Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-56540 | |
Entity Registrant Name | KKR Private Equity Conglomerate LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-4368033 | |
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 | |
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 | 0001957845 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class I Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,872 | |
Class R-D Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,589,785 | |
Class R-I Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 27,901,126 | |
Class R-U Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 47,162,183 | |
Class F Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,610 | |
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 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Investments at fair value (cost of $866,020 and $703,790, respectively) | $ 884,377 | $ 713,610 |
Cash and cash equivalents | 412,388 | 18,007 |
Prepaids and other assets | 149 | 243 |
Deferred offering costs | 466 | 815 |
Due from Manager | $ 2,211 | $ 13,451 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Manager | Manager |
Dividends receivable | $ 2,096 | $ 307 |
Unrealized appreciation on foreign currency forward contracts | 1,131 | 103 |
Total assets | 1,302,818 | 746,536 |
Liabilities | ||
Line of Credit | 0 | 19,200 |
Accrued performance participation allocation | 1,508 | 1,508 |
Accrued shareholder servicing fees and distribution fees | 69,691 | 40,309 |
Directors’ fees and expenses payable | 151 | 137 |
Other accrued expenses and liabilities | 5,960 | 2,133 |
Unrealized depreciation on foreign currency forward contracts | 41 | 742 |
Due to Manager | $ 2,379 | $ 14,471 |
Accounts Payable, Related Party, Type [Extensible Enumeration] | Manager | Manager |
Total liabilities | $ 79,730 | $ 78,500 |
Commitments and contingencies (Note 8) | ||
Net assets | 1,223,088 | 668,036 |
Class I Shares | ||
Liabilities | ||
Net assets | 10 | 1,804 |
Class R-D Shares | ||
Liabilities | ||
Net assets | 10,292 | 0 |
Class R-I Shares | ||
Liabilities | ||
Net assets | 248,196 | 115,196 |
Class R-U Shares | ||
Liabilities | ||
Net assets | 964,490 | 550,983 |
Class F Shares | ||
Liabilities | ||
Net assets | 98 | 51 |
Class G Shares | ||
Liabilities | ||
Net assets | 1 | 1 |
Class H Shares | ||
Liabilities | ||
Net assets | $ 1 | $ 1 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments at cost | $ 866,020 | $ 703,790 |
Class I Shares | ||
Common stock, shares authorized (in shares) | 386 | 69,695 |
Common stock, shares issued (in shares) | 386 | 69,695 |
Common stock, shares outstanding (in shares) | 386 | 69,695 |
Class R-D Shares | ||
Common stock, shares authorized (in shares) | 402,685 | 0 |
Common stock, shares issued (in shares) | 402,685 | 0 |
Common stock, shares outstanding (in shares) | 402,685 | 0 |
Class R-I Shares | ||
Common stock, shares authorized (in shares) | 9,502,499 | 4,452,158 |
Common stock, shares issued (in shares) | 9,502,499 | 4,452,158 |
Common stock, shares outstanding (in shares) | 9,502,499 | 4,452,158 |
Class R-U Shares | ||
Common stock, shares authorized (in shares) | 39,756,187 | 22,941,060 |
Common stock, shares issued (in shares) | 39,756,187 | 22,941,060 |
Common stock, shares outstanding (in shares) | 39,756,187 | 22,941,060 |
Class F Shares | ||
Common stock, shares authorized (in shares) | 3,710 | 1,967 |
Common stock, shares issued (in shares) | 3,710 | 1,967 |
Common stock, shares outstanding (in shares) | 3,710 | 1,967 |
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 | 40 |
Common stock, shares issued (in shares) | 40 | 40 |
Common stock, shares outstanding (in shares) | 40 | 40 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment income | ||
Dividend income | $ 3,851 | $ 0 |
Total investment income | 3,851 | 0 |
Operating expenses | ||
General and administration expenses | 3,587 | 0 |
Management fee expense | 2,653 | 0 |
Deferred offering costs amortization | 349 | 0 |
Directors’ fees and expenses | 154 | 0 |
Interest expense | 14 | 0 |
Organization costs | 0 | 1,790 |
Total operating expenses | 6,757 | 1,790 |
Less: Expenses reimbursed by Manager | (2,211) | (1,790) |
Less: Management fee credits | (2,653) | 0 |
Less: Interest expense waived by Lender | (14) | 0 |
Net operating expenses | 1,879 | 0 |
Net investment income | 1,972 | 0 |
Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts | ||
Foreign currency forward contracts | 268 | 0 |
Foreign currency | (54) | 0 |
Total net realized gain (loss) | 214 | 0 |
Net change in unrealized appreciation (depreciation) before income taxes on: | ||
Investments | 10,979 | 0 |
Foreign currency translation | (2,442) | 0 |
Foreign currency forward contracts | 1,729 | 0 |
Total net change in unrealized appreciation (depreciation) before income taxes | 10,266 | 0 |
Provision for (benefit from) income taxes | 1,301 | 0 |
Total net change in unrealized appreciation (depreciation) after income taxes | 8,965 | 0 |
