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KKR replaces Blackstone as external manager of FS Investment

Dec. 11, 2017 10:17 AM ETFS Investment Corporation (FSIC-OLD) StockBy: Stephen Alpher, SA News Editor20 Comments
  • It's been a rough run for FS Investment (NYSE:FSIC-OLD), down 24% this year and with a recently cut dividend.
  • Perhaps, KKR can do a better job. It's taking over as sub-advisor of the $4.1B in assets at FSIC, replacing Blackstone's (BX) GSO Capital (which has been there since launch in 2009). The BDC generated $54.7M of management fees through the first nine months of this year.
  • KKR is also taking over joint-management (with FS) at a number of other FS Investment (the parent of FSIC) BDC vehicles. Combined, it'll have a giant (for BDCs) $18B in AUM. Included is Corporate Capital Trust (CCT), which KKR already managed prior to these agreements.
  • FSIC is flat on the session, CCT is down 3.3%.

This was corrected on 06/10/2022 at 6:33 PM. KKR is replacing GSO as sub-advisor, not as manager. The agreement with FS is for KKR and FS to jointly manage the BDC vehicles.

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