Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-56484 | |
Entity Registrant Name | KKR Infrastructure Conglomerate LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 92-0477563 | |
Entity Address, Address Line One | 30 Hudson Yards, | |
Entity Address, City | New York, | |
Entity Address, State | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 750-8300 | |
Title of 12(b) Security | None | |
No Trading Symbol Flag | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001948056 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class I Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,033 | |
Class R Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,945,869 | |
Class D Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,912 | |
Class U Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,331,768 | |
Class E Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,784,361 | |
Class F Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,464 | |
Class G Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 | |
Class H Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Investments at fair value (cost of $444,012,983) | $ 475,436,262 | $ 0 |
Cash and cash equivalents | 4,246,864 | 1,000 |
Prepaids and other assets | 279,357 | 596,300 |
Deferred offering costs | 1,863,354 | 669,175 |
Interest receivable | 684,276 | 0 |
Total assets | 492,677,996 | 6,701,163 |
Liabilities | ||
Foreign exchange forwards at fair value | 7,507,098 | 0 |
Management fee payable | 174,947 | 0 |
Accrued performance participation allocation | 1,314,650 | 0 |
Accrued shareholder servicing fees and distribution fees | 8,914,553 | 0 |
Other accrued expenses and liabilities | 1,203,897 | 646,100 |
Organization costs payable | 4,610,326 | 5,384,888 |
Offering costs payable | 1,506,261 | 669,175 |
Total liabilities | 30,767,988 | 6,700,163 |
Commitments and contingencies (Note 8) | ||
Net assets | $ 461,910,008 | $ 1,000 |
Shares outstanding (in shares) | 17,930,417 | 40 |
Net asset value per share (in dollars per share) | $ 25.76 | $ 25 |
Manager | ||
Assets | ||
Due from Manager | $ 10,167,883 | $ 5,434,688 |
Liabilities | ||
Management fee payable | 174,947 | |
Due to Manager | 5,536,256 | 0 |
Class R Shares | ||
Liabilities | ||
Net assets | $ 122,181,817 | $ 0 |
Shares outstanding (in shares) | 2,957,453 | 0 |
Net asset value per share (in dollars per share) | $ 26.15 | |
Class U Shares | ||
Liabilities | ||
Net assets | $ 77,351,017 | $ 0 |
Shares outstanding (in shares) | 5,012,365 | 0 |
Net asset value per share (in dollars per share) | $ 24.37 | |
Class E Shares | ||
Liabilities | ||
Net assets | $ 262,375,066 | $ 0 |
Shares outstanding (in shares) | 9,960,519 | 0 |
Net asset value per share (in dollars per share) | $ 26.34 | |
Class G Shares | ||
Liabilities | ||
Net assets | $ 1,054 | $ 1,000 |
Shares outstanding (in shares) | 40 | 40 |
Net asset value per share (in dollars per share) | $ 26.35 | |
Class H Shares | ||
Liabilities | ||
Net assets | $ 1,054 | $ 0 |
Shares outstanding (in shares) | 40 | 0 |
Net asset value per share (in dollars per share) | $ 26.35 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Investments at cost | $ 444,012,983 | |
Class R Shares | ||
Common stock, shares authorized (in shares) | 2,957,453 | |
Common stock, shares issued (in shares) | 2,957,453 | |
Common stock, shares outstanding (in shares) | 2,957,453 | |
Class U Shares | ||
Common stock, shares authorized (in shares) | 5,012,365 | |
Common stock, shares issued (in shares) | 5,012,365 | |
Common stock, shares outstanding (in shares) | 5,012,365 | |
Class E Shares | ||
Common stock, shares authorized (in shares) | 9,960,519 | |
Common stock, shares issued (in shares) | 9,960,519 | |
Common stock, shares outstanding (in shares) | 9,960,519 | |
Class G Shares | ||
Common stock, shares authorized (in shares) | 40 | 40 |
Common stock, shares issued (in shares) | 40 | 40 |
Common stock, shares outstanding (in shares) | 40 | 40 |
Class H Shares | ||
Common stock, shares authorized (in shares) | 40 | |
Common stock, shares issued (in shares) | 40 | |
Common stock, shares outstanding (in shares) | 40 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Investment income | ||
Dividend income | $ 684,305 | $ 684,305 |
Total investment income | 684,305 | 684,305 |
Operating expenses | ||
Organization costs | 531,354 | 3,332,853 |
General and administration expenses | 1,620,855 | 1,781,955 |
Deferred offering costs amortization | 165,136 | 165,136 |
Management fee expense | 174,947 | 174,947 |
Performance participation allocation | 1,314,650 | 1,314,650 |
Total operating expenses | 3,806,942 | 6,769,541 |
Less: Expenses reimbursed by Manager | (1,770,596) | (4,733,195) |
Net operating expenses | 2,036,346 | 2,036,346 |
Net investment loss before taxes | (1,352,041) | (1,352,041) |
Provision for (benefit from) income taxes | 0 | 0 |
Net investment loss | (1,352,041) | (1,352,041) |
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and foreign exchange forwards | ||
Investments | 18,991,779 | 18,991,779 |
Foreign currency translation | 12,431,500 | 12,431,500 |
Foreign exchange forwards | (7,507,098) | (7,507,098) |
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translation and foreign exchange forwards | 23,916,181 | 23,916,181 |
Net increase in net assets resulting from operations | $ 22,564,140 | $ 22,564,140 |
Statements of Changes in Net As
Statements of Changes in Net Assets | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | $ 1,000 |
Proceeds from the issuance of shares | 643,259,421 |
Repurchases of shares | (195,000,000) |
Accrued shareholder servicing fees and distribution fees | (8,914,553) |
Net investment income (loss) | (1,352,041) |
Net change in unrealized appreciation (depreciation) on investments | 18,991,779 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 12,431,500 |
Net change in unrealized appreciation (depreciation) on foreign exchange forwards | (7,507,098) |
Ending balance | 461,910,008 |
Class R Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 0 |
Proceeds from the issuance of shares | 73,936,315 |
Net investment income (loss) | (530,046) |
Net change in unrealized appreciation (depreciation) on investments | 3,132,514 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 2,050,459 |
Net change in unrealized appreciation (depreciation) on foreign exchange forwards | (1,238,225) |
Ending balance | 77,351,017 |
Class U Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 0 |
Proceeds from the issuance of shares | 125,309,123 |
Accrued shareholder servicing fees and distribution fees | (8,914,553) |
Net investment income (loss) | (898,411) |
Net change in unrealized appreciation (depreciation) on investments | 5,309,064 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 3,475,168 |
Net change in unrealized appreciation (depreciation) on foreign exchange forwards | (2,098,574) |
Ending balance | 122,181,817 |
Class E Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 0 |
Proceeds from the issuance of shares | 444,012,983 |
Repurchases of shares | (195,000,000) |
Net investment income (loss) | 76,414 |
Net change in unrealized appreciation (depreciation) on investments | 10,550,117 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 6,905,817 |
Net change in unrealized appreciation (depreciation) on foreign exchange forwards | (4,170,265) |
Ending balance | 262,375,066 |
Class G Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1,000 |
Net investment income (loss) | 1 |
Net change in unrealized appreciation (depreciation) on investments | 42 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 28 |
Net change in unrealized appreciation (depreciation) on foreign exchange forwards | (17) |
Ending balance | 1,054 |
Class H Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 0 |
Proceeds from the issuance of shares | 1,000 |
Net investment income (loss) | 1 |
Net change in unrealized appreciation (depreciation) on investments | 42 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 28 |
Net change in unrealized appreciation (depreciation) on foreign exchange forwards | (17) |
Ending balance | $ 1,054 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Operating activities | |
Net increase in net assets from operations | $ 22,564,140 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: | |
Deferred offering costs amortization | 165,136 |
Net change in unrealized appreciation on investments | (18,991,779) |
Net change in unrealized appreciation on foreign currency translation | (12,431,500) |
Net change in unrealized depreciation on foreign exchange forwards | 7,507,098 |
Changes in operating assets and liabilities: | |
Decrease in prepaids and other assets | 316,943 |
(Increase) in deferred offering costs | (1,359,315) |
(Increase) in due from Manager | (4,733,195) |
(Increase) in interest receivable | (684,276) |
Increase in management fee payable | 174,947 |
Increase in accrued performance participation allocation | 1,314,650 |
Increase in other accrued expenses and liabilities | 557,797 |
Increase in due to Manager | 5,536,256 |
(Decrease) in organization costs payable | (774,562) |
Increase in offering costs payable | 837,086 |
Net cash used in operating activities | (574) |
Financing activities | |
Proceeds from issuance of shares | 199,246,438 |
Payment on repurchases of shares | (195,000,000) |
Net cash provided by financing activities | 4,246,438 |
Net increase in cash and cash equivalents | 4,245,864 |
Cash and cash equivalents, beginning of period | 1,000 |
Cash and cash equivalents, end of period | 4,246,864 |
Supplemental disclosure of cash flow information | |
Shares issued in exchange for Infrastructure Assets | $ 444,012,983 |
Schedule of Investments (Unaudi
Schedule of Investments (Unaudited) | Jun. 30, 2023 USD ($) |
Infrastructure Assets, Cost | $ 444,012,983 |
Infrastructure Assets, Estimated Fair Value | $ 475,436,262 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 102.90% |
Foreign Exchange Forwards, Estimated Fair Value | $ (7,507,098) |
Foreign Exchange Forwards, Estimated Fair Value as a Percentage of Net Assets | (1.60%) |
Investments in Money Market Funds, Cost | $ 4,246,864 |
Investments in Money Market Funds, Estimated Fair Value | $ 4,246,864 |
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 0.90% |
Total Investments, Cost | $ 448,259,847 |
Total Investments, Estimated Fair Value | $ 472,176,028 |
Total Investments, Estimated Fair Value as Percentage of Net Assets | 102.20% |
Goldman, Sachs & Co. | |
Notional | $ 91,000,000 |
Foreign Exchange Forwards, Estimated Fair Value | $ (1,457,925) |
Foreign Exchange Forwards, Estimated Fair Value as a Percentage of Net Assets | (0.30%) |
Nomura International PLC | |
Notional | $ 91,000,000 |
Foreign Exchange Forwards, Estimated Fair Value | $ (1,435,338) |
Foreign Exchange Forwards, Estimated Fair Value as a Percentage of Net Assets | (0.30%) |
Goldman, Sachs & Co. | |
Notional | $ 123,000,000 |
Foreign Exchange Forwards, Estimated Fair Value | $ (2,322,293) |
Foreign Exchange Forwards, Estimated Fair Value as a Percentage of Net Assets | (0.50%) |
Nomura International PLC | |
Notional | $ 123,000,000 |
Foreign Exchange Forwards, Estimated Fair Value | $ (2,291,542) |
