KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE) is a Guernsey limited partnership that seeks to create long-term value by participating in private equity and opportunistic investments selected, evaluated, structured, monitored and exited by investment professionals of Kohlberg Kravis Roberts & Co. (“KKR”). As of September 30, 2008, over 90% of KPE’s $4.7 billion portfolio was comprised of limited partner interests in six KKR private equity funds, co-investments in 13 companies alongside the private equity funds and negotiated equity investments. The remainder of KPE’s portfolio as of September 30, 2008 was invested in opportunistic and temporary investments.
KPE's investments consisted of 100% of the limited partner interests
of KKR PEI Investments, L.P. (the "Investment Partnership"). The Investment Partnership's portfolio is comprised of: (i) KKR's private equity funds (KKR European Fund, Limited Partnership, KKR Millennium Fund L.P., KKR 2006 Fund L.P., KKR European Fund II, Limited Partnership, KKR Asian Fund L.P., KKR European Fund III, Limited Partnership), (ii) co-investments in portfolio companies of KKR's private equity funds, (iii) negotiated equity investments, (iv) opportunistic investments, and (v) temporary investments.
KPE has 204,902,226 common units outstanding.
(1) “Adjusted assets” are defined as the Investment Partnership's consolidated assets less the amount of indebtedness that is recorded as a liability on its statement of assets and liabilities.
NAV
As of September 30, 2008, KPE's net asset value ("NAV") was $3.9 billion. The NAV per unit since KPE’s formation in April 2006 was as follows (1):
(1) |
Represents the NAV net of distributions paid. KPE has paid the following distributions since its formation in April 2006: |
| Record Date | Payment Date | Cash Distribution Paid per Common Unit |
||
|---|---|---|---|---|
December 1, 2006 August 31, 2007 |
December 15, 2006 September 17, 2007 |
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(2) |
The NAV as of May 10, 2006 is immediately subsequent to the initial offering and related transactions and is stated on a pro forma basis, as if the over-allotment option was exercised on May 10, 2006. |
Returns
KPE’s total cumulative annualized rate of return each quarter for the previous eight quarters was as follows:
(1) |
For the period of April 18, 2006 to June 30, 2006. |