KKR fills space left by European banks in credit assets

|About: KKR (KKR)|By:, SA News Editor

KKR acquires $8B AUM European credit investment manager Avoca Capital for undisclosed terms.

The move to expand its operation comes as European banks - under regulatory watch to raise capital - are pulling back from the business.

Kravis and Roberts: "We believe the European credit space offers significant opportunity ... This acquisition will enable us to expand our credit platform to offer a full spectrum of credit opportunities globally for our clients."

Upon closing, KKR will have about $28B in credit assets globally. Avoca co-founder and CEO Alan Burke will lead the European credit platform which will now have about 80 people employed and $11B in assets.