Foreign Exchange Forwards, Estimated Fair Value as a Percentage of Net Assets | (0.50%) |
Refresco Group B.V. | Materials Sector | Netherlands | |
Infrastructure Assets, Cost | $ 147,583,268 |
Infrastructure Assets, Estimated Fair Value | $ 163,914,227 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 35.50% |
Albioma SA | Utilities Sector | France | |
Infrastructure Assets, Cost | $ 156,457,043 |
Infrastructure Assets, Estimated Fair Value | $ 162,270,367 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 35.10% |
Pembina Gas Infrastructure Inc. | Energy Sector | Canada | |
Infrastructure Assets, Cost | $ 139,972,672 |
Infrastructure Assets, Estimated Fair Value | $ 149,251,668 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 32.30% |
Morgan Stanley Institutional Liquidity Funds Government Portfolio | |
Investments in Money Market Funds, Cost | $ 4,245,835 |
Investments in Money Market Funds, Estimated Fair Value | $ 4,245,835 |
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 0.90% |
JPMorgan U.S. Government Money Market Fund | |
Investments in Money Market Funds, Cost | $ 1,029 |
Investments in Money Market Funds, Estimated Fair Value | $ 1,029 |
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 0% |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization KKR Infrastructure Conglomerate LLC (“K-INFRA” and the “Company”) was formed on September 23, 2022 as a limited liability company under the laws of the state of Delaware and the Company operates its business in a manner permitting it to be excluded from the definition of an “investment company” under the Investment Company Act of 1940, as amended. The Company is a holding company that seeks to acquire, own and control portfolio companies, special purpose vehicles and other entities through which infrastructure assets or businesses will be held (“Infrastructure Assets”). The Company commenced principal operations on June 1, 2023. K-INFRA conducts a continuous private offering of its investor shares: Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-D Shares and Class R Shares (collectively, the “Investor Shares” and, collectively with the Class E Shares, Class F Shares, Class G Shares or Class H Shares, the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside of the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act). Holders of Investor Shares have equal rights and privileges with each other, except that Class D Shares, Class U Shares, Class I Shares, Class R-D Shares and Class R Shares do not pay a sales load or dealer-manager fees and the Company does not pay any servicing or distribution fees with respect to Class I Shares or Class R Shares or any distribution fees with respect to the Class D Shares or Class R-D Shares. The Company is sponsored by Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, “KKR”) and benefits from KKR’s infrastructure sourcing and management platform pursuant to a management agreement entered into with KKR DAV Manager LLC (the “Manager”) to support the Company in managing its portfolio of Infrastructure Assets with the objective of generating risk-adjusted returns consisting of both current income and capital appreciation for holders of Shares (the “Shareholders”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in United States (“U.S.”) dollars. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. As of December 31, 2022, statement of changes in net assets, statement of cash flows, schedule of investments and financial highlights have not been presented because the Company had not commenced operations. The Company’s financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”). Cash and Cash Equivalents Cash and cash equivalents consists solely of money market funds with financial institutions with maturities of three or fewer months at the time of acquisition. As of June 30, 2023, the Company was invested in the JPMorgan U.S. Government Money Market Fund and the Morgan Stanley Institutional Liquidity Funds Government Portfolio. As of December 31, 2022, the Company was invested in the JPMorgan U.S. Government Money Market Fund. Foreign Currency Translation The accounting records of the Company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net unrealized currency gains and losses arising from valuing foreign currency-denominated investments and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation (depreciation) on foreign currency translation on investments denominated in foreign currencies in the Statements of Operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. Organization and Offering Costs Organization costs are expensed as incurred. Organization costs consist of costs incurred to establish the Company and enable it legally to do business. For the three and six months ended June 30, 2023, the Company incurred organization costs of $531,354 and $3,332,853, respectively. Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement. Offering costs are accounted for as deferred costs until operations begin. Offering costs incurred prior to the Company’s Initial Offering (as defined below) are amortized over the first twelve months of operations on a straight-line basis. For the six months ended June 30, 2023 and for the period from September 23, 2022 (date of formation) to December 31, 2022, the total amount of the offering costs incurred by the Company was $1,982,628 and $669,175, respectively. For the three and six months ended June 30, 2023, the Company recognized $165,136 in deferred offering costs amortization. Valuation of Investments at Fair Value ASC 820, Fair Value Measurement , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of investments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, and are as follows: Level I — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II — Inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level III — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. See “Part II, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies and Estimates–Valuation of Infrastructure Assets” in this Quarterly Report on Form 10-Q. Income Taxes The Company operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will be considered a publicly traded partnership and will not meet the qualifying income exception, which would result in the Company being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. In such case, the members would then be treated as shareholders in a corporation, and the Company would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Company would be required to pay income tax at corporate rates on its net taxable income. In addition, the Company operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level. Calculation of Net Asset Value Net asset value ("NAV") by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and repurchases that were effective on the last calendar day of such month. Net asset value per share for each class is calculated by dividing the net asset value for that class by the total number of outstanding shares of that class on the reporting date. The Manager is ultimately responsible for the Company’s NAV calculations. Revenue Recognition Dividend income from our Infrastructure Assets is recorded on the date when cash is received by the relevant Infrastructure Assets, but excludes any portion of distributions that are treated as a return of capital. Each distribution received from an Infrastructure Asset is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. Dividend income from money market funds with financial institutions is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments Without regard to unrealized appreciation or depreciation previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Performance Participation Allocation Under the Second Amended and Restated Limited Liability Company Agreement of the Company (the “LLC Agreement”), so long as the Management Agreement has not been terminated, KKR will be entitled to receive a Performance Participation Allocation equal to 12.5% of the Total Return attributable to Investor Shares, subject to a 5.0% Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement) (the “Performance Participation Allocation”). The Performance Participation Allocation will be measured and paid on an annual basis and accrued monthly; see Note 5. Related Party Transactions, below for further detail. KKR may elect to receive the Performance Participation Allocation in cash and/or Class F Shares. If the Performance Participation Allocation is paid in Class F Shares, such shares may be repurchased at KKR’s request and will be subject to the repurchase limitations of our share repurchase plan. A Performance Participation Allocation accrual of $1,314,650 was recorded as of June 30, 2023 in the Statements of Assets and Liabilities. No Performance Participation Allocation accrual was recorded as of December 31, 2022. The Performance Participation Allocation recorded in the Statements of Operations for the three and six months ended June 30, 2023 is $1,314,650. Derivative Instruments The Company enters into forward foreign currency contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated Infrastructure Asset transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market monthly and the change in value is recorded by the Company as an unrealized appreciation or depreciation. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period as unrealized appreciation or depreciation. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Company recognizes a realized appreciation or depreciation equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Company’s primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. As of June 30, 2023, the fair value of foreign exchange forwards was $7,507,098 and is recorded in the Statement of Assets and Liabilities as a liability and is located on the Schedule of Investments by contract. For the three and six months ended June 30, 2023, the change in net unrealized depreciation on foreign exchange forwards was $7,507,098 and is located on the Schedule of Investments by contract. By using derivative instruments, the Company is exposed to the counterparty’s credit risk — the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Investments | Investments As of June 30, 2023, the Company held interest in Infrastructure Assets, as follows: Refresco Group B.V. As of June 30, 2023, the Company indirectly holds an equity interest in Refresco Group B.V. (“Refresco”). Refresco is based in Rotterdam, Netherlands and provides end-to-end beverage manufacturing to leading brands and retailers in Europe, North America and Australia from its locations across the regions. Albioma SA As of June 30, 2023, the Company indirectly holds an equity interest in Albioma SA (“Albioma”). Albioma is based in France and is an independent renewable energy producer and a significant contributor to the energy transition in the French Overseas territories. Pembina Gas Infrastructure Inc. As of June 30, 2023, the Company indirectly holds an equity interest in Pembina Gas Infrastructure Inc. (“PGI”). PGI is based in Western Canada and gathers, processes and transports natural gas. Summarized Infrastructure Assets Financial