Tue, Mar. 3, 12:37 PM
- Former CIA director David Petraeus will plead guilty to one count of unauthorized removal and retention of classified materials, and he could spend up to one year in prison.
- He's currently the head of KKR Global Institute - a unit of KKR charged with figuring how macroeconomic trends and government policy will affect its investments - and KKR has issued a statement suggesting Petraeus will remain in his position.
Fri, Feb. 27, 2:58 PM
- Craig Farr, 43, joined KKR in 2006 from Citigroup, where he co-led the North American capital markets business, and he helped build and syndicate the $900M IPO of KKR's first debt vehicle.
- As head of credit and capital markets at KKR, he oversees 125 rainmakers.
- Adam Smith will replace him as head of the capital markets unit, and Nat Zilkha and Alan Burke will take over the credit group.
- Capital markets generated 8.7% of KKR's pretax profit last year, write Devin Banerjee and Jason Kelly, and the public markets business - which includes hedge funds and credit strategies - was responsible for 14%.'
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Tue, Feb. 10, 9:16 AM
Tue, Feb. 10, 8:43 AM
- Q4 economic net income of $86.6M down from $786.6M one year ago. ENI after taxes per unit of $0.05 vs. $1.04 a year ago.
- Private Markets revenue fell to $283.4M in Q4 from $1.013.7B a year ago, mostly thanks to markdowns on the company's energy investments. The portfolio appreciated 2.7% during the Q, but energy holdings were marked to about $0.76 on the dollar vs. $1.14 at the end of Q3.
- The dividend is cut to $0.35 per unit vs. a recent $0.45.
- Conference call at 10 ET
- Previously: KKR misses by $0.40, misses on revenue (Feb. 10)
- KKR -4.9% premarket
Tue, Feb. 10, 8:19 AM
Mon, Feb. 9, 5:30 PM
Mon, Feb. 2, 6:46 AM
- CRH (NYSE:CRH) is not planning to keep control of all the assets it has agreed to buy from Holcim (OTCPK:HCMLY) and Lafarge (OTCPK:LFRGY).
- The Irish building supplies company is now in talks with private equity firm KKR (NYSE:KKR) to partner on some.
- CRH +5.8% premarket
- Previously: CRH to buy Lafarge, Holcim assets (Feb. 02 2015)
Mon, Feb. 2, 4:07 AM
- Morgan Stanley (NYSE:MS) is shopping its oil-trading and storage business again after an earlier deal with Rosneft (OTC:RNFTF), valued at several hundred million dollars, fell through last month.
- Morgan Stanley is still seeking a similar price to that of its first offer, as oil storage prices soar due to the recent collapse of crude prices.
- Macquarie Group (OTC:MCQEF) and KKR (NYSE:KKR) have emerged as early contenders to acquire the unit.
Tue, Jan. 27, 10:35 AM
- “Challenges in energy and credit are likely to damp results,” says BofA's Mike Carrier, who expects the strongest quarter at Blackstone (BX -0.8%) and the weakest at Carlyle Group (CG -0.8%).
- A Bloomberg survey of analysts finds them seeing a 73% Y/Y profit decline at Carlyle, 63% at Apollo Global (APO +0.2%), 60% at KKR (KKR -1.4%), and Blackstone - the most diversified - at just 32%.
- The P-E industry is entering the later stages of a selling cycle which began in 2012 and has made investors a fortune, but now is under pressure to put a whopping $1.2T to work. It should find ample opportunity in the energy sector.
- ETFs: PSP, PEX
Sat, Jan. 24, 8:25 AM
- In a low-yield world, the newly launched iBillionaire High Dividend Index - which tracks the trading moves of 25 investing-savvy billionaire investors such as Stanley Druckenmiller, James Dinan and Nelson Peltz - actually lives up to its name with a dividend yield of 5.34%.
- At 24%, the index has a high allocation of energy shares, including OXY, TRP, CNP, COP, BP, ATLS, CVI, WMB, APL, RIG and ARP.
