Koch Equity Development

KED’s mandate allows it to invest across the capital structure, including debt, structured equity, joint-control investments and full acquisitions. KED says that since 2012 it has deployed more than $40 billion across equity and debt investment strategies.⁠[1][2]

Within Koch’s investment businesses, KED sits alongside Koch Disruptive Technologies (KDT), Koch Investment Management (KIM) and Koch Real Estate Investments (KRE); KDT focuses on partnering with high-growth technology companies.⁠[2]

On November 16, 2016, enterprise software company Infor announced that KED had agreed to invest more than $2 billion in the company through a combination of preferred and common equity, with the right to appoint four of the nine directors on the board of Infor’s parent company. The announcement described KED as the investment and acquisition subsidiary of Koch Industries, Inc. and carried comments from KED President Matt Flamini and Senior Managing Director Brett Watson.⁠[3]

On November 26, 2018, Getty Images announced that KED would make a $500 million non-controlling preferred equity investment in the company. Earlier that year the Getty family had acquired its controlling interest in Getty Images from the Carlyle Group, and the announcement said the family would continue to retain control after the investment.⁠[4]

The announcement also stated that KED “will have no input into Getty Images content or editorial coverage.” At the time Brett Watson was KED’s Senior Managing Director and Head of Principal Investments, and Matt Flamini remained KED’s President.⁠[4]

Brett Watson has served on the Getty Images board of directors since February 2019.⁠[5]

On February 4, 2020, Infor announced that Koch Industries had agreed, through an affiliate of KED, to acquire the remaining equity stake in Infor held by Golden Gate Capital. Financial terms were not disclosed and the deal was expected to close in the first half of 2020. Infor also said Koch had been an investor in Infor since 2017.⁠[6]

Brett Watson previously served as Vice President, Equity Development of Koch Inc. and, during the five years before 2026, as President of KED. Since January 1, 2026, he has been President of Koch Equity, which oversees KED, Koch Disruptive Technologies and Koch Real Estate Investments.⁠[5]

Getty Images signed a merger-of-equals agreement with ShutterstockShutterstockShutterstock is a stock and creative content platform headquartered in New York, United States, that licenses images, video, music, and editorial content to businesses and individuals and provides metadata for machine learning and generative artificial intelligence; it has been listed on the New York Stock Exchange since 2012 (ticker SSTK). In January 2025 it signed a merger agreement with Getty Images; the agreement was terminated on July 7, 2026, and the merger was not completed.Open the full entry on January 6, 2025. On May 15, 2026, the UK Competition and Markets Authority (CMA) issued its final report, making the sale of Shutterstock’s entire editorial business to an approved buyer a condition of clearing the merger.⁠[7]

On June 30, 2026, the Getty Images board unanimously resolved not to pursue the divestiture under CMA supervision, and on July 7 the company delivered written notice to Shutterstock terminating the merger agreement, abandoning the roughly $3.7 billion merger.⁠[8][7][9]

On September 29, 2026, the New York Stock Exchange immediately suspended trading in Getty Images’ Class A common stock and began delisting proceedings, citing “abnormally low selling price” levels. That month Getty Images used a 30-day grace period and made the interest payment on its unsecured notes due September 1 on September 30.⁠[10][11]

On October 12, 2026, Getty Images signed a restructuring support agreement (RSA) with key creditors and shareholders. Members of the Getty family, through affiliated entities, and affiliates of KED committed to invest up to $533 million of new equity and would own 100% of the reorganized company upon completion, making Getty Images a privately held company.⁠[12][13]

Under the agreement, holders of 83.5% of the unsecured notes agreed to the retirement of $270 million of senior unsecured notes, while holders of about 89% of the secured bonds and term loans and all revolving credit facility lenders agreed to reduce interest obligations and extend maturities. KED also committed up to $143 million of debtor-in-possession (DIP) financing to support operations during the restructuring.⁠[12][13]

Mike Harris, Senior Managing Director and Co-Head of KED, said the equity investment would give Getty Images a firm financial foundation. Getty Images co-founder and chairman Mark GettyMark GettyMark Getty is the co-founder and chairman of the board of the image company Getty Images and oversees Getty family investments; in Getty Images’ 2026 bankruptcy restructuring, Getty family affiliated entities and Koch Equity Development committed new equity and will jointly own the reorganized company.Open the full entry said he wished to continue the partnership with KED.⁠[12]

On October 21, 2026, certain US entities of Getty Images commenced voluntary prepackaged Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware to implement the restructuring; the company said its business would continue as usual and expected to complete the restructuring by year end and emerge as a privately held company owned by the equity investors. KED’s legal adviser on the transaction was Jones Day and its financial adviser was Rothschild & Co.⁠[14][15]

Koch Equity Development: Official website: https://www.kochequity.com/ (opens in a new window)⁠[1][2]