Net increase in net assets resulting from operations | $ 11,151 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | $ 668,036 |
Consideration from the issuance of shares | 574,566 |
Transfers in | 3,102 |
Transfers out | (3,102) |
Accrued shareholder servicing fees and distribution fees | (30,665) |
Net investment income | 1,972 |
Net realized gain | 214 |
Net change in unrealized appreciation | 8,965 |
Ending balance | 1,223,088 |
Class I Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1,804 |
Consideration from the issuance of shares | 10 |
Transfers out | (1,804) |
Ending balance | 10 |
Class R-D Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 0 |
Consideration from the issuance of shares | 10,519 |
Transfers out | (50) |
Accrued shareholder servicing fees and distribution fees | (216) |
Net investment income | 14 |
Net realized gain | 2 |
Net change in unrealized appreciation | 23 |
Ending balance | 10,292 |
Class R-I Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 115,196 |
Consideration from the issuance of shares | 128,079 |
Transfers in | 3,102 |
Net investment income | 151 |
Net realized gain | 42 |
Net change in unrealized appreciation | 1,626 |
Ending balance | 248,196 |
Class R-U Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 550,983 |
Consideration from the issuance of shares | 435,913 |
Transfers out | (1,248) |
Accrued shareholder servicing fees and distribution fees | (30,449) |
Net investment income | 1,807 |
Net realized gain | 170 |
Net change in unrealized appreciation | 7,314 |
Ending balance | 964,490 |
Class F Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 51 |
Consideration from the issuance of shares | 45 |
Net change in unrealized appreciation | 2 |
Ending balance | 98 |
Class G Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1 |
Ending balance | 1 |
Class H Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1 |
Ending balance | $ 1 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Operating activities | |
Net increase in net assets from operations | $ 11,151 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Net change in unrealized appreciation on investments | (10,979) |
Net change in unrealized depreciation on foreign currency translation | 2,442 |
Net change in unrealized appreciation on foreign currency forward contracts | (1,729) |
Deferred offering costs amortization | 349 |
Class F Shares issued as payment of directors’ fees and expenses | 45 |
Acquisition of portfolio companies | (162,230) |
Changes in operating assets and liabilities: | |
Decrease in prepaids and other assets | 94 |
Decrease in due from Manager | 11,240 |
Increase in dividends receivable | (1,789) |
Increase in other accrued expenses and liabilities | 3,827 |
Increase in directors’ fees and expenses payable | 14 |
Decrease in due to Manager | (11,338) |
Net cash used in operating activities | (158,903) |
Financing activities | |
Proceeds from issuance of shares | 574,521 |
Repayment on Line of Credit | (19,200) |
Payment of offering costs | (1,397) |
Payments of shareholder servicing fees and distribution fees | (640) |
Net cash provided by financing activities | 553,284 |
Net increase in cash and cash equivalents | 394,381 |
Cash and cash equivalents, beginning of period | 18,007 |
Cash and cash equivalents, end of period | 412,388 |
Supplemental Disclosure of Non-Cash Financing Activities | |
Change in shareholder servicing fees and distribution fees payable | $ 30,665 |
Condensed Consolidated Schedule
Condensed Consolidated Schedule of Investments (Unaudited) € in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | |||||
Portfolio companies, cost | $ 866,020 | $ 703,790 | |||||||
Investments in money market funds, cost | 412,388 | 18,007 | |||||||
Investments and cash equivalents, cost | $ 1,278,140 | $ 721,797 | |||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 72.50% | 72.50% | 106.80% | 106.80% | |||||
Portfolio Companies, Estimated Fair Value | $ 884,377 | $ 713,610 | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value | 1,131 | 103 | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value | (41) | (742) | |||||||
Total Foreign Currency Forward Contracts | $ 1,090 | $ (639) | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0.10% | 0.10% | (0.10%) | (0.10%) | |||||
Investments in Money Market Funds, Estimated Fair Value | $ 412,120 | $ 18,007 | |||||||
Total | $ 1,297,587 | $ 730,978 | |||||||
Total Investments, Estimated Fair Value as Percentage of Net Assets | 106.30% | 106.30% | 109.40% | 109.40% | |||||
Money Market Funds | |||||||||
Investments in money market funds, cost | $ 412,120 | $ 18,007 | |||||||
Investments in Money Market Funds, Estimated Fair Value | $ 412,120 | $ 18,007 | |||||||
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 33.70% | 33.70% | 2.70% | 2.70% | |||||
Goldman Sachs | |||||||||
Notional | € | € 35,700 | € 35,700 | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value | $ 393 | ||||||||
Foreign Currency Forward Contracts, Estimated Fair Value | $ (652) | ||||||||
