KKR REPE

Can't directly speak for how KKR operates, but it's more or less consistent with how most REPE or RE arms of PE MFs operate. You're most of the way there - investment and acquisitions sides of the spectrum primarily deal in what we'd call 'PE-heavy' opportunities, while asset management groups deal with current operations and leverage them where they can. AM arms aren't what I'd call 'non-PE' roles by any means, especially at a firm of this size.

It's pretty standard when comparing a generalistic sense of I&A vs AM - the I&A team hunts for potential opportunities, builds future models, and acquires financing for said project. Then it's their job to convince superiors whether or not it's a feasible idea and how to proceed. Immediately, this project will get turned over to the AM team who will then cut overhead, streamline cash flows, and do the actual work of turning the investment profitable. 

They're both 'front office roles', but maybe acquisitions would be FO-1 while AM falls into FO-2. I&A is more lucrative, as they're buy-side opportunists who feel the need to seek out and find as many good opportunities as they can, while AM sits in a more managerial role. However, in no way do folks in AM lack the technical knowledge and understanding of how a private equity group works. 

Hope this helps.