KKR's First Data Corp. finally made its initial public offering debut this week, receiving net proceeds of $2.5 billion on the sale of 160 million shares. The company had hoped to raise between $2.8 billion and $3.2 billion.
KKR acquired First Data in 2007 for nearly $30 billion in one of the largest leveraged buyouts of all time.
According to publicly available data, Washington State Investment Board is the largest pension fund investor in KKR's 2006 Fund (the fund that made the First Data investment), committing $1.5 billion, followed by Oregon Public Employees Retirement Fund at $1.3 billion.
Oregon said its internal rate of return for the fund was 9.6%, with a 1.65 total value multiple, according to June 30 data.
After the sale, KKR still controls 73% of the voting power of First Data's common stock.
