Overview

KKR & Co., historically known as Kohlberg Kravis Roberts, is a United States–based global investment company and alternative-asset manager. The firm was established in 1976 by Jerome Kohlberg Jr. and cousins Henry Kravis and George R. Roberts, who had previously worked together in corporate finance at Bear Stearns. Their early work focused on acquiring family-owned companies whose founders faced succession problems and whose businesses were often too small or unsuitable for a conventional public offering. This experience helped establish the leveraged buyout as a structured form of institutional investing. KKR became one of the most recognizable names in private equity through its role in the 1988 acquisition of RJR Nabisco, then the largest leveraged buyout ever completed. The transaction, valued at approximately $31 billion including assumed debt, became a symbol of the 1980s buyout boom and was later chronicled in the book and film Barbarians at the Gate. The deal also exposed the risks of highly leveraged acquisitions, and KKR spent much of the following decade restructuring the investment, selling assets, contributing additional equity, and reducing debt. Over time, KKR broadened well beyond traditional buyouts. Its asset-management activities include private equity, public and private credit, infrastructure, real estate, growth equity, capital markets, and other investment strategies. The company also operates an insurance business through Global Atlantic and maintains strategic investment activities. Its clients and capital providers include institutional investors, pension funds, sovereign and government institutions, insurance companies, family offices, wealth-management clients, and other long-term investors. The firm has invested across industrial, consumer, healthcare, technology, media, telecommunications, financial-services, energy, transportation, and business-services markets. It has also developed regional investment capabilities through offices and teams across North America, Europe, Asia, and the Middle East. The expansion reflects the broader transformation of large private-equity firms into diversified alternative-asset platforms. KKR became a public company in 2010 through the listing of KKR & Co. L.P. and subsequently reorganized its public structure. The company trades on the New York Stock Exchange under the ticker KKR. In 2021, Joseph Bae and Scott Nuttall became co-chief executive officers, succeeding the prior leadership arrangement while founders Henry Kravis and George Roberts continued as influential senior figures. KKR completed its acquisition of insurance company Global Atlantic in 2024, strengthening its insurance and retirement-solutions platform. Today, KKR presents itself as a long-term investment manager that combines ownership, operational improvement, sector expertise, and multiple forms of capital. Its scale and global reach place it among the best-known alternative-asset managers, although its business remains exposed to interest rates, credit conditions, exit markets, regulation, leverage, valuation changes, and scrutiny of the social and economic effects of private-equity ownership.

History

KKR originated in the corporate-finance department of Bear Stearns, where Jerome Kohlberg Jr., Henry Kravis, and George Roberts developed a specialization in so-called bootstrap transactions. These deals used debt and investor equity to acquire established companies, frequently from founders seeking succession solutions. Their early transactions included Stern Metals, Incom, Cobblers Industries, Boren Clay, Thompson Wire, Eagle Motors, and Barrows. The results were mixed: some investments were successful, while Cobblers ultimately entered bankruptcy, illustrating the risks inherent in the model. In 1976, disagreements over the creation of a dedicated investment fund led the three bankers to leave Bear Stearns and establish their own firm. KKR completed its first buyout, A.J. Industries, that year. It subsequently built relationships with banks, private investors, and pension funds. Changes to ERISA regulations helped make it possible for pension funds to commit capital to private-equity vehicles, and KKR raised its first institutional fund in 1978. The Oregon State Treasury became an important early public-pension investor after committing capital to KKR's acquisition of Fred Meyer in 1981. The firm expanded during the leveraged-buyout boom of the 1980s. Its 1979 public-to-private acquisition of Houdaille Industries was a precedent-setting transaction but ended badly for the operating company, which was broken up after financial difficulties. The episode demonstrated that a profitable outcome for creditors or investors could coexist with severe operational and employment consequences for a portfolio company. KKR's defining transaction was the acquisition of RJR Nabisco, completed in 1989 after a highly publicized bidding contest involving management and competing financial sponsors. The deal became emblematic of the era's aggressive financing techniques. Its debt burden required years of restructuring, asset sales, new equity, public offerings, and ownership reductions. KKR did not fully dispose of the remaining economic interests connected to the transaction until the sale of Borden Chemical in 2004. During the early 1990s, difficult high-yield-market conditions encouraged KKR to pursue smaller transactions, industry consolidations, and leveraged buildups rather than relying exclusively on very large buyouts. Investments and platforms included K-III Communications, later associated with Primedia, the Bank of New England, American Re, Flagstar, World Color Press, RELTEC, and Bruno's. KKR also experienced significant setbacks, including difficulties involving Primedia, Spalding, Flagstar, and Regal Entertainment. Regal entered bankruptcy protection in 2000 after an intended theater-industry consolidation failed to achieve the anticipated scale. As credit markets improved in the mid-1990s, KKR raised larger funds and acquired companies including Newsquest, KinderCare, Amphenol, Randalls Food Markets, MedCath, Willis Group Holdings, and Wincor Nixdorf. It participated in the acquisition of Shoppers Drug Mart and later exited through public offerings. In 2004, KKR joined Bain Capital and Vornado Realty Trust in the acquisition of Toys 'R' Us. The firm continued to invest across consumer, industrial, healthcare, media, financial, and technology sectors. KKR gradually transformed from a buyout partnership into a diversified global alternative-asset manager. It expanded into credit, infrastructure, real estate, growth equity, capital markets, and insurance-related investing. The firm became publicly traded in 2010 and continued to increase its international footprint. Leadership transitioned in 2021 when Joseph Bae and Scott Nuttall became co-CEOs. The acquisition of Global Atlantic, completed in 2024, further integrated insurance capabilities with KKR's investment platform. KKR's contemporary identity is therefore broader than its historical association with leveraged buyouts: it now combines private markets, credit, insurance, and strategic capital across global markets.

