The $33 billion Washington State Investment Board, Olympia, committed $400 million to Kohlberg Kravis Roberts' 1996 fund, subject to receiving final documents, said CIO Philip Halpern.
Terms for the 1996 fund are different from previous funds in that fees are calculated based on the fund's investment in aggregate, netting out all profits and losses, Mr. Halpern said. Like many other private equity managers, KKR's previous funds would earn profits from individual investments making money, even as other investments were losing money. That is not the case here, which is ``a major change,'' Mr. Halpern said.
Washington State had $1.9 billion with KKR as of Sept. 30, but it will be getting some distributions back in the near future, he said