- Also worth noting is that the index contains some high-yielding mortgage REITs, an area most investors hate right now but where billionaires seem to find value; examples are NRF, AGNC and CIM.
- No mutual fund or ETF tracks this index, but it offers a fishing pond of income investment ideas to research further.
- The top 20 holdings: TLM, CVC, GM, TIME, AEE, D, STAY, KMI, TROX, EXC, STNG, PPL, IRM, PFE, KKR, KAR, F, MIC, LO, ABBV.
Thu, Jan. 22, 1:14 PM
- "The pace of change has been surprising," says Igor Rozenblit, the SEC's co-head of private-funds compliance, noting P-E firms have put a stop to some of their worst violations, but still have room for improvement.
- The SEC last May said it found illegal fees or severe compliance shortfalls in more than half the P-E firms it reviewed starting in 2012.
- Firms including Blackstone (BX +2.9%) and KKR (KKR +2.9%) have ended the collection of certain fees, begun disclosing previously hidden charges, and refunded some bills to investors.
- A report in the WSJ from last night, says KKR refunded money to investors in some of its buyout funds after the SEC found they had been overcharged.
- ETFs: PSP, PEX
Tue, Jan. 20, 12:23 PM
- “It’s going to be a great opportunity," said Henry Kravis about one month ago, speaking about the plunge in oil prices. “There’s a lot of debt out there today that is trading at pretty big discounts from par just because of the question, will some of these companies be able to survive.”
- KKR is eyeing a raise of $2.5B-$3B for a second special situations fund after putting money to work from the previous pool faster than expected, reports Bloomberg.
- Among target investments would be financing to companies hurt by the oil price collapse, and another area is Asia, where KKR sees the opportunity to step in as China - its banks dealing with their own NPLs - pulls back.
Mon, Jan. 12, 2:51 PM
- "We now see less room for multiple expansion," says JMP's Devin Ryan on his downgrade of Morgan Stanley (MS -1.4%) to Market Perform from Market Outperform. The stock was the team's top pick in 2014, but Ryan notes gains of 25%, 65%, and 28% makes three straight years of significant outperformance.
- The stock's now trading at about 12x the team's 2015 estimates and 1.2x the forward book value estimate.
- Ryan does see opportunity elsewhere, though, particularly E*Trade (ETFC -1.5%) in the retail brokerage sector as earnings growth remains elevated, and Lazard (LAZ -1.2%) in the bulge bracket investment bank area as the M&A cycle still has room to run.
- 2015 is shaping up to be better than 2014 for alternative investment managers as well, says Ryan, naming Fortress Investment Group (FIG -2.2%) and KKR (KKR -2.1%) as top picks.
- Previously: JMP Securities: Time to ring the register on Morgan Stanley (Jan. 12)
Tue, Jan. 6, 2:38 PM
- One of today's worst-performing sectors as oil tumbles below $48 per barrel is private-equity. It was late last year Blackstone's Steven Schwarzman told investors he was itching to buy into the dive in energy, a promise he made good on in the first session of this year. In general one would think the plunge is a good thing for the opportunistic types who manage these companies.
- In late December, it was estimated buyout firms had lost a combined $11.7B in 27 publicly traded oil producers since June, and that was with oil nearly $10 higher than it is today.
- ETFs: PSP, PEX
- Other individual names: KKR (KKR -2.1%), Fortress Investment (FIG -2.7%), Apollo Global (APO -3.5%), Oaktree (OAK -3.9%), The Carlyle Group (CG -2.8%), Ares Management (ARES -1.8%).
Dec. 22, 2014, 4:59 PM
- Encana (NYSE:ECA) and Mitsubishi subsidiary Cutbank Dawson Gas Resources agree to sell natural gas gathering and compression assets supporting Montney development in the Dawson area of British Columbia to a partnership of Veresen (OTC:FCGYF) and KKR for C$412M.
- Veresen will provide gathering and compression services to ECA under a fee-for-service arrangement in a dedicated area of mutual interest within the Montney, and aims to spend up to C$5B of new midstream expansion to support development within the Montney; the ECA partnership plans to invest $600M-$700M in the play in 2015.
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