Investors Business Daily – In the latest sign that the private-equity and hedge-fund businesses are converging, Kohlberg Kravis Roberts & Co. is launching a hedge fund.
The KKR Strategic Capital Fund will focus on debt investments, according to Roanne Kulakoff, a spokeswoman for the private-equity giant.
The fund is the second initiative of KKR Financial LLC, an affiliate of KKR. The first was the initial public offering last year of shares in real-estate investment trust KKR Financial Corp. (KFN)
Kulakoff called the new fund a “vehicle,” rather than a hedge fund. However, Institutional Investor magazine, which reported the launch on its Web site earlier Monday, said it will be a hedge fund that buys and sell bonds and loans in the secondary market and also lends money directly to companies.
KKR’s spokeswoman declined to comment further.
