KKR

According to Henry Kravis’s recollection, published in Nikkei Asia and republished on KKR’s website, Jerome Kohlberg, George Roberts, and Henry Kravis co-founded KKR after leaving Bear Stearns, and the firm began operations on May 1, 1976.⁠[1]

KKR’s first acquisition after its founding was A.J. Industries. Thereafter, acquiring equity in companies, arranging acquisition financing, and participating in operational management became one of the firm’s main investment approaches.⁠[2]

In the same recollection, Kravis recorded that KKR raised its first institutional fund in 1978, with $35 million in commitments; this fund was called the “1976 Fund.”⁠[1]

Public pension funds in Oregon, Washington, and Michigan became investors in KKR funds in 1982, expanding the firm’s sources of institutional capital.⁠[2]

On April 28, 1989, KKR completed its leveraged buyout of the food and tobacco company RJR Nabisco. A June ruling that year by the U.S. District Court for the Southern District of New York recorded the transaction size as $25 billion. The debt added after the acquisition led to disputes with existing bondholders, and Metropolitan Life and Jefferson-PilotPilot.comPilot (legal name Pilot.com, Inc.) is a U.S. company founded in 2017 that provides bookkeeping, tax preparation and chief financial officer services to startups and small businesses.Open the full entry filed suit over issues including the impairment of their bonds’ value.⁠[3]

KKR established its European operations in 1996, extending its investment activities to markets outside the United States.⁠[2]

KKR established Capstone in 2000 to take part in operational improvements at portfolio companies.⁠[2]

In 2004, KKR established its credit investing business, beginning to expand into asset management strategies beyond equity buyouts.⁠[2]

In 2005, KKR opened offices in Tokyo and Hong Kong to conduct business in Asia.⁠[2]

KKR established its capital markets business in 2006 to support investments and corporate financing.⁠[2]

On February 26, 2007, TXU announced a merger agreement with investors including KKR and TPG, with a total transaction value of approximately $45 billion and cash consideration of $69.25 per share. The consortium also included institutions such as Goldman SachsGoldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry. The transaction plan called for the power generation, transmission and distribution, and retail businesses to be operated separately; the $45 billion was the value of the entire transaction, not the equity contributed by KKR alone.⁠[4]

KKR launched its infrastructure investing business in 2008.⁠[2]

KKR’s business was listed on Euronext Amsterdam from October 1, 2009, and was listed on the New York Stock Exchange on July 15, 2010, under the ticker KKR.⁠[5]

On April 4, 2011, Pfizer and KKR announced an agreement under which a KKR affiliate would acquire Capsugel for $2.375 billion in cash. The business manufactures capsules for pharmaceuticals and dietary supplements and provides drug delivery technologies; its 2010 revenue was approximately $750 million, and it produced more than 180 billion hard capsules. At the time of the announcement, the transaction was still subject to regulatory approval.⁠[6]

KKR established its real estate investing business in 2011.⁠[2]

On April 29, 2014, Energy Future Holdings, the holding group formed after the TXU buyout, and certain of its subsidiaries filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code to address approximately $40 billion in debt. The filing entities included TCEH, which held Luminant and TXU Energy, and EFIH, which held interests in the regulated transmission and distribution business; Oncor itself was not part of the bankruptcy filing. The company said it would maintain electricity service and day-to-day operations during the reorganization.⁠[7]

On July 6, 2017, Lonza announced that it had completed its acquisition of Capsugel from KKR in an all-cash transaction totaling $5.5 billion, including the refinancing of approximately $2 billion of Capsugel’s existing debt. Lonza combined Capsugel’s drug delivery capabilities with its own contract development and manufacturing business. The $5.5 billion cannot be regarded directly as investment profit realized by KKR.⁠[8]

On July 1, 2018, KKR & Co. L.P. completed the conversion of its legal form, becoming KKR & Co. Inc., a Delaware corporation.⁠[9]