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% | (0.10%) | (0.10%) | |||||
Barclays Bank PLC | |||||||||
Notional | € | € 17,200 | € 32,900 | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value | $ 556 | $ 103 | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0.10% | 0.10% | 0% | 0% | |||||
Nomura International plc | |||||||||
Notional | € | € 1,700 | € 1,700 | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value | $ (41) | $ (90) | |||||||
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% | 0% | 0% | |||||
Nomura International plc | |||||||||
Notional | € | € 17,500 | ||||||||
Foreign Currency Forward Contracts, Estimated Fair Value | $ 182 | ||||||||
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% | |||||||
Morgan Stanley Institutional Liquidity Funds Government Portfolio | Money Market Funds | |||||||||
Investments in Money Market Funds, Estimated Fair Value | $ 412,120 | $ 18,007 | |||||||
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 33.70% | 33.70% | 2.70% | 2.70% | |||||
Industrials | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 25.40% | 25.40% | 37.60% | 37.60% | |||||
Industrials | CIRCOR International, Inc. | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 10.80% | 10.80% | 19.80% | 19.80% | |||||
Portfolio Companies, Estimated Fair Value | $ 132,500 | $ 132,500 | |||||||
Industrials | Potter Electrical Signal Company, LLC | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 7% | 7% | 12.80% | 12.80% | |||||
Portfolio Companies, Estimated Fair Value | $ 85,500 | $ 85,500 | |||||||
Industrials | Other investment in portfolio company | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 7.60% | 7.60% | 5% | [1] | 5% | [1] | |||
Portfolio Companies, Estimated Fair Value | $ 92,933 | $ 33,660 | [1] | ||||||
Health Care | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 24.20% | 24.20% | 28.70% | 28.70% | |||||
Health Care | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | [2] | 5.90% | 5.90% | ||||||
Portfolio Companies, Estimated Fair Value | [2] | $ 72,368 | |||||||
Health Care | Other investment in portfolio company | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 0.20% | [3] | 0.20% | [3] | 0.30% | 0.30% | |||
Portfolio Companies, Estimated Fair Value | $ 2,176 | [3] | $ 1,770 | ||||||
Health Care | Other investment in portfolio company | EMEA | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 0.30% | 0.30% | 0.50% | 0.50% | |||||
Portfolio Companies, Estimated Fair Value | $ 3,542 | $ 3,542 | |||||||
Health Care | PetVet Care Centers, LLC | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 10.40% | 10.40% | 19.10% | 19.10% | |||||
Portfolio Companies, Estimated Fair Value | $ 127,453 | $ 127,453 | |||||||
Health Care | IVI Rma Global SL | EMEA | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 7.40% | 7.40% | 8.80% | 8.80% | |||||
Portfolio Companies, Estimated Fair Value | $ 89,904 | $ 58,877 | |||||||
Financials | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 15.90% | 15.90% | 28.60% | 28.60% | |||||
Financials | Other investment in portfolio company | EMEA | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 4.20% | 4.20% | |||||||
Portfolio Companies, Estimated Fair Value | $ 51,355 | ||||||||
Financials | USI Insurance Services LLC | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 11.70% | 11.70% | 21.30% | 21.30% | |||||
Portfolio Companies, Estimated Fair Value | $ 142,500 | $ 142,500 | |||||||
Financials | April SAS | EMEA | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 7.30% | 7.30% | |||||||
Portfolio Companies, Estimated Fair Value | $ 48,508 | ||||||||
Consumer Discretionary | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 3.10% | 3.10% | 5.10% | 5.10% | |||||
Consumer Discretionary | Other investment in portfolio company | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 3.10% | 3.10% | |||||||
Portfolio Companies, Estimated Fair Value | $ 37,400 | ||||||||
Consumer Discretionary | Groundworks, LLC | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 5.10% | 5.10% | |||||||
Portfolio Companies, Estimated Fair Value | $ 34,000 | ||||||||
Materials | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 2.50% | 2.50% | 4.60% | 4.60% | |||||
Materials | Other investment in portfolio company | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 2.50% | 2.50% | 4.60% | 4.60% | |||||
Portfolio Companies, Estimated Fair Value | $ 30,400 | $ 30,400 | |||||||
Communication Services | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 1.20% | 1.20% | 1.90% | 1.90% | |||||
Communication Services | Other investment in portfolio company | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 1.20% | 1.20% | 1.90% | 1.90% | |||||
Portfolio Companies, Estimated Fair Value | $ 14,300 | $ 13,000 | |||||||
Information Technology | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 0.20% | 0.20% | 0.30% | 0.30% | |||||
Information Technology | Other investment in portfolio company | Americas | |||||||||
