KKR & Co., the buyout firm run by Henry Kravis and George Roberts, filed to raise as much as $500 million in capital by selling shares to the public when it moves its listing to the New York Stock Exchange.
The private equity firm will sell common units to the public, using the proceeds in part to meet capital commitments to existing funds, according to a registration statement filed Monday with the SEC.
The firm said in March it plans to move its listing to the NYSE from Amsterdam. A U.S. listing would clear the way for KKR to issue additional stock, tapping public shareholders to raise money, and enable firm insiders to eventually cash out their stakes if they so choose.
KKR said it may also devote some of the money to build its investment banking business and to expand into complementary lines of business, possibly through acquisitions.
KKR would be joining only a few listed private equity firms with large amounts of assets under management, including Blackstone and 3i, said Antoine Drean, founder and CEO of Triago, a secondary private equity market advisory firm and placement agency.
“(Listing) allows private equity firms to raise money outside of their traditional investors, which include pension funds, endowments, insurance companies,” he said in a telephone interview.
Reporter Arleen Jacobius contributed to this story.