In June 2018, KKR signed an agreement with Envision Healthcare to acquire the company for $46 per share in cash, an enterprise value of approximately $9.9 billion including assumed or repaid debt. A later transaction review report by the Oregon Health Authority recorded that the acquisition was completed on October 10, 2018. Envision operates physician services and ambulatory surgery center businesses.⁠[10][11]

On October 11, 2021, Joe Bae and Scott Nuttall became co-chief executive officers, effective immediately. Co-founders Henry Kravis and George Roberts became co-executive chairmen of the board and continued to be involved in the firm’s affairs.⁠[12]

On June 24, 2022, NucorNucorNucor Corporation is a manufacturer of steel and steel products with operating facilities in the United States, Canada and Mexico, and North America’s largest recycler.Open the full entry completed its $3 billion acquisition of C.H.I. Overhead Doors from KKR. C.H.I. manufactures products including residential and commercial garage doors and industrial rolling doors; it had approximately 800 employees at the time and operated plants in Illinois and Indiana in the United States.⁠[13]

KKR implemented an ownership program covering all employees in this investment, and approximately 800 employees shared in the equity proceeds at the time of the sale.⁠[14]

Envision and certain of its wholly owned subsidiaries filed for Chapter 11 bankruptcy reorganization in May 2023. The Oregon Health Authority’s review report recorded that the company faced pressures including reduced patient visits during the pandemic, rising costs, and existing debt; the report also discussed the impact of changes to U.S. medical billing rules on its business.⁠[11]

On July 26, 2023, KKR announced the sale of the audiobook publisher RBmedia to H.I.G. Capital. Since KKR’s investment in August 2018, RBmedia’s audiobook catalog had grown from more than 31,000 titles to more than 66,000, and the company had expanded its distribution channels and international business. KKR disclosed that the company achieved double-digit revenue growth for five consecutive years during its ownership.⁠[15]

On October 11, 2023, the bankruptcy court confirmed Envision’s reorganization plan, separating Envision Physician Services and AmSurg into companies with different management and ownership structures. AmSurg’s new parent company is owned by former creditors. On October 30, the Oregon Health Authority approved the transaction involving the change in indirect control of five ambulatory surgery centers in the state.⁠[11]

On January 2, 2024, KKR announced the completion of its acquisition of the remaining 37% of Global Atlantic, bringing its ownership to 100%. KKR had previously acquired a majority stake in the insurance group in 2021. Global Atlantic operates retirement, life insurance, and reinsurance businesses and became KKR’s insurance operating platform alongside its asset management.⁠[16]

On April 9, 2025, Karo Healthcare announced that EQTEQTEQT is a global private markets investment manager that originated in Sweden, with businesses spanning private capital, infrastructure, real estate, and secondaries. It was founded in 1994 by Conni Jonsson with the support of Investor AB, AEA Investors, and SEB, and listed in Stockholm in 2019; it has since expanded by integrating Exeter, LSP, Baring Private Equity Asia, and Coller Capital.Open the full entry had agreed to sell the company to funds managed by KKR, with the investment made through the KKR Core Private Equity strategy. Headquartered in Stockholm, Karo markets consumer healthcare products in areas including skin care, foot and intimate health, digestive health, and vitamin supplements, with brands such as Lamisil and E45. At the time of the announcement, the transaction remained subject to closing conditions including regulatory approval.⁠[17]

