KKR has reportedly retooled its European investment team in the buildup to the upcoming launch of its first fund in the region since the financial crisis.
A report in the Financial Times said KKR told investors that partners Jacques Garaialde and Reinhard Gorenflos – who had been with the first since 2003 and 2001 respectively – would not participate in the next fundraise.
KKR said Garaialde will now serve as its senior adviser and Gorenflos will be focused on the firm’s philanthropic activities in Africa. Back in December, KKR promoted two of its young partners, Philipp Freise and Silke Scheiber.
The firm’s latest $5.8bn European fund was raised in 2005 and is currently posting a cumulative return of 26 per cent, while its third fund, which was closed at $6.1bn in 2008, is returning an 18.5 per cent gain.
Some of KKR’s recent deals in Europe included the sale of its 51 per cent stake in music rights manager BMG – which manages rights for artists such as ZZ Top, Aerosmith and Billy Idol – to joint venture partner Bertelsmann.
In the meantime, KKR said today that it has appointed Hiro Shimizu and Sakae Suzuki as directors of its Japanese unit.
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