2024
Global Atlantic acquisition completed
[3]KKR Newskkr.com
KKR completed its acquisition of Global Atlantic, strengthening its insurance platform.
2021
Co-CEO leadership model
[3]KKR Newskkr.com
Joseph Bae and Scott Nuttall were named co-chief executive officers.
2010
Public listing
[1]KKR & Co.en.wikipedia.org
KKR became a publicly traded company in the United States.
1989
RJR Nabisco transaction closes
[1]KKR & Co.en.wikipedia.org
KKR completed the landmark leveraged buyout in April.
1988
RJR Nabisco bidding contest
[1]KKR & Co.en.wikipedia.org
KKR submitted the winning bid for RJR Nabisco after a widely followed management-led takeover contest.
1978
First institutional fund
[1]KKR & Co.en.wikipedia.org
Regulatory changes and pension-fund participation supported KKR's first institutional fund, with more than $30 million in commitments.
1976
Firm founded
[1]KKR & Co.en.wikipedia.org
Jerome Kohlberg Jr., Henry Kravis, and George Roberts established Kohlberg Kravis Roberts & Co. after leaving Bear Stearns.
1976
First buyout
[1]KKR & Co.en.wikipedia.org
KKR completed its first buyout, the acquisition of A.J. Industries.

Products and positioning

Global, institutionally oriented alternative-asset manager offering long-duration capital and diversified investment strategies.

Alternative investments · 1976
Private equity
KKR's traditional buyout business invests in companies through control and strategic-equity transactions. Its approach generally combines committed institutional capital with operational, financial, and strategic support for portfolio companies. Investments have historically covered industrial, consumer, healthcare, technology, media, telecommunications, and business-services sectors.
Credit
Private credit
KKR provides credit capital through private loans, direct lending, asset-based finance, opportunistic credit, and related strategies. These offerings serve companies seeking financing outside traditional public debt markets and investors seeking income-oriented exposure to private credit.
Real assets
Infrastructure
KKR's infrastructure business invests in assets and companies connected with energy, utilities, transportation, communications, digital infrastructure, and other essential services. The strategy is designed for long-duration ownership and can combine equity investment with operational and project-finance expertise.
Real assets
Real estate
The real-estate platform invests across property sectors and geographies using equity, credit, and opportunistic strategies. It may target direct assets, operating companies, development opportunities, and real-estate-related financing.
Insurance · 2024
Global Atlantic
Global Atlantic is KKR's insurance platform, offering life-insurance and retirement-related products while providing a source of long-duration insurance capital for investment activities.

Controversies

1989
Scrutiny surrounding the RJR Nabisco buyout
The RJR Nabisco takeover attracted criticism over hostile-bid tactics, extremely high leverage, executive compensation, and whether the buyout boom had gone too far. The transaction became a prominent public case study of the financial and social controversies surrounding leveraged buyouts.
Source

Brand decisions

2024
Complete Global Atlantic acquisitionM&A
Background
KKR sought to expand its insurance capabilities and access long-duration capital.
Action taken
KKR completed the acquisition of Global Atlantic.
Aftermath
Global Atlantic became a central component of KKR's insurance business and broader alternative-investment platform.
Source
2021
Appoint co-chief executivesStrategy
Background
KKR had been broadening its platform and preparing a leadership transition beyond its founding generation.
Action taken
The company appointed Joseph Bae and Scott Nuttall as co-CEOs.
Aftermath
The appointment formalized a new senior-management structure while the founders remained connected with the firm in senior roles.
Source
1989
Acquire RJR NabiscoM&A
Background
RJR Nabisco became the subject of a competitive management buyout and sponsor bidding process during the late-1980s leveraged-buyout boom.
Action taken
KKR submitted a guaranteed final offer and acquired the company in a transaction that included substantial assumed debt.
Aftermath
The debt burden led to a prolonged restructuring, asset disposals, new equity contributions, public offerings, and a gradual reduction of KKR's ownership.
- Forstmann Little & Co. — Participated in the bidding process through a proposed consortium but did not submit a final winning offer.
Source