On October 10, 2025, S&P GlobalS&P GlobalS&P Global Inc. is a financial information company listed on the New York Stock Exchange that provides credit ratings, benchmarks, analytics and workflow solutions for global capital and commodity markets. Its divisions include S&P Global Ratings and S&P Dow Jones Indices.Open the full entry and CME GroupCME GroupCME Group is a Chicago-based derivatives exchange group that owns four exchanges, CME, CBOT, NYMEX and COMEX, and the CME Clearing clearing house, and also runs cash trading platforms including BrokerTec and EBS. Its origins go back to the Chicago Butter and Egg Board, formed in 1898; it became the first publicly traded exchange in the United States in 2002 and took its current name after merging with the Chicago Board of Trade in 2007.Open the full entry announced the completion of the sale of OSTTRA to KKR at an enterprise value of $3.1 billion, to be divided between the two former owners according to their respective 50% joint venture interests. OSTTRA provides post-trade services, including trade processing, trade lifecycle management, and optimization, for the interest rate, foreign exchange, credit, and equity markets.⁠[18]

On November 10, 2025, Arcline announced an agreement to acquire Novaria Group in an all-cash transaction with an enterprise value of approximately $2.2 billion. Novaria manufactures aerospace components and provides specialized process services, with products used in commercial aircraft including those of Boeing and Airbus.⁠[19]

Since investing in Novaria in 2020, KKR supported it in completing 13 add-on acquisitions. KKR’s investment review said the business grew to three times its original size and that, under the exit arrangements, more than 1,600 employees shared in the ownership proceeds.⁠[20]

On March 25, 2026, KKR announced the sale of the liquid cooling equipment company CoolIT Systems to EcolabEcolabEcolab Inc. is a provider of water, hygiene and infection prevention solutions and services, headquartered in St. Paul, Minnesota, and listed on the New York Stock Exchange.Open the full entry in a transaction valued at $4.75 billion. KKR Global Impact Fund II acquired the company in 2023, with MubadalaMubadala Investment CompanyMubadala Investment Company (Mubadala) is a sovereign investor wholly owned by the Government of Abu Dhabi. It was formed in 2017 by the merger of the International Petroleum Investment Company (IPIC), founded in 1984, and Mubadala Development Company, founded in 2002, and absorbed the Abu Dhabi Investment Council the following year; as of the end of 2025 it managed about AED 1.4 trillion (US$385 billion) in assets, with business in more than 80 countries.Open the full entry as a co-investor. KKR said that, calculated under the agreement and including prior distributions, the transaction would generate proceeds of approximately 15 times the original equity invested; this company-disclosed measure is not an annualized rate of return. The announcement also provided for 650 employees to receive cash distributions at closing, in amounts equivalent to roughly one year to more than eight years of annual salary.⁠[21]

On April 30, 2026, Flow Control Group announced that KKR and Neuberger Private Markets had agreed to jointly acquire the company. KKR first acquired the industrial flow control and automation distribution company in 2021; therefore, the 2026 investment year in the website portfolio listing reflects the later transaction and cannot replace the year of the initial investment.⁠[22]

The two parties disclosed that the company’s revenue and EBITDA had each more than tripled since 2021, with growth coming from its own business, add-on acquisitions, and technical services and digital development. The transaction arrangements include paying ownership proceeds to more than 3,000 employees and plans to re-establish a broad-based employee ownership program after closing.⁠[23]

On May 4, 2026, KKR completed its acquisition of Arctos Partners. Arctos invests in stakes in professional sports franchises and provides asset management solutions to fund managers; as of June 30 it had approximately $20 billion in assets under management and was incorporated into KKR’s private equity business line.⁠[24]

KKR’s businesses include alternative asset management, capital markets services, and insurance. Its managed funds invest in private equity, credit, and real assets, and it participates in hedge fund management through strategic partners; its insurance subsidiary is operated by Global Atlantic, which provides retirement, life insurance, and reinsurance products. Investment activities disclosed by KKR may include investments by the funds it manages and by its insurance subsidiary and cannot all be equated with investments of the listed company’s own capital.⁠[24]

On July 2, 2026, Ecolab announced that it had completed its acquisition of CoolIT for approximately $4.75 billion, closing earlier than originally scheduled. The buyer disclosed that CoolIT’s sales for the year to the date of the announcement had grown more than 100% year over year, in connection with rising demand for liquid cooling in AI data centers.⁠[25]