Information The following table presents unaudited summarized financial information for the above Infrastructure Assets in the aggregate in which the Company has an indirect equity interest for the three and six months ended June 30, 2023: For the Three Months Ended June 30, 2023 (Unaudited) For the Six Months Ended June 30, 2023 (Unaudited) Revenues $ 2,174,011,886 $ 4,145,275,025 Expenses 2,103,668,382 4,100,037,350 Income before taxes 70,343,504 45,237,675 Income tax expense 17,334,891 27,080,613 Consolidated net income 53,008,613 18,157,062 Net loss attributable to non-controlling interests (4,028,862) (7,463,476) Net income $ 48,979,751 $ 10,693,586 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investments | Fair Value Measurements - Investments The following table presents fair value measurements of Investments, by major class, as of June 30, 2023, according to the fair value hierarchy: Valuation Inputs Investments Level I Level II Level III Fair Value Infrastructure Assets $ — $ — $ 475,436,262 $ 475,436,262 Foreign exchange forwards — (7,507,098) — (7,507,098) Investments in Money Market Funds 4,246,864 — — 4,246,864 Total $ 4,246,864 $ (7,507,098) $ 475,436,262 $ 472,176,028 The following table provides a reconciliation of the beginning and ending balances for Investments that use Level III inputs for the six months ended June 30, 2023: Investments Balance as of December 31, 2022 Purchases Net change in unrealized appreciation (depreciation) on investments Net change in unrealized appreciation (depreciation) on foreign currency translation Balance as of June 30, 2023 Infrastructure Assets $ — $ 444,012,983 $ 18,991,779 $ 12,431,500 $ 475,436,262 Total $ — $ 444,012,983 $ 18,991,779 $ 12,431,500 $ 475,436,262 The total change in unrealized appreciation included in the statements of operations within net change in unrealized appreciation (depreciation) on investments for the six months ended June 30, 2023 attributable to Level III investments and foreign currency translation still held at June 30, 2023 was $18,991,779 and $12,431,500, respectively. The following table presents the quantitative information about Level III fair value measurements of the Company’s Infrastructure Assets as of June 30, 2023: Level III Assets Fair Value June 30, 2023 Valuation Methodology Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Infrastructure Assets $475,436,262 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 5.0% 5.0% - 5.0% Decrease Weight Ascribed to Market Comparables 16.4% —% - 25.0% (4) Weight Ascribed to Discounted Cash Flow 83.6% 75.0% - 100.0% (5) Weight Ascribed to Transaction Price/Other — Not applicable (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 10.7x 10.3x - 11.0x Increase Discounted Cash Flow Weighted Average Cost of Capital 8.3% 6.7% - 10.1% Decrease Enterprise Value / LTM EBITDA Exit Multiple 10.3x 9.5x - 11.5x Increase (1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments. “LTM” means Last Twelve Months. (2) Inputs are weighted based on fair value of the investments included in the range. (3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach. (5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach and transaction price approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price approach. (6) The directional change from an increase in the weight ascribed to the transaction price approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Initial Capital Contribution On October 25, 2022, KKR made an initial capital contribution that resulted in the issuance of 40 Class G Shares of the Company at an aggregate purchase price of $1,000 to KKR Group Asset Holdings III L.P., an indirect subsidiary of KKR. Infrastructure Assets On June 1, 2023 and June 2, 2023, the Company issued to KKR Alternative Assets LLC, an indirect subsidiary of KKR, a total of 17,760,519 Class E Shares of the Company at $25.00 per Class E Share for aggregate consideration of $444,012,983 in exchange for the contribution to the Company of ownership interests in (i) Refresco, a beverage contract manufacturer, (ii) Albioma, a renewable energy producer and (iii) PGI, a midstream platform. Class H Shares Issuance On June 30, 2023, the Company issued to K-INFRA GP LLC, an indirect subsidiary of KKR, a total of 40 Class H Shares of the Company at $25.00 per Class H Share for aggregate consideration of $1,000. For as long as the Management Agreement has not been terminated, the Class H Members (as defined in the LLC Agreement) may receive a Performance Participation Allocation from the Company. Repurchase of Class E Shares Held by KKR On June 30, 2023, pursuant to the Company's KKR Share Repurchase Arrangement, effective April 28, 2023 (the “KKR Share Repurchase Arrangement”), the Company repurchased 7,800,000 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $25.00 per Class E Share, for an aggregate purchase price of $195,000,000. Management Agreement On May 26, 2023, the Company entered into a management agreem ent with the Manager (“Management Agreement”). Pursuant to the Management Agreement, the Manager is responsible for sourcing, evaluating and monitoring the Company’s acquisition opportunities and making recommendations to the Company’s executive committee related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s objectives, guidelines, policies and limitations, subject to oversight by the Company’s Board of Directors (the “Board”). Pursuant to the Management Agreement, the Manager is entitled to receive a management fee (the “Management Fee”) from the Company in an amount equal to (i) 1.25% per annum of the month-end NAV attributable to Class D Shares, Class I Shares and Class S Shares, (ii) 1.00% per annum of the month-end NAV for a 60-month period following the acceptance of the initial subscription for Shares of the Company by persons that are not affiliates of the Manager (the “Initial Offering”) attributable to Class U Shares, Class R-D Shares and Class R Shares (provided that such Class U Shares, Class R-D Shares and Class R Shares are purchased by an investor as part of an intermediary’s aggregate subscription for at least $100 million during the 12-month period following the Initial Offering) and 1.25% per annum of the month-end NAV attributable to Class U Shares, Class R-D Shares and Class R Shares thereafter, each before giving effect to any accruals for certain fees and expenses. For the three and six months ended June 30, 2023, the Manager earned $174,947 in Management Fees. As of June 30, 2023, the Company owed $174,947 to the Manager for Management Fees, which amounts are included in the Management Fee payable on the Statements of Assets and Liabilities. Performance Participation Allocation Under the LLC Agreement, for as long as the Management Agreement has not been terminated, the Class H Members may receive a Performance Participation Allocation from the Company. KKR is allocated a “Performance Participation Allocation” equal to 12.5% of the Total Return attributable to Investor Shares subject to a 5.0% annual Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement). Such allocation will be measured and allocated or paid annually and accrued monthly (subject to pro- rating for partial periods). KKR may elect to receive the Performance Participation Allocation in cash and/or Class F Shares. Specifically, KKR is allocated a Performance Participation Allocation in an amount equal to: • First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to KKR equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to KKR pursuant to this clause (any such amount, the “Catch-Up”); and • Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits. KKR will also be allocated a Performance Participation Allocation with respect to all Investor Shares that are repurchased in connection with repurchases of Shares in an amount calculated as described above with the relevant period being the portion of the Reference Period (as defined in the LLC Agreement) for which such Shares were outstanding, and proceeds for any such Share repurchases will be reduced by the amount of any such Performance Participation Allocation. If the Performance Participation Allocation is paid in Class F Shares, such Shares may be repurchased at KKR’s request and will be subject to the repurchase limitations of our share repurchase plan. The Statements of Operations reflect a $1,314,650 Performance Participation Allocation for the three and six months ended June 30, 2023. Distribution Fees and Servicing Fees The Company will pay KKR Capital Markets LLC ongoing distribution and servicing fees (a) of 0.85% of NAV per annum for Class S Shares and Class U Shares only (consisting of a 0.60% distribution fee (the “Distribution Fee”) and a 0.25% shareholder servicing fee (the “Servicing Fee”)), accrued and payable monthly and (b) of 0.25% for Class D Shares and Class R-D Shares only (all of which constitutes payment for shareholder services, with no payment for distribution services) in each case as accrued, and payable monthly. None of Class I Shares, Class R Shares, Class E Shares, Class F Shares, Class G Shares or Class H Shares will incur Distribution Fees or Servicing Fees. All or a portion of the Distribution Fee or Servicing Fee may be used to pay for sub-transfer agency, platform, sub-accounting and certain other administrative services. The Company also pays for certain sub-transfer agency, sub-accounting and administrative services outside of the Distribution Fee and Servicing Fee. The Manager remits payment of the on-going Distribution Fees and Servicing Fees on behalf of the Company and is reimbursed by the Company for such payments. Under GAAP, the Company accrues the cost of the Servicing Fees and Distribution Fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S Shares, Class U Shares, Class D Shares and Class R-D Shares. As of June 30, 2023, the Company has accrued $8,914,553 of Servicing Fees and Distribution Fees payable to the Dealer Manager related to the Class U shares sold. Expense Limitation and Reimbursement Agreement On May 10, 2023, the Company entered into an Amended and Restated Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with the Manager, which amended and restated the Expense Limitation and Reimbursement Agreement, dated as of October 25, 2022, between the Company and the Manager. Pursuant to the Expense Limitation Agreement, the Manager will forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company, to the extent necessary so that, for any fiscal year, the Company’s annual Specified Expenses (as defined below) do not exceed 0.60% of the Company’s net assets as of the end of each calendar month. “Specified Expenses” is defined to include all expenses incurred in the business of the Company, including organizational and offering costs, with the exception of (i) the management fee, (ii) the Performance Participation Allocation, (iii) the Servicing Fee, (iv) the Distribution Fee, (v) asset or entity level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (viii) taxes, (ix) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees and officers of the Company), (x) certain insurance costs and (xi) extraordinary expenses (as determined in