KKR MM Fund Ascendant
Anyone have info / insight on KKR’s middle market dedicated fund Ascendant? Seemed to raise sizable amount (5bn) but obviously new strategy
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Worked/dealt with them a little bit in the past. Seems like it is more or less the same thing as the main buyout fund just smaller check size maybe. Good luck
This is right, plan is to have an execution team focused on the middle market fund but leverage industry expertise from the flagship fund team
Have some detail I can provide here (friend works there) -
Basically KKR’s response to feeling like they missed a lot of great mid size deals (basically anything $100M-$1B) that didn’t fit an existing strategy. Most MFs were already playing in this space in some way or another (either by willing to go smaller out of their main funds or with dedicated smaller fund vehicles).
Idea is to leverage KKR platform/expertise/ops team/etc. Unclear to me if this is a dedicated team vs just existing IPs working on deals of both sizes (I assume answer is a mix of both).
My understanding is it will invest in anything but probably a slant to tech. Have done one deal out of it already (was a tech deal).
It makes sense IMO, tech focused funds have had an awesome run with their down market funds (Thoma, Vista, Hg all have different sized vehicles) and it’s another way to pick up AUM.
Question will be if they can actually beat UMM/MM funds at their own game as there is just a lot more competition in the sub-1b check size vs what KKR is used to. Will be interesting to see how it goes for then
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