Candid admission by KKR. Given that the buyout firm has not yet gone public, that frankness is quite refreshing. Yet unusual by Indian PE fund manager standards, huh?
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Yet it is. More to follow.
”The lack of credit has materially hindered the initiation of new, large-sized transactions for our private equity segment and, together with declines in valuations of equity and debt securities, has adversely impacted our recent operating results,” KKR said in its SEC filing.
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The firm’s total investment loss for the first half of 2008 compared with a total investment profit of $3.4m in the first half of 2007. Its net loss for the 1st half 08 totals $1.1m, compared with a profit of $667.4m for the same period 2007.
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KKR, which has made investments in numerous household names such as Toys R Us, mattress maker Sealy and asset manager Legg Mason Inc, said its fee income in the first half of the year was $135.3m, compared with $115.4m a year ago.
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Imagine the fate of India investments of PE funds. There is far less swagger in their gait and I hear them talking a lot less these days. When balls choke their lungs, they just can’t talk; let alone getting candid ;-)
Imagine the fate of India investments of PE funds. There is far less swagger in their gait and I hear them talking a lot less these days. When balls choke their lungs, they just can’t talk; let alone getting candid ;-)
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