the sole discretion of the Manager). The Expense Limitation Agreement will be in effect through and including December 31, 2023, but may be renewed by the mutual agreement of the Manager and the Company for successive terms. Under the Expense Limitation Agreement, the Company has agreed to carry forward the amount of the foregone management fees and/or expenses paid, absorbed or reimbursed by the Manager for a period not to exceed three years from the end of the month in which the Manager waived or reimbursed such fees or expenses and to reimburse the Manager for such fees or expenses in accordance with the Expense Limitation Agreement. As of June 30, 2023, the Manager agreed to reimburse expenses of $1,770,596 and $4,733,195 incurred by the Company for the three and six months ended June 30, 2023, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a three year period. As of June 30, 2023, the Company recorded $10,167,883 as Due from Manager related to amounts waived under the Expense Limitation Agreement to date and $5,536,256 as Due to Manager related to amounts paid by the Manager on behalf of the Company. As of June 30, 2023 and December 31, 2022, management believes that it is not probable for the Company to be required to reimburse the expenses waived by the Manager. Dealer-Manager Agreement On April 27, 2023, the Company entered into a Dealer-Manager Agreement (the “Dealer-Manager Agreement”) with KKR Capital Markets LLC (the “Dealer-Manager”). Pursuant to the Dealer-Manager Agreement, the Dealer-Manager will solicit sales of the Company’s Shares authorized for issue in accordance with the Company’s confidential Private Placement Memorandum (the “PPM”) and will provide certain administrative and shareholder services to the Company, subject to the terms and conditions set forth in the Dealer-Manager Agreement. The Dealer-Manager will receive certain front-end sales charges, Distribution Fees, Servicing Fees and certain other fees as described in the PPM. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity On June 1, 2023, the Company issued and sold the following Investor Shares of the Company to third-party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class R Shares 2,957,453 $ 73,936,315 Class U Shares 5,012,365 $ 125,309,123 (1) Share and dollar amounts are rounded to the nearest whole number. The following table is a summary of the Shares issued and repurchased during the period ended and outstanding as of June 30, 2023: Shares Outstanding as of December 31, 2022 Shares Sold During the Period Shares Repurchased During the Period Shares Outstanding as of June 30, 2023 Class R Shares — 2,957,453 — 2,957,453 Class U Shares — 5,012,365 — 5,012,365 Class E Shares — 17,760,519 (7,800,000) 9,960,519 Class G Shares 40 — — 40 Class H Shares — 40 — 40 Total 40 25,730,377 (7,800,000) 17,930,417 The proceeds from Shares sold and the aggregate purchase price of Shares repurchased pursuant to the KKR Share Repurchase Arrangement for each class of Shares for the six months ended June 30, 2023 were as follows: Class R Shares Class U Shares Class E Shares Class G Shares Class H Shares Total For the six months ended June 30, 2023: Proceeds from Shares Sold $ 73,936,315 $ 125,309,123 $ 444,012,983 $ — $ 1,000 $ 643,259,421 Aggregate purchase price of Shares repurchased $ — $ — $ (195,000,000) $ — $ — $ (195,000,000) Distribution Reinvestment Plan The Company adopted a Distribution Reinvestment Plan (the “DRIP”) in which cash distributions to holders of our Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders’ distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available NAV per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, all outstanding Class S and Class U Shares will be subject to a dealer manager fee, and Class S, Class D, Class U and Class R-D Shares, including those purchased under our DRIP, will be subject to ongoing Servicing Fees. As of June 30, 2023, the Company did not issue any Shares under the DRIP. Share Repurchases The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. In addition, the aggregate net asset value (“NAV”) of total repurchases of Class S, Class D, Class U, Class I, Class R-D, Class R or Class F Shares under our share repurchase plan will be limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). We do not expect to make repurchases of our Shares under our share repurchase plan until after December 31, 2023. As of June 30, 2023, the Company did not repurchase any Shares under the share repurchase plan. Repurchase Arrangement for Class E Shares held by KKR On the last calendar day of each month the Company expects to offer to repurchase Class E Shares from KKR having an aggregate NAV (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions accepted during such month less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price paid using Excess Operating Cash Flow (as defined below)) of Shares repurchased by the Company during such month pursuant to our share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per Class E Share for repurchases from KKR will be the transaction price in effect for the Class E Shares at the time of repurchase. This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for KKR is not subject to the repurchase limitations in our share repurchase plan. “Excess Operating Cash Flow” means, for any given quarter, the Company’s net cash provided by operating activities, if any, less any amounts of such cash used, or designated for use, to pay distributions to Shareholders. Notwithstanding the foregoing, no repurchase offer will be made to KKR during any month in which (1) the 5% quarterly repurchase limitation of its share repurchase plan has been decreased or (2) the full amount of all Shares requested to be repurchased under our share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from KKR, or may offer to purchase less than the Monthly Repurchase Amount, if, in the Company’s judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Company’s Board may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of its Shareholders. KKR will not request that its Class E Shares be repurchased under our share repurchase plan. On June 30, 2023, pursuant to the KKR Share Repurchase Arrangement, the Company repurchased 7,800,000 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $25.00 per share, for an aggregate purchase price of $195,000,000. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Distributions | Shareholders’ Equity On June 1, 2023, the Company issued and sold the following Investor Shares of the Company to third-party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class R Shares 2,957,453 $ 73,936,315 Class U Shares 5,012,365 $ 125,309,123 (1) Share and dollar amounts are rounded to the nearest whole number. The following table is a summary of the Shares issued and repurchased during the period ended and outstanding as of June 30, 2023: Shares Outstanding as of December 31, 2022 Shares Sold During the Period Shares Repurchased During the Period Shares Outstanding as of June 30, 2023 Class R Shares — 2,957,453 — 2,957,453 Class U Shares — 5,012,365 — 5,012,365 Class E Shares — 17,760,519 (7,800,000) 9,960,519 Class G Shares 40 — — 40 Class H Shares — 40 — 40 Total 40 25,730,377 (7,800,000) 17,930,417 The proceeds from Shares sold and the aggregate purchase price of Shares repurchased pursuant to the KKR Share Repurchase Arrangement for each class of Shares for the six months ended June 30, 2023 were as follows: Class R Shares Class U Shares Class E Shares Class G Shares Class H Shares Total For the six months ended June 30, 2023: Proceeds from Shares Sold $ 73,936,315 $ 125,309,123 $ 444,012,983 $ — $ 1,000 $ 643,259,421 Aggregate purchase price of Shares repurchased $ — $ — $ (195,000,000) $ — $ — $ (195,000,000) Distribution Reinvestment Plan The Company adopted a Distribution Reinvestment Plan (the “DRIP”) in which cash distributions to holders of our Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders’ distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available NAV per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, all outstanding Class S and Class U Shares will be subject to a dealer manager fee, and Class S, Class D, Class U and Class R-D Shares, including those purchased under our DRIP, will be subject to ongoing Servicing Fees. As of June 30, 2023, the Company did not issue any Shares under the DRIP. Share Repurchases The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. In addition, the aggregate net asset value (“NAV”) of total repurchases of Class S, Class D, Class U, Class I, Class R-D, Class R or Class F Shares under our share repurchase plan will be limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). We do not expect to make repurchases of our Shares under our share repurchase plan until after December 31, 2023. As of June 30, 2023, the Company did not repurchase any Shares under the share repurchase plan. Repurchase Arrangement for Class E Shares held by KKR On the last calendar day of each month the Company expects to offer to repurchase Class E Shares from KKR having an aggregate NAV (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions accepted during such month less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price paid using Excess Operating Cash Flow (as defined below)) of Shares repurchased by the Company during such month pursuant to our share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per Class E Share for repurchases from KKR will be the transaction price in effect for the Class E Shares at the time of repurchase. This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for KKR is not subject to the repurchase limitations in our share repurchase plan. “Excess Operating Cash Flow” means, for any given quarter, the Company’s net cash provided by operating activities, if any, less any amounts of such cash used, or designated for use, to pay distributions to Shareholders. Notwithstanding the foregoing, no repurchase offer will be made to KKR during any month in which (1) the 5% quarterly repurchase limitation of its share repurchase plan has been decreased or (2) the full amount of all Shares requested to be repurchased under our share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from KKR, or may offer to purchase less than the Monthly Repurchase Amount, if, in the Company’s judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Company’s Board may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of its Shareholders. KKR will not request that its Class E Shares be repurchased under our share repurchase plan. On June 30, 2023, pursuant to the KKR Share Repurchase Arrangement, the Company repurchased 7,800,000 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $25.00 per share, for an aggregate purchase price of $195,000,000. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it. Indemnification Under the LLC Agreement and organizational documents, the members of the Board, the Manager, KKR, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against certain liabilities arising out of the performance of their duties to the Company. