Buyout major KKR has launched a new asset-based lending unit, Maritime Finance Company, which will focus on maritime assets in the offshore oilfield services and traditional shipping sectors.
The new company will be led by former Helios Advisors partners Kristan Bodden and Gabriel Tolchinsky. It will structure, underwrite, invest in and distribute debt financings secured by maritime assets such as drilling rigs, development and production assets and subsea construction vessels.
KKR will provide 45 per cent of Maritime Finance’s equity capital of $580m and the balance was provided by various family offices, mutual funds, hedge funds and specialist financial services investors.
The New York-based firm noted that the maritime sector will require more than $220bn of debt through 2014 and that “an enormous capital commitment is required to deliver the current maritime order book.”
Global head of KKR Capital Markets Craig Farr said, “This transaction is a perfect example of how KKR is delivering tailored solutions to clients through our capital markets and asset management platforms.
“In this case, we are backing an investment team with a track record of strong performance to lend to an industry that is experiencing severe dislocation.”
Earlier this month KKR completed the IPO of its first listed closed-end fund, KKR Income Opportunities Fund, by raising $305m.
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