After backing companies like FanDuel and Sonos off its balance sheet, KKR is raising an official fund to chase unicorns.
Kohlberg Kravis Roberts & Co. KKR is quietly raising its first fund dedicated to growth equity investing in private technology companies, according to multiple sources.
The fund only is being marketed to a select group of institutional investors (i.e., far fewer than those who recently received pitchbooks for KKR’s giant new North American buyout vehicle), most of whom previously asked KKR about how they could participate on the series of tech growth equity deals that the firm has done off its balance sheet (Sonos, FanDuel, Ping Identity, etc.).
It would be structured more like a traditional growth equity fund than as a co-investment fund, which means it will feature annual management fees and carried interest.
The fund is not being marketed with a specific target, although KKR will invest upwards of $200 million — an out-sized GP commit that I’m told would be more than 30% of the expected total. This is on top of the nearly $500 million that KKR already has invested off its balance sheet in these sorts of deals.
A firm spokeswoman declined comment.
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