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company. |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Financial Highlights The following is a schedule of the financial highlights of the Company attributed to each class of shares for the period from June 1, 2023 (commencement of principal operations) through June 30, 2023: Class R Shares Class U Shares Class E Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (June 1, 2023) $ — $ — $ — $ 25.00 $ — Proceeds from the issuance of shares, net 25.00 25.00 25.00 — 25.00 Accrued shareholder servicing fees and distribution fees — (1.78) — — — Net investment (loss) income (0.18) (0.18) 0.01 0.03 0.03 Net change in unrealized appreciation on investments 1.06 1.06 1.06 1.05 1.05 Net change in unrealized appreciation on foreign currency translation 0.69 0.69 0.69 0.70 0.70 Net change in unrealized depreciation on foreign exchange forwards (0.42) (0.42) (0.42) (0.43) (0.43) Net increase (decrease) in net assets attributed to shareholders $ 1.15 $ (0.63) $ 1.34 $ 1.35 $ 1.35 Net asset value per share at the end of period (June 30, 2023) $ 26.15 $ 24.37 $ 26.34 $ 26.35 $ 26.35 Shareholders' equity at end of period $ 77,351,017 $ 122,181,817 $ 262,375,066 $ 1,054 $ 1,054 Shares outstanding at end of period 2,957,453 5,012,365 9,960,519 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to net asset value at end of period: (3) Total operating expenses before Performance Participation Allocation (0.20) % (0.22) % (0.12) % (0.12) % (0.12) % Total operating expenses before expenses reimbursed by Manager (4) (1.21) % (1.30) % (0.49) % (0.49) % (0.49) % Total operating expenses after expenses reimbursed by Manager (4) (0.83) % (0.89) % (0.12) % (0.12) % (0.12) % Total operating expenses after Performance Participation Allocation (5) (0.83) % (0.89) % (0.12) % (0.12) % (0.12) % Net investment income (loss) (0.69) % (0.74) % 0.03 % 0.03 % 0.03 % Total return attributed to Shares based on net asset value (2) 4.62 % (2.50) % 5.37 % 5.40 % 5.40 % (1) The per share amounts presented are based on the number of shares outstanding at the end of the period. (2) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in Note 5. Related Party Transactions. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. The Company did not declare or pay any distributions for the period from June 1, 2023 (commencement of principal operations) through June 30, 2023. (3) Actual results may not be indicative of future results. Additionally, an individual Shareholder’s ratios may vary from the ratios presented for a share class as a whole. (4) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (5) Ratios presented after expenses reimbursed by Manager. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Unregistered Sale of Equity Securities As of July 1, 2023, the Company issued and sold the following Investor Shares of the Company (with the final number of shares being determined on July 25, 2023) to third party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class U Shares 2,319,403 $ 60,629,208 Class R Shares 1,988,416 $ 51,997,081 Class D Shares 1,912 $ 50,000 Class I Shares 1,033 $ 27,000 (1) Share and dollar amounts are rounded to the nearest whole number. Declaration of a Distribution On July 31, 2023, the Company declared distributions on the following classes of the Company’s shares in the amount per share set forth below: Class Net Distribution Class U Shares $ 0.0415 Class R Shares $ 0.0600 Class D Shares $ 0.0546 Class I Shares $ 0.0600 Class E Shares $ 0.0600 The distributions for each class of shares are payable to holders of record at the close of business on July 31, 2023 and will be paid on or about October 24, 2023. The net distributions will be paid in cash or reinvested in shares of the Company for shareholders participating in the Company’s distribution reinvestment plan. Repurchase of Class E Shares Held by KKR On July 31, 2023, pursuant to the KKR Share Repurchase Arrangement, the Company repurchased 4,176,158 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $26.34 per Class E Share, for an aggregate purchase price of $110,000,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in United States (“U.S.”) dollars. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. As of December 31, 2022, statement of changes in net assets, statement of cash flows, schedule of investments and financial highlights have not been presented because the Company had not commenced operations. The Company’s financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”). |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents consists solely of money market funds with financial institutions with maturities of three or fewer months at the time of acquisition. |
Foreign Currency Translation | Foreign Currency Translation The accounting records of the Company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net unrealized currency gains and losses arising from valuing foreign currency-denominated investments and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation (depreciation) on foreign currency translation on investments denominated in foreign currencies in the Statements of Operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. |
Organization Costs | Organization costs are expensed as incurred. Organization costs consist of costs incurred to establish the Company and enable it legally to do business. |
Offering Costs | Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement. Offering costs are accounted for as deferred costs until operations begin. Offering costs incurred prior to the Company’s Initial Offering (as defined below) are amortized over the first twelve months of operations on a straight-line basis. |
Valuation of Investments at Fair Value | Valuation of Investments at Fair Value ASC 820, Fair Value Measurement , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of investments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, and are as follows: Level I — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II — Inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level III — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. |
Income Taxes | Income Taxes The Company operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will be considered a publicly traded partnership and will not meet the qualifying income exception, which would result in the Company being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. In such case, the members would then be treated as shareholders in a corporation, and the Company would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Company would be required to pay income tax at corporate rates on its net taxable income. In addition, the Company operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level. |
Calculation of Net Asset Value | Calculation of Net Asset Value Net asset value ("NAV") by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and repurchases that were effective on the last calendar day of such month. Net asset value per share for each class is calculated by dividing the net asset value for that class by the total number of outstanding shares of that class on the reporting date. The Manager is ultimately responsible for the Company’s NAV calculations. |
Revenue Recognition | Revenue Recognition Dividend income from our Infrastructure Assets is recorded on the date when cash is received by the relevant Infrastructure Assets, but excludes any portion of distributions that are treated as a return of capital. Each distribution received from an Infrastructure Asset is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. Dividend income from money market funds with financial institutions is recorded on an accrual basis to the extent that the Company expects to collect such amounts. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments Without regard to unrealized appreciation or depreciation previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. |
Derivative Instruments | Derivative Instruments The Company enters into forward foreign currency contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated Infrastructure Asset transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market monthly and the change in value is recorded by the Company as an unrealized appreciation or depreciation. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period as unrealized appreciation or depreciation. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Company recognizes a realized appreciation or depreciation equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Company’s primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. As of June 30, 2023, the fair value of foreign exchange forwards was $7,507,098 and is recorded in the Statement of Assets and Liabilities as a liability and is located on the Schedule of Investments by contract. For the three and six months ended June 30, 2023, the change in net unrealized depreciation on foreign exchange forwards was $7,507,098 and is located on the Schedule of Investments by contract. By using derivative instruments, the Company is exposed to the counterparty’s credit risk — the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Summarized Infrastructure Assets Financial Information | The following table presents unaudited summarized financial information for the above Infrastructure Assets in the aggregate in which the Company has an indirect equity interest for the three and six months ended June 30, 2023: For the Three Months Ended June 30, 2023 (Unaudited) For the Six Months Ended June 30, 2023 (Unaudited) Revenues $ 2,174,011,886 $ 4,145,275,025 Expenses 2,103,668,382 4,100,037,350 Income before taxes 70,343,504 45,237,675 Income tax expense 17,334,891 27,080,613 Consolidated net income 53,008,613 18,157,062 Net loss attributable to non-controlling interests (4,028,862) (7,463,476) Net income $ 48,979,751 $ 10,693,586 |
Fair Value Measurements - Inv_2
Fair Value Measurements - Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments, by Major Class | The following table presents fair value measurements of Investments, by major class, as of June 30, 2023, according to the fair value hierarchy: Valuation Inputs Investments Level I Level II Level III Fair Value Infrastructure Assets $ — $ — $ 475,436,262 $ 475,436,262 Foreign exchange forwards — (7,507,098) — (7,507,098) Investments in Money Market Funds 4,246,864 — — 4,246,864 Total $ 4,246,864 $ (7,507,098) $ 475,436,262 $ 472,176,028 |