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets | 0.20% | 0.20% | 0.30% | 0.30% | |||||
Portfolio Companies, Estimated Fair Value | $ 2,046 | $ 1,900 | |||||||
[1]There were no single investments included in this category that exceeded 5% of net assets.[2]As of March 31, 2024, the Company had funded cash into KKR HCSG II Spark Aggregator L.P. in connection with acquiring an indirect interest in SunFireMatrix, Inc. on April 1, 2024. This investment is measured at fair value using the net asset value practical expedient under Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosure (“ASC 820”)[3]There were no single investments included in this category that exceeded 5% of net assets. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization KKR Private Equity Conglomerate LLC (“K-PEC” and the “Company”) was formed on December 6, 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 primarily seeks to acquire, own and control portfolio companies with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through joint ventures (“Joint Ventures”). The Company expects that its portfolio companies will operate principally in the following business lines: Business & Financial Services; Consumer & Retail; Healthcare; Impact; Industrials; and Technology, Media & Telecommunications. The Company commenced principal operations on August 1, 2023. K-PEC conducts a continuous private offering of its investor shares on a monthly basis: Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (collectively, the “Investor Shares” and, collectively with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), including under Regulation D and Regulation S, (i) to 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, Class R-U Shares and Class R-I 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-I Shares or any distribution fees with respect to the Class D Shares or Class R-D Shares. Holders of Class E Shares, Class F Shares, Class G Shares and Class H Shares (collectively, the “KKR Shares”) have equal rights and privileges with each other and, except for the Class G Shares, no class of shares will have any rights, powers or preferences with respect to determining the number of directors constituting the entire Board of Directors the (“Board”) or the appointment, election, or removal of any directors of officers of the Company. Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, “KKR”), through its ownership of all of the Company’s outstanding Class G Shares, hold, directly and indirectly, all of the voting power of the Company. The KKR Shares are not subject to the Management Fee (defined herein) or the Performance Participation Allocation (defined herein), and are not subject to any servicing or distribution fees. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated 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 consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates. The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under ASC 946, Financial Services—Investment Companies (“ASC 946”). Basis of Consolidation As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation. For a detailed discussion about K-PEC’s significant accounting policies, see Note 2 to the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. During the three months ended March 31, 2024, there were no significant updates to K-PEC’s significant accounting policies. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Investments | Investments Summarized Portfolio Company Financial Information The following table presents unaudited summarized financial information for the portfolio companies in the aggregate in which the Company has an indirect equity interest for the three months ended March 31, 2024. Amounts provided do not represent the Company’s proportionate share: Three Months Ended March 31, 2024 Revenues $ 2,666,872 Expenses 2,816,613 Loss before taxes (149,741) Income tax (benefit) expense (2,564) Consolidated net loss (147,177) Net loss attributable to non-controlling interests 164 Net loss $ (147,013) The net loss above represents the aggregated net income attributable to the controlling interests in each of the Company’s portfolio companies and does not represent the Company’s proportionate share of income. |
Fair Value Measurements - Inves
