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Bailey McCann, Opalesque New York: KKR Asset Management LLC has made new filings with the Securities and Exchange Commission (SEC) to register two newly-formed funds under the Investment Company Act of 1940. The funds include the KKR Alternative High Yield Fund, a mutual fund and KKR Alternative Corporate Opportunities Fund P, a closed-end fund that will invest in fixed-income and equity securities with a credit-oriented focus. The funds will not pay any performance based fees and some shares have been registered under the Securities Act of 1933 for public offering.
According to a memo from US-based law firm, Shulte, Roth and Zabel, the filings illustrate a continued trend on behalf of managers to look at using '40 Act funds as means of increasing assets under management during this persistently slow capital raising period. New regulations may also be a reason for growth in this area - "because any adviser to a registered fund must be SEC registered, new rules requiring the registration of many private fund managers have had the effect of eliminating a barrier that made unregistered private fund managers reluctant to manage 1940 Act registered funds," attorneys write.
As a firm, KKR has been busy with a variety of new actions in addition to the new funds. The Wall Street Journal ...................... To view our full article Click here
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