Reconciliation of Infrastructure Assets, Level III Inputs | The following table provides a reconciliation of the beginning and ending balances for Investments that use Level III inputs for the six months ended June 30, 2023: Investments Balance as of December 31, 2022 Purchases Net change in unrealized appreciation (depreciation) on investments Net change in unrealized appreciation (depreciation) on foreign currency translation Balance as of June 30, 2023 Infrastructure Assets $ — $ 444,012,983 $ 18,991,779 $ 12,431,500 $ 475,436,262 Total $ — $ 444,012,983 $ 18,991,779 $ 12,431,500 $ 475,436,262 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents the quantitative information about Level III fair value measurements of the Company’s Infrastructure Assets as of June 30, 2023: Level III Assets Fair Value June 30, 2023 Valuation Methodology Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Infrastructure Assets $475,436,262 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 5.0% 5.0% - 5.0% Decrease Weight Ascribed to Market Comparables 16.4% —% - 25.0% (4) Weight Ascribed to Discounted Cash Flow 83.6% 75.0% - 100.0% (5) Weight Ascribed to Transaction Price/Other — Not applicable (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 10.7x 10.3x - 11.0x Increase Discounted Cash Flow Weighted Average Cost of Capital 8.3% 6.7% - 10.1% Decrease Enterprise Value / LTM EBITDA Exit Multiple 10.3x 9.5x - 11.5x Increase (1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments. “LTM” means Last Twelve Months. (2) Inputs are weighted based on fair value of the investments included in the range. (3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach. (5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach and transaction price approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price approach. (6) The directional change from an increase in the weight ascribed to the transaction price approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach. |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Issued and Sold Investor Shares | On June 1, 2023, the Company issued and sold the following Investor Shares of the Company to third-party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class R Shares 2,957,453 $ 73,936,315 Class U Shares 5,012,365 $ 125,309,123 (1) Share and dollar amounts are rounded to the nearest whole number. As of July 1, 2023, the Company issued and sold the following Investor Shares of the Company (with the final number of shares being determined on July 25, 2023) to third party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class U Shares 2,319,403 $ 60,629,208 Class R Shares 1,988,416 $ 51,997,081 Class D Shares 1,912 $ 50,000 Class I Shares 1,033 $ 27,000 (1) Share and dollar amounts are rounded to the nearest whole number. |
Schedule of Accelerated Share Repurchases | The following table is a summary of the Shares issued and repurchased during the period ended and outstanding as of June 30, 2023: Shares Outstanding as of December 31, 2022 Shares Sold During the Period Shares Repurchased During the Period Shares Outstanding as of June 30, 2023 Class R Shares — 2,957,453 — 2,957,453 Class U Shares — 5,012,365 — 5,012,365 Class E Shares — 17,760,519 (7,800,000) 9,960,519 Class G Shares 40 — — 40 Class H Shares — 40 — 40 Total 40 25,730,377 (7,800,000) 17,930,417 The proceeds from Shares sold and the aggregate purchase price of Shares repurchased pursuant to the KKR Share Repurchase Arrangement for each class of Shares for the six months ended June 30, 2023 were as follows: Class R Shares Class U Shares Class E Shares Class G Shares Class H Shares Total For the six months ended June 30, 2023: Proceeds from Shares Sold $ 73,936,315 $ 125,309,123 $ 444,012,983 $ — $ 1,000 $ 643,259,421 Aggregate purchase price of Shares repurchased $ — $ — $ (195,000,000) $ — $ — $ (195,000,000) |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of the financial highlights of the Company attributed to each class of shares for the period from June 1, 2023 (commencement of principal operations) through June 30, 2023: Class R Shares Class U Shares Class E Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (June 1, 2023) $ — $ — $ — $ 25.00 $ — Proceeds from the issuance of shares, net 25.00 25.00 25.00 — 25.00 Accrued shareholder servicing fees and distribution fees — (1.78) — — — Net investment (loss) income (0.18) (0.18) 0.01 0.03 0.03 Net change in unrealized appreciation on investments 1.06 1.06 1.06 1.05 1.05 Net change in unrealized appreciation on foreign currency translation 0.69 0.69 0.69 0.70 0.70 Net change in unrealized depreciation on foreign exchange forwards (0.42) (0.42) (0.42) (0.43) (0.43) Net increase (decrease) in net assets attributed to shareholders $ 1.15 $ (0.63) $ 1.34 $ 1.35 $ 1.35 Net asset value per share at the end of period (June 30, 2023) $ 26.15 $ 24.37 $ 26.34 $ 26.35 $ 26.35 Shareholders' equity at end of period $ 77,351,017 $ 122,181,817 $ 262,375,066 $ 1,054 $ 1,054 Shares outstanding at end of period 2,957,453 5,012,365 9,960,519 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to net asset value at end of period: (3) Total operating expenses before Performance Participation Allocation (0.20) % (0.22) % (0.12) % (0.12) % (0.12) % Total operating expenses before expenses reimbursed by Manager (4) (1.21) % (1.30) % (0.49) % (0.49) % (0.49) % Total operating expenses after expenses reimbursed by Manager (4) (0.83) % (0.89) % (0.12) % (0.12) % (0.12) % Total operating expenses after Performance Participation Allocation (5) (0.83) % (0.89) % (0.12) % (0.12) % (0.12) % Net investment income (loss) (0.69) % (0.74) % 0.03 % 0.03 % 0.03 % Total return attributed to Shares based on net asset value (2) 4.62 % (2.50) % 5.37 % 5.40 % 5.40 % (1) The per share amounts presented are based on the number of shares outstanding at the end of the period. (2) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in Note 5. Related Party Transactions. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. The Company did not declare or pay any distributions for the period from June 1, 2023 (commencement of principal operations) through June 30, 2023. (3) Actual results may not be indicative of future results. Additionally, an individual Shareholder’s ratios may vary from the ratios presented for a share class as a whole. (4) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (5) Ratios presented after expenses reimbursed by Manager. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Issued and Sold Investor Shares | On June 1, 2023, the Company issued and sold the following Investor Shares of the Company to third-party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class R Shares 2,957,453 $ 73,936,315 Class U Shares 5,012,365 $ 125,309,123 (1) Share and dollar amounts are rounded to the nearest whole number. As of July 1, 2023, the Company issued and sold the following Investor Shares of the Company (with the final number of shares being determined on July 25, 2023) to third party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class U Shares 2,319,403 $ 60,629,208 Class R Shares 1,988,416 $ 51,997,081 Class D Shares 1,912 $ 50,000 Class I Shares 1,033 $ 27,000 (1) Share and dollar amounts are rounded to the nearest whole number. |
Schedule of Dividends Declared | On July 31, 2023, the Company declared distributions on the following classes of the Company’s shares in the amount per share set forth below: Class Net Distribution Class U Shares $ 0.0415 Class R Shares $ 0.0600 Class D Shares $ 0.0546 Class I Shares $ 0.0600 Class E Shares $ 0.0600 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | |||
Organization costs | $ 531,354 | $ 3,332,853 | |
Offering cost amortization, period (in months) | 12 months | ||
Offering costs | $ 669,175 | $ 1,982,628 | |
Deferred offering costs amortization | 165,136 | 165,136 | |
Accrued performance participation allocation | 1,314,650 | 0 | 1,314,650 |
Performance participation allocation | 1,314,650 | 1,314,650 | |
Foreign exchange forwards at fair value | 7,507,098 | 0 | 7,507,098 |
Related Party Transaction [Line Items] | |||
Foreign exchange forwards | (7,507,098) | (7,507,098) | |
Accrued performance participation allocation | 1,314,650 | $ 0 | $ 1,314,650 |
Class H Shares | |||
Related Party Transaction [Line Items] | |||
Foreign exchange forwards | $ (17) | ||
Total Return | |||
Related Party Transaction [Line Items] | |||
Related party transaction rate (as a percent) | 12.50% | ||
Total Return | Class H Shares | |||
Related Party Transaction [Line Items] | |||
Related party transaction rate (as a percent) | 12.50% | ||
Hurdle Amount | Class H Shares | |||
Related Party Transaction [Line Items] | |||
Related party transaction rate (as a percent) | 5% | ||
Catch-Up Rate | Class H Shares | |||
Related Party Transaction [Line Items] | |||
Related party transaction rate (as a percent) | 100% |
Investments - Schedule of Infra
Investments - Schedule of Infrastructure Asset Income Loss (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Net increase in net assets resulting from operations | $ 22,564,140 | $ 22,564,140 |
Investment Company, Nonconsolidated Subsidiaries | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Revenues | 2,174,011,886 | 4,145,275,025 |
Expenses | 2,103,668,382 | 4,100,037,350 |
Income before taxes | 70,343,504 | 45,237,675 |
Income tax expense | 17,334,891 | 27,080,613 |
Consolidated net income | 53,008,613 | 18,157,062 |
Net loss attributable to non-controlling interests | (4,028,862) | (7,463,476) |
Net increase in net assets resulting from operations | $ 48,979,751 | $ 10,693,586 |
Fair Value Measurements - Inv_3
Fair Value Measurements - Investments - Schedule of Fair Value Measurements of Investments by Major Class (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | $ 475,436,262 | $ 0 |
Foreign exchange forwards | (7,507,098) | $ 0 |
Investments in Money Market Funds | 4,246,864 | |
Total Investments, Estimated Fair Value | 472,176,028 | |
Level I | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | 0 | |
Foreign exchange forwards | 0 | |
Investments in Money Market Funds | 4,246,864 | |
Total Investments, Estimated Fair Value | 4,246,864 | |
Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | 0 | |
Foreign exchange forwards | (7,507,098) | |
Investments in Money Market Funds | 0 | |
Total Investments, Estimated Fair Value | (7,507,098) | |
Level III | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | 475,436,262 | |
Foreign exchange forwards | 0 | |
Investments in Money Market Funds | 0 | |
Total Investments, Estimated Fair Value | $ 475,436,262 |
Fair Value Measurements - Inv_4
Fair Value Measurements - Investments - Schedule of Investment Holdings (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Infrastructure Assets [Roll Forward] | |
Balance as of December 31, 2022 | $ 0 |
Purchases | 444,012,983 |
Net change in unrealized appreciation (depreciation) on investments | 18,991,779 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 12,431,500 |
Balance as of June 30, 2023 | 475,436,262 |
Investments | |
Infrastructure Assets [Roll Forward] | |
Balance as of December 31, 2022 | 0 |
Purchases | 444,012,983 |
Net change in unrealized appreciation (depreciation) on investments | 18,991,779 |
Net change in unrealized appreciation (depreciation) on foreign currency translation | 12,431,500 |
Balance as of June 30, 2023 | $ 475,436,262 |
Fair Value Measurements - Inv_5
Fair Value Measurements - Investments - Narratives (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||
Investments | $ 18,991,779 | $ 18,991,779 |
Foreign currency translation | $ 12,431,500 | $ 12,431,500 |
Fair Value Measurements - Inv_6
Fair Value Measurements - Investments - Quantitative Information (Details) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Infrastructure Assets | $ 475,436,262 | $ 0 |
Level III | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Infrastructure Assets | $ 475,436,262 | |