Fair Value Measurements - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investments | Fair Value Measurements - Investments The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy: March 31, 2024 Investments Level I Level II Level III Investment Measured at Net Asset Value (1) Fair Value Portfolio companies $ — $ — $ 812,009 $ 72,368 $ 884,377 Unrealized depreciation on foreign currency forward contracts — (41) (41) Unrealized appreciation on foreign currency forward contracts 1,131 1,131 Investments in Money Market Funds 412,120 — — 412,120 Total $ 412,120 $ 1,090 $ 812,009 $ 72,368 $ 1,297,587 (1) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. December 31, 2023 Investments Level I Level II Level III Fair Value Portfolio companies $ — $ — $ 713,610 $ 713,610 Unrealized depreciation on foreign currency forward contracts — (742) — (742) Unrealized appreciation on foreign currency forward contracts — 103 — 103 Investments in Money Market Funds 18,007 — — 18,007 Total $ 18,007 $ (639) $ 713,610 $ 730,978 The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2024: Investments Balance as of December 31, 2023 Purchases Net change in unrealized appreciation on investments Net change in unrealized depreciation on foreign currency translation Balance as of March 31, 2024 Portfolio companies $ 713,610 $ 89,862 $ 10,979 $ (2,442) $ 812,009 Total $ 713,610 $ 89,862 $ 10,979 $ (2,442) $ 812,009 The total change in unrealized appreciation (depreciation) included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the three months ended March 31, 2024 attributable to Level III investments and foreign currency translation still held at March 31, 2024 was $10,979 and $(2,442), respectively. The following tables present the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of March 31, 2024 and December 31, 2023: Level III Assets Fair Value March 31, 2024 Valuation Methodology and Inputs Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Portfolio companies $812,009 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 7.0% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 34.0% 6.3% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 52.4% 0.0% - 75.0% (5) Weight Ascribed to Transaction Price/Other 13.6% 0.0% - 75.0% (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 15.0x 2.6x - 21.9x Increase Discounted Cash Flow Weighted Average Cost of Capital 11.0% 8.4% - 17.9% Decrease Enterprise Value / LTM EBITDA Exit Multiple 14.1x 8.5x - 17.5x Increase Level III Assets Fair Value December 31, 2023 Valuation Methodology and Inputs Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Portfolio companies $713,610 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 7.4% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 25.0% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 40.2% 0.0% - 75.0% (5) Weight Ascribed to Transaction Price/Other 34.8% 0.0%- 100.0% (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 14.6x 7.5x - 17.8x Increase Discounted Cash Flow Weighted Average Cost of Capital 11.6% 8.5% - 18.2% Decrease Enterprise Value / LTM EBITDA Exit Multiple 14.9x 8.5x - 17.5x 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 would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach. Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Agreement On July 27, 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 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 S Shares, Class D Shares, Class U Shares and Class I Shares and (ii) 1.00% per annum of the month-end NAV for a 60-month period following August 1, 2023 (the “Initial Offering”) attributable to Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (provided that for Class R-S Shares, Class R-U Shares and Class R-I Shares, such shares are purchased by an investor as part of an intermediary’s direct or indirect aggregate subscription for at least $100,000 in Shares and shares of any class of KKR Private Markets Equity Fund SICAV SA, a multi-compartment Luxembourg investment company with variable capital, and KKR Private Markets Equity Fund (Master) FCP, a Luxembourg mutual fund (together, with any parallel vehicles formed to invest alongside the aforementioned entities and that are direct or indirect parent companies of K-PRIME Aggregator L.P., “K-PRIME”) during the 12-month period following the Initial Offering) and 1.25% per annum of the month-end NAV attributable to Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares after the 60-month period following the Initial Offering, each before giving effect to accruals for the Management Fee, the Distribution Fee (defined herein), the Servicing Fee (defined herein), the Performance Participation Allocation (defined herein), share repurchases for that month, any distributions and without taking into account any taxes (whether paid, payable, accrued or otherwise) of any intermediate entity through which the Company indirectly acquires and holds a portfolio company, as determined in the good faith judgment of the Manager. Such Management Fee is calculated based on the Company’s transactional net asset value (“Transactional Net Asset Value”), which is used to determine the price at which the Company sells and repurchases its Shares. KKR or its affiliates (and in the case of directors’ fees, KKR executives) are expected to be paid transaction fees and monitoring fees in connection with the acquisition, ownership, control and exit of portfolio companies, and KKR or its affiliates are expected to be entitled to receive “break-up” or similar fees in connection with unconsummated transactions (“Other Fees”). The Management Fee payable in any monthly period is subject to reduction, but not below zero, by an amount equal to any Other Fees allocable to Investor Shares