KKR announced it had launched a non-banking financial company in Mumbai to provide financing for property developers, backed by an investment from Singapore sovereign wealth fund GIC.
KKR “initiated” the real estate business in India last year, “structuring and participating in three transactions with an aggregate amount of approximately US$190 million,” said a news release Thursday.
Anita Davis, a Hong Kong-based spokeswoman for KKR, and Mah Lay Choon, a Singapore-based spokeswoman with GIC, declined to provide further details about the scale of the business.
GIC officials have declined to reveal the size of their fund, beyond saying it’s well above $100 billion. Some estimates put the value of the portfolio at more than $300 billion.