KKR launches first listed closed-end fund

By IVCPOST Staff Reporter

Aug 01, 2013 12:58 PM EDT

Today, KKR & Co LP announced successful completion of its first listed closed-end fund, KKR Income Opportunities Fund. KKR's new listed fund has started its IPO trading on the New York Stock Exchange last July 26 under the trading symbol, KIO.

The initial public offering for its common stock raised USD305 million. The amount excluded underwriters' option to acquire additional shares in the fund. If underwriters exercise the option to purchase additional shares, the fund would raise additional USD4 million, summing the IPO to USD352 million.

KKR Asset Management LLC (KAM) served as the investment adviser of the fund. KAM was launched in 2004 and is a subsidiary of KKR & Co LP. Morgan Stanley, Citigroup and UBS Investment Bank were appointed as lead managers for the IPO. Four Wood Capital Partners (FWCP) LLC was appointed as the strategic advisor and distribution manager for KKR. Advisors Asset Management Inc. acted as a sub-contracted distribution partner to Four Wood.

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