pursuant to the terms of the Management Agreement. The Manager, in its sole discretion, may forgo reimbursement by the Company of certain expenses incurred by the Manager or its affiliates (other than the Company and its subsidiaries) on behalf of the Company in each calendar month to the extent there remains any Other Fees that are not used to offset the Management Fee. Any Other Fees used to offset such expenses will not be applied again to offset future Management Fees. For the three months ended March 31, 2024, the Manager earned $2,653 in gross Management Fees, which were offset by $2,653, resulting in $0 of net Management Fees. As of March 31, 2024 and December 31, 2023, there were unapplied credits of $12,887 and $12,403, respectively, to be carried forward that relate to Other Fees earned. As of March 31, 2024 and December 31, 2023, the Company did not owe a net Management Fee to the Manager. Pursuant to the Management Agreement, such amounts earned may be offset by the Manager against amounts due to the Company from the Manager. Performance Participation Allocation KKR is allocated a “Performance Participation Allocation” equal to 15.0% 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, promptly following the end of each Reference Period (and at other times as described below), 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 (as defined in the LLC Agreement) (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to KKR equals 15.0% 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, 15.0% 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 (which is the applicable year beginning on October 1 and ending on September 30 of the next succeeding year, with the initial Reference Period being the period from August 1, 2023 to September 30, 2024) 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. Such Performance Participation Allocation is calculated based on the Transactional Net Asset Value. If the Performance Participation Allocation is paid in Class F Shares, such Shares may be repurchased at KKR’s request and are subject to the repurchase limitations of our share repurchase plan. A Performance Participation Allocation accrual of $1,508 and $1,508 was recorded as of March 31, 2024 and December 31, 2023, respectively, in the Consolidated Statements of Assets and Liabilities. No Performance Participation Allocation was recognized in the Consolidated Statements of Operations for the three months ended March 31, 2024 and 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, Class U Shares, Class R-S Shares and Class R-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 mo nthly. Such Distribution Fee and Servicing Fee are calculated based on the Transactional Net Asset Value. None of the Class I Shares, Class R-I Shares, Class E Shares, Class F Shares, Class G Shares or Class H Shares incur the Distribution Fee or the Servicing Fee. The Dealer-Manager (defined below) generally expects to reallow the Distribution Fee and the Servicing Fee to participating broker dealers or other intermediaries. The Company may also pay for certain sub-transfer agency, platform, sub-accounting and administrative services outside of the Distribution Fee and the Servicing Fee. 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 the Company sells Class S Shares, Class U Shares, Class D Shares, Class R-S Shares, Class R-U Shares and Class R-D Shares. As of March 31, 2024 and December 31, 2023 , the Company has accrued $69,691 and $40,309, respectively, of Servicing Fees and Distribution Fees payable to the Dealer Manager related to the Class R-U Shares and Class R-D Shares sold. Expense Limitation and Reimbursement Agreement On December 6, 2022, the Company entered into an Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with 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) portfolio company 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 remains in effect through and including June 30, 2024, 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 March 31, 2024, the Manager agreed to reimburse expenses of $2,211 incurred by the Company for the three months ended March 31, 2024, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a three year period. As of March 31, 2024 and December 31, 2023, the Company recorded $2,211 and $13,451, respectively, as Due from Manager Due to Manager The following table reflects the amounts incurred by the Company and subject to recoupment pursuant to the Expense Limitation Agreement and the expiration for future possible recoupments by the Company: Three Months Ended Amount Last Expiration Date December 31, 2022 $ 3,635 December 31, 2025 March 31, 2023 1,838 March 31, 2026 June 30, 2023 1,938 June 30, 2026 September 30, 2023 3,269 September 30, 2026 December 31, 2023 2,771 December 31, 2026 March 31, 2024 2,211 March 31, 2027 Total $ 15,662 As of March 31, 2024 and December 31, 2023, management believes that it was not probable for the Company to be required to reimburse the expenses waived by the