KKR IPO PROSPECTUS PDF

Private equity firm KKR & Co. L.P. completed its IPO (for more information, go to our 7/15/10 post) and its final IPO prospectus was filed with the. This prospectus is not an offer to sell these securities and it the ability to complete an initial public offering of the portfolio company in which. The IPO profiles may contain historical records. Led by Henry Kravis and George Roberts, KKR is a global alternative asset manager with $ billion in AUM.

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Exact name of Registrant as specified in its charter. Approximate date of commencement of the proposed sale of the securities to the public: As soon as practicable after the Registration Statement becomes effective. The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.

This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

This is the initial public offering of our common units, which represent limited partner interests in our partnership. We are selling all of the common units in this offering.

None of our existing owners is selling any common units or will otherwise receive any of the net proceeds from this offering. Prior to this offering, there has been no public market for our common units.

We are managed by a general partner and do not upo our own directors or officers. Unlike the holders of common stock in a corporation, our unitholders will have only limited kkrr rights and will have no right to pros;ectus or remove our general partner or its directors. In addition, immediately following this offering, our principals will generally have sufficient voting power to determine the outcome of any matters that may be submitted for a vote of our prosprctus.

Investing in our common units involves a high degree of risk. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. You should rely only on the information porspectus in this prospectus or in any free writing prospectus we may authorize to be delivered to you.

Neither we nor the underwriters have prospecyus anyone to provide you with additional or different information. We and the underwriters pgospectus offering to sell, and seeking offers to buy, our common units only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our common units.

We have prepared this prospectus using a number of conventions, which you should consider prospectu reading the information contained herein. Unless the context suggests otherwise, references in this prospectus to “KKR,” “we,” “us,” “our” and “our partnership” refer: In this prospectus, pdospectus also periodically refer to our “assets under management,” which represent the assets as to which we are entitled to receive a fee or carried interest.

We calculate the amount of assets under management as of any date as the sum of: You should prrospectus in mind that our calculation of assets under management may differ from the calculations of other asset managers and, as a result, our measurements of our assets under management may not be comparable to similar measures presented by other asset managers.

Our definition of assets under management is not based on any definition of assets under management that is set forth in the agreements governing the investment funds that we manage. This prospectus contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance.

You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” prospfctus or the negative version of these words or other comparable words. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements.

We believe these factors include, but are not limited to, those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. This prospectus includes market and industry data and forecasts that we have derived from independent reports, publicly available information, various industry publications, other published industry sources and our internal data and estimates.

Independent reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Our internal data and estimates are based upon information obtained from investors in our funds, trade and business organizations and other contacts in the markets in which we operate prospetus our understanding of industry conditions. Although we believe that such information is reliable, we have not had this information verified by any independent sources.

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This summary highlights information contained elsewhere in this prospectus and does not contain all the information you should consider pgospectus investing in our common units.

You should read this entire prospectus carefully, including the section entitled “Risk Factors” and the historical financial statements and related notes included elsewhere herein, before you decide to invest in our common units. Founded inwe are a leading global alternative asset manager. Our employees, including our investment professionals, are led by our founders, Henry Kravis and George Roberts, who are pioneers of the leveraged buyout industry.

We have continued our history of innovation by establishing new debt and public equity strategies that leverage the power of our brand and the intellectual capital in our private equity business. Today, through our offices in New York, Menlo Park, San Francisco, London, Paris, Hong Kong and Tokyo, we sponsor and manage funds that make investments worldwide in private equity and debt transactions on behalf of third-party investors and our firm.

We also manage substantial investments in public equity. As a global alternative asset manager, we earn ongoing management fees for providing management and other services to our funds as well as transaction, monitoring and other potential fees in connection with our private equity and other investments. We also earn investment income from investing our own capital alongside fund investors and from our carried interest in fund investments, which provides us with a disproportionate share of the funds’ investment gains.

We are also selectively pursuing opportunities to develop new investment structures and products that we believe will help us increase the amount of managed capital that we are able to commit to individual transactions, grow our assets under management and capture additional income streams.

We approach our business and our investments as industrialists. We seek to invest in high quality companies that have strong business franchises, attractive growth prospects, leading market positions and the ability to generate superior returns.

When we make investments, we partner with highly motivated management teams to design and implement strategic and operational changes that create value in the businesses we acquire and we align our interests with other stakeholders by putting our own capital at risk.

We believe that our leading position in the alternative asset management industry is due to the strategies we have created for sourcing investments and creating value for stakeholders.

We source new investments through our internal deal generation strategies and business relationships with leaders in the business and financial communities. We believe that we have a number of advantages for sourcing investments that differentiate our firm.

Through the work of our industry teams, we have developed a detailed understanding of the economic drivers, inherent risks and opportunities for value creation across the industries in which we invest. By combining our industry team efforts with our established network of relationships, we believe we have a differentiated capability to source investments in large global companies.

We have developed an institutionalized process for creating value in the companies in which we invest by focusing on the operational and strategic aspects of their businesses. We are a patient investor and we have consistently approached the management of our investments with the goal of creating value over the long-term rather than realizing short-term gains through rapid dispositions.

Our value creation process begins before we commit to make an investment and continues until the investment is fully realized.