Level III | Weighted Average | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.050 | |
Level III | Weighted Average | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.164 | |
Level III | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.836 | |
Level III | Weighted Average | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | |
Level III | Weighted Average | Enterprise Value / Forward EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 10.7 | |
Level III | Weighted Average | Weighted Average Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.083 | |
Level III | Weighted Average | Enterprise Value / LTM EBITDA Exit Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 10.3 | |
Level III | Minimum | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.050 | |
Level III | Minimum | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | |
Level III | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.750 | |
Level III | Minimum | Market Comparables | Enterprise Value / Forward EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 10.3 | |
Level III | Minimum | Discounted Cash Flow | Weighted Average Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.067 | |
Level III | Minimum | Discounted Cash Flow | Enterprise Value / LTM EBITDA Exit Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 9.5 | |
Level III | Maximum | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.050 | |
Level III | Maximum | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.250 | |
Level III | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1 | |
Level III | Maximum | Market Comparables | Enterprise Value / Forward EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 11 | |
Level III | Maximum | Discounted Cash Flow | Weighted Average Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.101 | |
Level III | Maximum | Discounted Cash Flow | Enterprise Value / LTM EBITDA Exit Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 11.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 02, 2023 | Jun. 01, 2023 | May 26, 2023 | Oct. 25, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 25,730,377 | |||||||
Proceeds from the issuance of shares | $ 643,259,421 | $ 643,259,421 | ||||||
Number of shares repurchased (in shares) | 7,800,000 | |||||||
Aggregate purchase price of shares repurchased | 195,000,000 | $ 195,000,000 | ||||||
Management fee expense | 174,947 | 174,947 | ||||||
Management fee payable | $ 174,947 | 174,947 | 174,947 | $ 0 | ||||
Performance participation allocation | 1,314,650 | 1,314,650 | ||||||
Accrued shareholder servicing fees and distribution fees | 8,914,553 | 8,914,553 | 8,914,553 | 0 | ||||
Reimbursed expenses | 1,770,596 | $ 4,733,195 | ||||||
Total Return | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 12.50% | |||||||
Performance Participation Allocation, Percentage of Excess Profits | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 100% | |||||||
Performance Participation Allocation, Percentage of Remaining Excess Profits | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 12.50% | |||||||
Manager | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial offering period | 60 months | |||||||
Minimum aggregate subscriptions required | $ 100,000,000 | |||||||
Minimum aggregate subscription, purchase period | 12 months | |||||||
Management fee expense | 174,947 | $ 174,947 | ||||||
Management fee payable | 174,947 | 174,947 | 174,947 | |||||
Due from Manager | 10,167,883 | 10,167,883 | 10,167,883 | 5,434,688 | ||||
Due to Manager | $ 5,536,256 | 5,536,256 | $ 5,536,256 | $ 0 | ||||
Manager | Management Fee Rate Attributable to Class D, I and S Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 1.25% | |||||||
Manager | Management Fee Rate Attributable to Class U, R-D and R Shares Following Acceptance of Initial Subscription of Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 1% | |||||||
Manager | Management Fee Percentage Attributable to Class U, R-D and R Shares Thereafter | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 1.25% | |||||||
Manager | Expense Limitation and Reimbursement Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement term | 3 years | |||||||
Manager | Expense Limitation and Reimbursement Agreement | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0.60% | |||||||
Class G Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 0 | |||||||
Proceeds from the issuance of shares | $ 0 | |||||||
Number of shares repurchased (in shares) | 0 | |||||||
Aggregate purchase price of shares repurchased | $ 0 | |||||||
Class G Shares | Subsidiaries | KKR Group Asset Holdings III L.P. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 40 | |||||||
Proceeds from the issuance of shares | $ 1,000 | |||||||
Class G Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0% | |||||||
Class E Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 17,760,519 | |||||||
Proceeds from the issuance of shares | 444,012,983 | $ 444,012,983 | ||||||
Number of shares repurchased (in shares) | 7,800,000 | |||||||
Repurchase price per share (in dollars per share) | $ 25 | |||||||
Aggregate purchase price of shares repurchased | 195,000,000 | $ 195,000,000 | ||||||
Class E Shares | Subsidiaries | KKR Alternative Assets LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 17,760,519 | |||||||
Proceeds from the issuance of shares | $ 444,012,983 | |||||||
Price per share (in dollars per share) | $ 25 | |||||||
Number of shares repurchased (in shares) | 7,800,000 | |||||||
Repurchase price per share (in dollars per share) | $ 25 | |||||||
Aggregate purchase price of shares repurchased | $ 195,000,000 | |||||||
Class E Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0% | |||||||
Class H Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 40 | |||||||
Proceeds from the issuance of shares | $ 1,000 | $ 1,000 | ||||||
Number of shares repurchased (in shares) | 0 | |||||||
Aggregate purchase price of shares repurchased | $ 0 | |||||||
Class H Shares | Total Return | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 12.50% | |||||||
Class H Shares | Hurdle Amount | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 5% | |||||||
Class H Shares | Catch-Up Rate | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 100% | |||||||
Class H Shares | Subsidiaries | K-INFRA GP LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 40 | |||||||
Proceeds from the issuance of shares | $ 1,000 | |||||||
Price per share (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||
Class H Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0% | |||||||
Class S and U Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0.85% | |||||||
Class S and U Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fee | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0.60% | |||||||
Class S and U Shares | Affiliated Entity | KKR Capital Markets LLC | Servicing Fee | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0.25% | |||||||
Class D and R-D Shares | Affiliated Entity | KKR Capital Markets LLC | Servicing Fee | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0.25% | |||||||
Class I Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0% | |||||||
Class R Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 2,957,453 | 2,957,453 | ||||||
Proceeds from the issuance of shares | $ 73,936,315 | $ 73,936,315 | $ 73,936,315 | |||||
Number of shares repurchased (in shares) | 0 | |||||||
Aggregate purchase price of shares repurchased | $ 0 | |||||||
Class R Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0% | |||||||
Class F Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction rate (as a percent) | 0% | |||||||
Class U Shares | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares sold | 5,012,365 | 5,012,365 | ||||||
Proceeds from the issuance of shares | $ 125,309,123 | 125,309,123 | $ 125,309,123 | |||||
Number of shares repurchased (in shares) | 0 | |||||||
Aggregate purchase price of shares repurchased | $ 0 | |||||||
Class U Shares | Distribution Fees and Servicing Fees | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accrued shareholder servicing fees and distribution fees | $ 8,914,553 | $ 8,914,553 | $ 8,914,553 |
Shareholders_ Equity - Schedule
Shareholders’ Equity - Schedule of Issued and Sold Investor Shares (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 01, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Class of Stock [Line Items] | |||
Number of Shares Sold (in shares) | 25,730,377 | ||
Consideration | $ 643,259,421 | $ 643,259,421 | |
Class R Shares | |||
Class of Stock [Line Items] | |||
Number of Shares Sold (in shares) | 2,957,453 | 2,957,453 | |
Consideration | $ 73,936,315 | 73,936,315 | $ 73,936,315 |
Class U Shares | |||
Class of Stock [Line Items] | |||
Number of Shares Sold (in shares) | 5,012,365 | 5,012,365 | |
Consideration | $ 125,309,123 | $ 125,309,123 | $ 125,309,123 |
Shareholders_ Equity - Schedu_2
Shareholders’ Equity - Schedule of Shares Issued and Repurchased (Details) - shares | 6 Months Ended | |
Jun. 01, 2023 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of Beginning of Period (in shares) | 40 | |
Shares Sold During the Period (in shares) | 25,730,377 | |
Shares Repurchased During the Period (in shares) | (7,800,000) | |
Shares Outstanding as of End of Period (in shares) | 17,930,417 | |
Class R Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of Beginning of Period (in shares) | 0 | |
Shares Sold During the Period (in shares) | 2,957,453 | 2,957,453 |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Outstanding as of End of Period (in shares) | 2,957,453 | |
Class U Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of Beginning of Period (in shares) | 0 | |
Shares Sold During the Period (in shares) | 5,012,365 | 5,012,365 |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Outstanding as of End of Period (in shares) | 5,012,365 | |
Class E Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of Beginning of Period (in shares) | 0 | |
Shares Sold During the Period (in shares) | 17,760,519 | |
Shares Repurchased During the Period (in shares) | (7,800,000) | |
Shares Outstanding as of End of Period (in shares) | 9,960,519 | |
Class G Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of Beginning of Period (in shares) | 40 | |
Shares Sold During the Period (in shares) | 0 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Outstanding as of End of Period (in shares) | 40 | |
Class H Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of Beginning of Period (in shares) | 0 | |
Shares Sold During the Period (in shares) | 40 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Outstanding as of End of Period (in shares) | 40 |
Shareholders_ Equity - Schedu_3
Shareholders’ Equity - Schedule of Shares Sold and Aggregate Purchase Price of Shares Repurchased (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 01, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Class of Stock [Line Items] | |||
Proceeds from Shares Sold | $ 643,259,421 | $ 643,259,421 | |
Aggregate purchase price of Shares repurchased | (195,000,000) | (195,000,000) | |
Class R Shares | |||
Class of Stock [Line Items] | |||
Proceeds from Shares Sold | $ 73,936,315 | 73,936,315 | 73,936,315 |
Aggregate purchase price of Shares repurchased | 0 | ||