Manager. Dealer-Manager Agreement On July 27, 2023, the Company entered into a Dealer-Manager Agreement (as amended from time to time, the “Dealer-Manager Agreement”) with KKR Capital Markets LLC (the “Dealer-Manager”). Pursuant to the Dealer-Manager Agreement, the Dealer-Manager solicits sales of the Company’s Shares authorized for issue in accordance with the Company’s confidential Private Placement Memorandum (the “PPM”) and provides certain administrative and shareholder services to the Company, subject to the terms and conditions set forth in the Dealer-Manager Agreement. The Dealer-Manager receives certain front-end sales charges, Distribution Fees, Servicing Fees and certain other fees as described in the PPM. Line of Credit On December 20, 2023, certain wholly-owned subsidiaries of the Company, as may be added and removed from time to time (the “Borrowers”), entered into an unsecured, uncommitted line of credit, which was further amended on March 21, 2024 (the “Line of Credit”) to provide for up to a maximum aggregate principal amount of $300,000 with KKR Alternative Assets LLC (the “Lender”), an affiliate of the Company. Each loan under the Line of Credit will (i) be subject to an interest rate per annum as set forth in the applicable loan request up to the then-current rate offered by a third party lender or, if no such rate is available, up to Secured Overnight Financing Rate applicable to such loan plus 3.50% and (ii) in the event that the interest rate is zero percent such loan will have a maximum maturity of 364 days following the borrowing of such loan (unless otherwise consented to by the Lender in its sole discretion). The Line of Credit expires on December 20, 2024, subject to six-month extension options requiring the Lender’s approval. Each advance under the Line of Credit is repayable on the earlier of the (i) 180th day following the earlier of (x) the Lender’s demand and (y) the expiration of the line of credit and (ii) if specified, the scheduled date of repayment for each such loan as set forth in the relevant loan request (the “Scheduled Repayment Date”), which date shall in no case be later than 364 days following the borrowing of such loan (unless the Lender, in its sole discretion, consents to a Scheduled Repayment Date that is later than 364 days following the borrowing of such loan). To the extent the Company has not repaid all loans and other obligations under the Line of Credit after a repayment event has occurred, the Company is obligated to apply excess available cash proceeds to the repayment of such loans and other obligations; provided that the Borrowers will be permitted to (w) make payments to fulfill any repurchase requests pursuant to the Company’s share repurchase plan or any excess tender offer on the terms described in the Company’s private placement memorandum, (x) use funds to close any acquisition of a portfolio company which the Company committed to prior to receiving a demand notice, (y) make elective distributions of an amount not to exceed amounts paid in the immediately preceding fiscal quarter and (z) pay any taxes when due. The Line of Credit also permits voluntary prepayment of principal and accrued interest without any penalty other than customary breakage costs subject to the Lender’s discretion. Each Borrower may withdraw from the Line of Credit at the time all such obligations held by such Borrower to the Lender under the Line of Credit have been repaid to the Lender in full. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, the Lender may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. The Lender and its assignees shall not have any recourse to any entities with interests in the Borrowers such as a general partner or investor, including the Company, or any of their respective assets for any indebtedness or other monetary obligation incurred under the Line of Credit. As of December 31, 2023, the outstanding balance on the Line of Credit was $19,200, all of which was subsequently repaid on January 4, 2024. No balance was outstanding on the Line of Credit as of March 31, 2024. For the period from January 1, 2024 to January 4, 2024, the Company incurred interest expense of $14, which was waived by the Lender. |
Shareholders_ Equity
Shareholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity The following table is a summary of the Shares issued during the three months ended March 31, 2024 and shares outstanding as of March 31, 2024: Shares Outstanding as of December 31, 2023 Shares Issued During the Period Transfers In During the Period Transfers Out During the Period Shares Outstanding as of March 31, 2024 Class I Shares 69,695 386 — (69,695) 386 Class R-D Shares — 404,608 — (1,923) 402,685 Class R-I Shares 4,452,158 4,930,470 119,871 — 9,502,499 Class R-U Shares 22,941,060 16,863,616 — (48,489) 39,756,187 Class F Shares 1,967 1,743 — — 3,710 Class G Shares 40 — — — 40 Class H Shares 40 — — — 40 Total 27,464,960 22,200,823 119,871 (120,107) 49,665,547 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 