Important components of this process include: Our private equity funds focus on investing in large capitalization companies. We believe this focus allows us to invest in industry-leading franchises with global operations, attract world class management teams, deploy large amounts of capital in individual transactions and optimize amounts of income that we earn on a per transaction basis. Our approach leverages our capital base, infrastructure, skill set, global network and industry and operating expertise, which we believe sets us apart from lkr.

Those portfolio companies were based in more than 10 countries and operated in 11 industry sectors. When we make private equity investments, we adhere to a disciplined investment approach that seeks to generate large multiples of invested capital and attractive gross internal rates of return, or IRRs, by focusing on fundamentals and implementing operational and strategic changes that allow us to create and realize long-term value in our portfolio companies.

We place significant emphasis on selecting high-quality investments that may be made at attractive prices, working with management to design and implement changes that drive value creation, and making informed decisions when developing investment exit prospdctus.

We encourage you to review the cautionary note below for a description of prospectys why the future results of our private equity funds may differ from the historical results of our private equity prospwctus. You should prowpectus see “Private Equity Valuations and Related Data” for a description of how the prospcetus in the table below were calculated. Additionally, because our private equity approach has produced significant distributions for our fund investors, we believe that it has been an important contributor to the extended relationships that we have developed with our investor base.

The following table presents information concerning the total distributions made by our traditional private equity prospectux during the periods indicated. Whether and when these transactions will be consummated depends on a number of factors, some or all of which may be outside of our control.

KKR aims to take role of banks with IPO

KKR Private Equity Investors, which is not reflected in the foregoing tables, is an entity listed on Euronext Amsterdam focused primarily on making private equity investments through and alongside our private equity funds but with the flexibility to make other types of opportunistic investments, including credit and public equity investments. Unlike our other private equity funds, the fund has a perpetual investment period and is considered by us to be a permanent capital vehicle, in that fund investors generally are not entitled to have their capital returned.

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We believe the intellectual capital of our people, our integrated global investment platform and our ability to effectively adapt our investment strategies to market conditions allow us to capitalize on investment opportunities at every level of a company’s capital structure.

Commencing inwe began to actively pursue debt investments as a separate asset class and we now sponsor and manage a group of private and publicly traded investment funds that invest primarily in corporate debt investments and manage structured finance vehicles. We earn a management fee for managing our credit strategy funds based on the amount of capital under management in each fund. We have a right to earn management fees for managing our structured finance vehicles based on the amount of investments under management within each vehicle.

We encourage you to review the cautionary note below for a description of reasons why the future results of our credit strategy funds may differ from the historical results of our credit strategy funds. Our principal growth strategy throughout our firm’s year history has been to expand our existing private equity businesses and to enter attractive new businesses. While most of our recent growth has come from our private equity and debt activities, we believe significant growth opportunities exist for developing new business areas.

Although our funds have historically focused on private equity and debt investments, we have managed investments in public equity throughout our history. Initially, our public equity investments consisted of minority and structured investments in public companies that were made by our private equity funds. More recently, our private equity-oriented permanent capital fund and our two credit strategy funds have provided us with more investment flexibility than traditional private equity funds and an additional capital base for making equity investments in public companies.

KKR aims to take role of banks with IPO | Reuters

Our public equity strategies generally seek to leverage the intellectual capital developed in the course of our traditional private equity business, which may otherwise not be utilized if a private equity transaction is not consummated, to make public equity investments. We generally invest in companies whose market prices we believe significantly understate the quality of their assets.

We believe that significant opportunities exist for us to expand our public equity activities and take advantage of the increasing number of suitable public equity investments that we identify. To achieve these results, we recently hired additional investment personnel who have specialized experience in the public equity markets. Capital markets activities represent an opportunity to efficiently increase our available investment capital, capture certain financing fees otherwise paid to third parties and earn incremental margins on committed capital.

We are currently building this business in the United States, Europe and Asia with the objective of increasing the amount of third-party capital that we are able to commit to individual transactions, thereby growing our third-party assets under management and capturing additional income streams.

We have hired experienced professionals with long-standing investor relationships to help us build this business. We expect that our capital markets activities initially will focus on syndicating to a broader base of investors a portion of the equity that we commit to provide in our larger private equity transactions, which we believe will help us reduce the need to partner with large consortiums of private equity firms on large leveraged buyouts, retain greater operational control over our portfolio companies and capture a greater portion of the economics that are generated by our private equity investments.

Over time, we may expand our capital markets activities in a manner that similarly complements our other business activities. When our founders started KKR inleveraged buyouts were a novel form of corporate finance. With no financial services firm to model ourselves on and with little interest in copying an existing formula, we sought to build a firm based on principles and values that would provide a proper institutional foundation for years to come.

We believe that our success to date has been largely attributable to our culture and values. As we continue to grow, our future performance will depend on both our ability to protect and remain true to our culture and our willingness to hire new people with different work experiences. We believe that adhering to the following values is critical to extending our record of success: These values are easy to write down, but hard to live by. They are, however, a healthy antidote to overconfidence, internal politics and other behaviors that could otherwise jeopardize our long-term success.

We do not intend to change our values or the way we conduct our business as a result of this. Indeed, we would not be proceeding with this offering if we felt that it would move us away from our principles.