion European Fund II assets, worth almost half their original values.
5.8 billion USD · European Fund II assets (original value)
KOHLBERG Kravis Roberts (KKR)
KKR's total annual fee income fell 27 per cent to $640 million in 2008.
27 % · total annual fee income640 m · total annual fee income
KKR, New York-based group
KKR's total assets under management dipped to $48.5 billion from $53.2 billion at the end of 2007.
48.5 bn · total assets under management53.2 bn · total assets under management
KKR, New York-based group
KKR revealed write-downs of $2.8 billion on its $5.8 billion European Fund II’s assets.
5.8 bn · European Fund II's assets2.8 bn · written off
KKR, The group
KKR is currently approaching investors to raise $569 million for an emergency annex fund to support European Fund II.
569 m · to raise for an emergency annex fund
KKR
KKR holds $15.4 billion of uninvested capital across its three geographic fund areas.
15.4 bn · uninvested capital3 · geographic fund areas
KKR, The group
KKR's averaged adjusted pre-tax economic net annual income from 2004 to 2007 was $926 million.
926 m · averaged adjusted pre-tax economic net annual income
KKR
KKR's announcement to go public was made in July 2008.
2008 · announcement to go public
KKR
KOHLBERG Kravis Roberts (KKR), the US private equity giant founded by “buyout king” Henry Kravis, yesterday reported a $1.2bn (£729m) loss for last year, blaming the effects of the economic downturn on its investments.
In its annual update to investors, the New York-based group said total annual fee income fell 27 per cent to $640m (£388m) in 2008. This was accompanied by a dip in total assets under management to $48.5bn (£29.4bn) from $53.2bn at the end of 2007.
The group reported further pain on its second European fund, which has made investments in UK pharmacy chain Alliance Boots among others. It revealed write-downs on the $5.8bn European Fund II’s assets worth almost half their original values. A staggering $2.8bn (£1.7bn) was written off.
KKR is currently approaching investors to raise $569m (£345m) for an emergency annex fund to support European Fund II.
The group said overall it now holds $15.4bn (£9.34bn) of uninvested capital across its three geographic fund areas – Europe the US and Asia.
The loss for last year compares to a pre-tax economic net income – a measure which excludes certain taxes and charges – of $815m (£495m) reported 2007.
KKR pointed out yesterday its averaged adjusted pre-tax economic net annual income in 2004 to 2007 was $926m (£561.6m).
The private equity industry has been struggling with numerous problems, including the absence of leverage for new deals, troubled portfolio companies and investors hurt by equity market falls.
KKR has also been affected by its announcement that it would go public, made in July 2008 – just before markets plunged.
