KKR in talks with Italian banks for restructured loan vehicle

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US private equity firm KKR is in talks with Italian banks Intesa Sanpaolo and UniCredit to launch a new investment vehicle to manage restructured loans held by the Italian banks, enabling them to clean up their balance sheets, Reuters has reported.

These loans amount to some €8.1bn at UniCredit and €2.5bn at Intesa, prior to writedowns and would see the US buyout firm invest in the vehicle, with the banking duo taking minority stakes.

This week KKR confirmed it closed funds with $12.5bn of assets in the last quarter of 2013 according to its latest set of results.

KKR said the carrying value of its private equity investment portfolio appreciated 8.4 per cent in the fourth quarter and more than 20 per cent across the whole year.

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