KKR & Co. (KKR) Company Report

KKR has increased its majority stake in Lighthouse Learning Group, reaffirming its long-term commitment to the Indian education sector.
The financing round introduced PSP Investments and was funded mainly by KKR’s Asian Fund IV and other managed capital.
Lighthouse Learning, operating brands like EuroKids and Kangaroo Kids, serves over 190,000 students daily through more than 1,850 preschools and 60 K-12 schools across major Indian cities.
The additional investment aims to expand high-quality schools, enhance teaching and technology capabilities, and improve operational excellence.

2 days ago

Morningstar

KKR warns of overexuberance in AI data center investments

KKR

New Projects/Investments

Hiring

Profit Warning

KKR cautions against overexuberance in data center and AI investments amid rapid capital flows and rising valuations, warning that some projects may not succeed if expected growth doesn’t materialize
The firm prioritizes tier-one locations and flexible designs for data centers to ensure repurposability rather than customization for single clients
Digital infrastructure is central to KKR’s $186 billion real assets platform, with stakes in five data center companies across the US, Middle East, and Asia
KKR offers a fully integrated solution for hyperscalers—managing land acquisition, power, construction, and connectivity—and hired former AWS CEO Adam Selipsky as a senior adviser in September
Partnerships with Energy Capital Partners and Calpine include co-developing power plants alongside data centers, such as the Bosque County, Texas project, amid valuations of independent power producers rising to 17–18× earnings

3 days ago

Bloomberg

KKR provides $750M financing for Chandra Asri Esso station acquisition

KKR

Debt Issuance

M&A

New Projects/Investments

KKR is providing $750 million in bespoke financing to support Chandra Asri’s acquisition of nearly 60 Esso-branded retail fuel stations in Singapore.
The financing is arranged by KKR’s Capital Markets division and anchored by its private credit and insurance platforms, reflecting its tailored capital solutions strategy in Asia Pacific.
The partnership underscores confidence in Chandra Asri’s downstream energy transformation; the company owns Southeast Asia’s largest integrated petrochemical complex and was founded in 1992.
Since 2019, KKR has committed over $8 billion across about 60 credit investments in Asia Pacific, with total transaction volume exceeding $21 billion under its Asia Pacific Credit strategy.

Nov 17, 2025, 1:21 AM

Morningstar

KKR launches $2B-Year Private Education Loan Partnership with Sallie Mae

KKR

New Projects/Investments

Multi-year strategic partnership in which KKR commits to purchase an initial portfolio and at least $2 billion in new loans annually over three years to expand Sallie Mae’s private education originations.
Sallie Mae will retain servicing responsibilities and earn fees for servicing, program management, and industry expertise, aiming to boost capital efficiency and deliver a more capital-light earnings profile.
Morgan Stanley & Co. LLC served as the sole structuring advisor, and KKR’s investment is made through its Asset-Based Finance strategy, underscoring a pioneering approach to deploying long-term flexible capital in the student loan sector.

Nov 12, 2025, 2:39 PM

Morningstar

KKR sells Novaria aerospace group to Arcline for $2.2 billion

KKR

M&A

KKR agreed to sell Novaria Group, a Fort Worth–based aerospace and defense manufacturer, to Arcline Investment Management for $2.2 billion.
Since KKR’s 2020 acquisition, Novaria has tripled in size through 13 add-on deals, now serving 3,000+ customers with 1,600+ employees.
Operational improvements include a 60% reduction in total recordable incident rate since 2021 and a 20% drop in voluntary turnover, earning top-quartile ranking on the Ownership Works index.
Advised by Morgan Stanley and Kirkland & Ellis, the deal highlights a resurgence in sponsor-to-sponsor private equity M&A in aerospace.

Nov 10, 2025, 11:35 AM

Morningstar

KKR launches tender offer to take Forum Engineering private

KKR

M&A

Takeover Bid

New Projects/Investments

KKR is launching a ¥90 billion ($584 million) tender offer to take Forum Engineering private at a 40.7 % premium per share.
The offer, priced at ¥1 per share, runs from Nov 11 to Dec 23, 2025.
Forum’s board and founder Izumi Okubo will tender their stakes and reinvest via La Terre Next into KKR-managed funds.
Forum, which employs 4,500 full-time electromechanical engineers and posted a 9 % revenue increase in H1, addresses Japan’s skilled labor shortage; KKR will fund the deal through its Global Impact Fund II.

Nov 10, 2025, 7:19 AM

Bloomberg

KKR launches tender offer for Forum Engineering

KKR

M&A

Takeover Bid

KKR will launch a tender offer for Forum Engineering’s common shares and share options through KJ003 Co., Ltd., running November 11 – December 23, 2025, at JPY 1,710 per share, a 40.74% premium over the six-month average closing price.
Forum Engineering’s Board of Directors has resolved to support the Tender Offer and recommend that shareholders tender their shares.
KKR has entered into tender agreements with founder Izumi Okubo (7.51%) and La Terre Next (7.11%), and La Terre Holdings (37.07%) has agreed to support a subsequent self-tender of its stake.
Forum Engineering specializes in engineering staffing services in Japan and supports a workforce of 4,500 full-time electromechanical engineers.

Nov 10, 2025, 6:30 AM

Press Release

KKR reports record Q3 2025 earnings

KKR

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

KKR delivered record fee-related earnings of $1.15 per share and adjusted net income of $1.41 per share, both exceeding analyst forecasts.
Assets under management rose 16% year-over-year to $723 billion, driven by insurance and credit inflows; private wealth K-Series assets jumped 80% yoy to $29 billion.
The firm raised a record $43 billion in capital, led by its credit platform and insurance business, including a $2 billion investment in Global Atlantic from Japan Post Insurance.
Revenue surged to $5.53 billion, though GAAP EPS lagged estimates and transaction fees declined 35% yoy amid slower dealmaking.

Nov 8, 2025, 2:16 AM

Morningstar

KKR reports Q3 2025 results

KKR

Earnings

Dividends

M&A

Posted Fee Related Earnings (FRE) of $1.03 bn, Total Operating Earnings (TOE) of $1.40 bn, and Adjusted Net Income (ANI) of $1.27 bn in Q3 2025, up 3%, 12%, and 8% year-over-year, respectively.
Assets Under Management reached $723 bn, up 16% year-over-year, with Fee-Paying AUM of $585 bn (+16%) and $43 bn of new capital raised in the quarter.
Declared a regular dividend of $0.185 per share and closed a majority-stake acquisition of HealthCare Royalty Partners (adding ~$3 bn to AUM) alongside a $2 bn strategic partnership with Japan Post Insurance.

Nov 7, 2025, 2:00 PM

Presentation

KKR reports Q3 2025 earnings

KKR

Earnings

Guidance Update

KKR delivered fee-related earnings of $1.15 per share, total operating earnings of $1.55 per share, and adjusted net income of $1.41 per share, marking record levels and year-over-year growth of 16–17%.
Management fees grew 19% year-over-year to $1.1 billion (up 16% excluding catch-up fees).
Raised $43 billion of capital in Q3—60% organic credit inflows, $15 billion from Global Atlantic, and $16 billion for private equity & real assets; credit YTD fundraising reached $55 billion vs. $56 billion in 2024.
Invested $26 billion in Q3 and $85 billion over the last 12 months, with $126 billion of dry powder; expects $800 million of monetizations over the next two quarters.
Announced a one-time Q4 charge to claw back ~$350 million of carry from Asia 2, reducing EPS by ~$0.18, and reaffirmed 2026 targets of $4.50+ FRE per share and $78 ANI per share.

Nov 7, 2025, 2:00 PM

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