KKR delayed for four months the transaction in which it would have gone public on the New York Stock Exchange, confirmed Kristi Huller, KKR spokeswoman.
KKR & Co. LP was scheduled to merge with KKR Private Equity Investors LP, its publicly traded European fund, by today but that date has been extended to Aug. 31, according to a news release from KKR Private Equity Investors.
KKR and the independent directors of KPEs general partner continue their process of evaluating the advisability of the transaction, the release stated. The transaction is subject to customary closing conditions, and there can be no assurance as to whether or when the transaction will be completed.
Separately, KKR is raising a separate fund, KKR Annex, to provide more equity and debt to portfolio companies owned by the €4.5 billion ($5.9 billion) KKR European Fund II, sources said.
KKR will not be charging management fees on the capital invested in KKR Annex Fund.
The $67.6 billion Washington State Investment Board, Olympia, earlier this month committed $94 million to Annex by deducting the capital from its existing $700 million commitment to KKR European Fund III, said Liz Mendizabal, spokeswoman.
The fundraising target range for Annex is €400 to €730 million, sources said.