Recent events

Unconfirmed
Reported2026.10.21
Crowe launches employee ownership scheme[4]Crowe推出员工持股计划internationalaccountingbulletin.com
Crowe launched Crowe: Our Next Era (CroweONE), a shared ownership scheme for eligible employees, developed with investment firm KKR. Employees do not need to make an upfront investment to participate.
2026.10.19
Reported2026.10.19
KKR to sell Infinity to Ares[5]KKR将Infinity出售给Aresnews.google.com
KKR announced it would sell railcar-leasing company Infinity to Ares for $2.9 billion.
Unconfirmed
Reported2026.10.09
KKR bans non-compete agreements for lower-paid US portfolio company staff[6]KKR禁止其美国被投企业低薪员工签署竞业禁止协议news.google.com
Bloomberg reported that KKR has banned the use of non-compete agreements for lower-paid staff at its US portfolio companies.
2026.08.27
Reported2026.08.27
KKR agrees to acquire Japanese beauty group Ci Flavors[7]KKR同意收购日本美妆集团Ci Flavorspremiumbeautynews.com
KKR has agreed to acquire Japanese cosmetics group Ci Flavors from all existing shareholders, including founder Yusaku Horiuchi, KKRL Catterton, eBeauty Group and Yanagi Capital Partners. Founder Yusaku Horiuchi and Representative Director and CEO Yoshiaki Okura will invest alongside KKR in the transaction.
Unconfirmed
Reported2026.08.26
KKR to acquire 100% of Japanese beauty platform Ci FLAVORS[8]KKR收购日本美妆平台Ci FLAVORS全部股权finance.sina.com.cn
L Catterton announced it has reached an agreement with KKR and Japanese beauty platform Ci FLAVORS Corporation under which a KKR fund will acquire all shares held by Ci FLAVORS's existing shareholders, a 100% equity acquisition. The transaction consideration was not disclosed. Selling shareholders include L Catterton, founder Yusaku Horiuchi, eBeauty Group and Yanagi Capital Partners.
2026.08.10
Nvidia partners with six Wall Street firms on $500 billion AI financing platforms[9]英伟达与六家华尔街机构合作推出5000亿美元AI融资平台bignewsnetwork.com
Nvidia signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish compute financing platforms aimed at raising more than $500 billion in third-party capital for AI infrastructure. Nvidia has the option to backstop up to $125 billion, or 25 percent, of the potential deals.
2026.08.10
Reported2026.08.11
Nvidia announces partnerships with six financial institutions for AI infrastructure financing[10]英伟达宣布与六家金融机构合作设立AI基础设施融资平台aa.com.tr
Nvidia announced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish independent financing platforms for AI computing infrastructure, aiming to mobilize more than $500 billion in third-party capital over time. The six institutions signed memorandums of understanding, with the partnerships subject to final agreements.
2026.08.10
Reported2026.08.15
Nvidia announces $500 billion AI chip financing partnership with Wall Street lenders[11]英伟达宣布与华尔街贷款机构合作5000亿美元AI芯片融资计划telecom.economictimes.indiatimes.com
Nvidia announced a partnership with Goldman Sachs, Blackstone, Apollo Global Management, KKR, BlackRock and Brookfield to collectively finance AI computing deals totaling $500 billion, with Nvidia backstopping up to 25% of each opportunity. No deals were signed at the time of the announcement.
2022.03.17
Reported2022.03.17
Biosynth Carbosynth completes acquisition of vivitide[12]Biosynth Carbosynth完成收购vivitidefinanznachrichten.de
KKR announced the closing of its investment in Biosynth Carbosynth and the completion of Biosynth Carbosynth's acquisition of vivitide, a provider of custom peptides and antibodies for the life sciences and biotech industry. Ampersand Capital Partners rolled over its entire stake and became a substantial minority shareholder of the combined entity.
2022.02.23
Reported2022.02.23
KKR agrees to acquire a majority stake in Refresco[13]KKR同意收购Refresco多数股权kamcity.com
KKR agreed to buy a majority stake in Refresco from existing investors PAI Partners and British Columbia Investment Management Corporation; those investors will retain a significant minority position. The deal terms were not disclosed.