Class U Shares | |||
Class of Stock [Line Items] | |||
Proceeds from Shares Sold | $ 125,309,123 | 125,309,123 | 125,309,123 |
Aggregate purchase price of Shares repurchased | 0 | ||
Class E Shares | |||
Class of Stock [Line Items] | |||
Proceeds from Shares Sold | 444,012,983 | 444,012,983 | |
Aggregate purchase price of Shares repurchased | (195,000,000) | (195,000,000) | |
Class G Shares | |||
Class of Stock [Line Items] | |||
Proceeds from Shares Sold | 0 | ||
Aggregate purchase price of Shares repurchased | 0 | ||
Class H Shares | |||
Class of Stock [Line Items] | |||
Proceeds from Shares Sold | $ 1,000 | 1,000 | |
Aggregate purchase price of Shares repurchased | $ 0 |
Shareholders_ Equity - Narrativ
Shareholders’ Equity - Narrative (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) shares | |
Class of Stock [Line Items] | |||
Number of shares repurchased (in shares) | shares | 7,800,000 | ||
Aggregate purchase price of shares repurchased | $ | $ 195,000,000 | $ 195,000,000 | |
Class E Shares | |||
Class of Stock [Line Items] | |||
Number of shares repurchased (in shares) | shares | 7,800,000 | ||
Repurchase price per share (in dollars per share) | $ / shares | $ 25 | ||
Aggregate purchase price of shares repurchased | $ | $ 195,000,000 | $ 195,000,000 | |
Class S, Class D, Class U, Class I, Class R-D, Class R or Class F Shares | |||
Class of Stock [Line Items] | |||
Share repurchase limitation, maximum percentage | 5% | 5% | 5% |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 1 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Per share data attributed to shares | |||
Net asset value per share at end of period (in usd per share) | $ 25.76 | ||
Shareholders' equity at end of period | $ 461,910,008 | $ 1,000 | $ 1,000 |
Shares outstanding at end of period | 17,930,417 | 40 | |
Class R Shares | |||
Per share data attributed to shares | |||
Proceeds from the issuance of shares, net (in usd per share) | $ 25 | ||
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | ||
Net investment (loss) income (in usd per share) | (0.18) | ||
Net change in unrealized appreciation on investments (in usd per share) | 1.06 | ||
Net change in unrealized appreciation on foreign currency translation (in usd per share) | 0.69 | ||
Net change in unrealized depreciation on foreign exchange forwards (in usd per share) | (0.42) | ||
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 1.15 | ||
Net asset value per share at end of period (in usd per share) | $ 26.15 | ||
Shareholders' equity at end of period | $ 77,351,017 | 0 | $ 0 |
Shares outstanding at end of period | 2,957,453 | 0 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Total operating expenses before Performance Participation Allocation (as a percent) | (0.20%) | ||
Total operating expenses before expenses reimbursed by Manager (as a percent) | (1.21%) | ||
Total operating expenses after expenses reimbursed by Manager (as a percent) | (0.83%) | ||
Total operating expenses after Performance Participation Allocation (as a percent) | (0.83%) | ||
Net investment income (loss) (as a percent) | (0.69%) | ||
Total return attributed to Shares based on net asset value (as a percent) | 4.62% | ||
Class U Shares | |||
Per share data attributed to shares | |||
Proceeds from the issuance of shares, net (in usd per share) | $ 25 | ||
Accrued shareholder servicing fees and distribution fees (in usd per share) | (1.78) | ||
Net investment (loss) income (in usd per share) | (0.18) | ||
Net change in unrealized appreciation on investments (in usd per share) | 1.06 | ||
Net change in unrealized appreciation on foreign currency translation (in usd per share) | 0.69 | ||
Net change in unrealized depreciation on foreign exchange forwards (in usd per share) | (0.42) | ||
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | (0.63) | ||
Net asset value per share at end of period (in usd per share) | $ 24.37 | ||
Shareholders' equity at end of period | $ 122,181,817 | 0 | $ 0 |
Shares outstanding at end of period | 5,012,365 | 0 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Total operating expenses before Performance Participation Allocation (as a percent) | (0.22%) | ||
Total operating expenses before expenses reimbursed by Manager (as a percent) | (1.30%) | ||
Total operating expenses after expenses reimbursed by Manager (as a percent) | (0.89%) | ||
Total operating expenses after Performance Participation Allocation (as a percent) | (0.89%) | ||
Net investment income (loss) (as a percent) | (0.74%) | ||
Total return attributed to Shares based on net asset value (as a percent) | (2.50%) | ||
Class E Shares | |||
Per share data attributed to shares | |||
Proceeds from the issuance of shares, net (in usd per share) | $ 25 | ||
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | ||
Net investment (loss) income (in usd per share) | 0.01 | ||
Net change in unrealized appreciation on investments (in usd per share) | 1.06 | ||
Net change in unrealized appreciation on foreign currency translation (in usd per share) | 0.69 | ||
Net change in unrealized depreciation on foreign exchange forwards (in usd per share) | (0.42) | ||
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 1.34 | ||
Net asset value per share at end of period (in usd per share) | $ 26.34 | ||
Shareholders' equity at end of period | $ 262,375,066 | 0 | $ 0 |
Shares outstanding at end of period | 9,960,519 | 0 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Total operating expenses before Performance Participation Allocation (as a percent) | (0.12%) | ||
Total operating expenses before expenses reimbursed by Manager (as a percent) | (0.49%) | ||
Total operating expenses after expenses reimbursed by Manager (as a percent) | (0.12%) | ||
Total operating expenses after Performance Participation Allocation (as a percent) | (0.12%) | ||
Net investment income (loss) (as a percent) | 0.03% | ||
Total return attributed to Shares based on net asset value (as a percent) | 5.37% | ||
Class G Shares | |||
Per share data attributed to shares | |||
Proceeds from the issuance of shares, net (in usd per share) | $ 0 | ||
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | ||
Net investment (loss) income (in usd per share) | 0.03 | ||
Net change in unrealized appreciation on investments (in usd per share) | 1.05 | ||
Net change in unrealized appreciation on foreign currency translation (in usd per share) | 0.70 | ||
Net change in unrealized depreciation on foreign exchange forwards (in usd per share) | (0.43) | ||
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 1.35 | ||
Net asset value per share at end of period (in usd per share) | $ 26.35 | ||
Shareholders' equity at end of period | $ 1,054 | 1,000 | $ 1,000 |
Shares outstanding at end of period | 40 | 40 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Total operating expenses before Performance Participation Allocation (as a percent) | (0.12%) | ||
Total operating expenses before expenses reimbursed by Manager (as a percent) | (0.49%) | ||
Total operating expenses after expenses reimbursed by Manager (as a percent) | (0.12%) | ||
Total operating expenses after Performance Participation Allocation (as a percent) | (0.12%) | ||
Net investment income (loss) (as a percent) | 0.03% | ||
Total return attributed to Shares based on net asset value (as a percent) | 5.40% | ||
Class H Shares | |||
Per share data attributed to shares | |||
Proceeds from the issuance of shares, net (in usd per share) | $ 25 | ||
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | ||
Net investment (loss) income (in usd per share) | 0.03 | ||
Net change in unrealized appreciation on investments (in usd per share) | 1.05 | ||
Net change in unrealized appreciation on foreign currency translation (in usd per share) | 0.70 | ||
Net change in unrealized depreciation on foreign exchange forwards (in usd per share) | (0.43) | ||
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 1.35 | ||
Net asset value per share at end of period (in usd per share) | $ 26.35 | ||
Shareholders' equity at end of period | $ 1,054 | $ 0 | $ 0 |
Shares outstanding at end of period | 40 | 0 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Total operating expenses before Performance Participation Allocation (as a percent) | (0.12%) | ||
Total operating expenses before expenses reimbursed by Manager (as a percent) | (0.49%) | ||
Total operating expenses after expenses reimbursed by Manager (as a percent) | (0.12%) | ||
Total operating expenses after Performance Participation Allocation (as a percent) | (0.12%) | ||
Net investment income (loss) (as a percent) | 0.03% | ||
Total return attributed to Shares based on net asset value (as a percent) | 5.40% |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Issued and Sold Investor Shares (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jun. 01, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 25,730,377 | |||
Consideration | $ 643,259,421 | $ 643,259,421 | ||
Class U Shares | ||||
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 5,012,365 | 5,012,365 | ||
Consideration | $ 125,309,123 | 125,309,123 | $ 125,309,123 | |
Class R Shares | ||||
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 2,957,453 | 2,957,453 | ||
Consideration | $ 73,936,315 | $ 73,936,315 | $ 73,936,315 | |
Subsequent Event | Class U Shares | ||||
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 2,319,403 | |||
Consideration | $ 60,629,208 | |||
Subsequent Event | Class R Shares | ||||
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 1,988,416 | |||
Consideration | $ 51,997,081 | |||
Subsequent Event | Class D Shares | ||||
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 1,912 | |||
Consideration | $ 50,000 | |||
Subsequent Event | Class I Shares | ||||
Subsequent Event [Line Items] | ||||
Number of Shares Sold (in shares) | 1,033 | |||
Consideration | $ 27,000 |
Subsequent Events - Dividends D
Subsequent Events - Dividends Declared (Details) - Subsequent Event | Jul. 31, 2023 $ / shares |
Class U Shares | |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | $ 0.0415 |
Class R Shares | |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | 0.0600 |
Class D Shares | |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | 0.0546 |
Class I Shares | |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | 0.0600 |
Class E Shares | |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | $ 0.0600 |
Subsequent Events - Narratives
Subsequent Events - Narratives (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | ||||
Number of shares repurchased (in shares) | 7,800,000 | |||
Aggregate purchase price of shares repurchased | $ 195,000,000 | $ 195,000,000 | ||
Class E Shares | ||||
Subsequent Event [Line Items] | ||||
Number of shares repurchased (in shares) | 7,800,000 | |||
Repurchase price per share (in dollars per share) | $ 25 | |||
Aggregate purchase price of shares repurchased | $ 195,000,000 | $ 195,000,000 | ||
Subsequent Event | Class E Shares | ||||
Subsequent Event [Line Items] | ||||
Number of shares repurchased (in shares) | 4,176,158 | |||
Repurchase price per share (in dollars per share) | $ 26.34 | |||
Aggregate purchase price of shares repurchased | $ 110,000,000 |