Transactional Net Asset Value per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares, Class R-D Shares and Class R-U Shares, including those purchased under our DRIP, will be subject to applicable ongoing distribution and/or shareholder servicing fees. As of March 31, 2024 and December 31, 2023, the Company has not issued 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 NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares, Class R-I Shares 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). As of March 31, 2024 and December 31, 2023, the Company has not repurchased any Shares under the share repurchase plan. Repurchase Arrangement for Class E Shares held by KKR No shares were repurchased by the Company, pursuant to the KKR Share Repurchase Arrangement, effective July 27, 2023 (“KKR Share Repurchase Arrangement”), during the three months ended March 31, 2024 . For a description of the KKR Share Repurchase Arrangement, please see our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Distributions The Company did not declare or pay any distributions during the three months ended March 31, 2024. |
Distributions
Distributions | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Distributions | Shareholders’ Equity The following table is a summary of the Shares issued during the three months ended March 31, 2024 and shares outstanding as of March 31, 2024: Shares Outstanding as of December 31, 2023 Shares Issued During the Period Transfers In During the Period Transfers Out During the Period Shares Outstanding as of March 31, 2024 Class I Shares 69,695 386 — (69,695) 386 Class R-D Shares — 404,608 — (1,923) 402,685 Class R-I Shares 4,452,158 4,930,470 119,871 — 9,502,499 Class R-U Shares 22,941,060 16,863,616 — (48,489) 39,756,187 Class F Shares 1,967 1,743 — — 3,710 Class G Shares 40 — — — 40 Class H Shares 40 — — — 40 Total 27,464,960 22,200,823 119,871 (120,107) 49,665,547 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 Transactional Net Asset Value per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares, Class R-D Shares and Class R-U Shares, including those purchased under our DRIP, will be subject to applicable ongoing distribution and/or shareholder servicing fees. As of March 31, 2024 and December 31, 2023, the Company has not issued 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 NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares, Class R-I Shares 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). As of March 31, 2024 and December 31, 2023, the Company has not repurchased any Shares under the share repurchase plan. Repurchase Arrangement for Class E Shares held by KKR No shares were repurchased by the Company, pursuant to the KKR Share Repurchase Arrangement, effective July 27, 2023 (“KKR Share Repurchase Arrangement”), during the three months ended March 31, 2024 . For a description of the KKR Share Repurchase Arrangement, please see our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Distributions The Company did not declare or pay any distributions during the three months ended March 31, 2024. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it. Funding Commitments and Others The Company had $8,833 of unfunded commitments in portfolio companies as of both March 31, 2024 and December 31, 2023. Indemnification Under the LLC Agreement and organizational documents, the members of the Board, officers of the Company, 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024: Class I Shares Class R-D Shares Class R-I Shares Class R-U Shares Class F Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (January 1, 2024) $ 25.88 $ — $ 25.87 $ 24.08 $ 26.02 $ 26.02 $ 26.02 Consideration from the issuance of shares, net — 26.00 — 0.83 — — — Transfers in — — — — — — — Transfers out — — — — — — — Accrued shareholder servicing fees and distribution fees (2) — (0.54) — (0.92) — — — Net investment income (2) 0.03 0.03 0.02 0.05 0.04 0.04 0.04 Net realized gain (loss) and change in unrealized appreciation (depreciation) (2) 0.24 0.07 0.23 0.22 0.26 0.26 0.26 Net increase (decrease) in net assets attributed to shareholders $ 0.27 $ (0.44) $ 0.25 $ 0.18 $ 0.30 $ 0.30 $ 0.30 Net asset value per share at the end of period (March 31, 2024) $ 26.15 $ 25.56 $ 26.12 $ 24.26 $ 26.32 $ 26.32 $ 26.32 Net assets at end of period (March 31, 2024) 10 10,292 248,196 964,490 98 1 1 Shares outstanding at end of period (March 31, 2024) 386 402,685 9,502,499 39,756,187 3,710 40 40 Weighted average shares outstanding at end of period (March 31, 2024) 386 400,641 7,622,403 33,117,870 3,710 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to net asset value (3) : Operating expenses before Performance Participation Allocation (4) 0.18 % 0.12 % 0.18 % 0.19 % 0.18 % 0.18 % 0.18 % Operating expenses before expenses reimbursed by Manager (4) (5) 0.48 % 0.27 % 0.50 % 0.38 % 0.40 % 0.40 % 0.40 % Operating expenses after expenses reimbursed by Manager (4) (5) 0.26 % 0.15 % 0.29 % 0.16 % 0.18 % 0.18 % 0.18 % Operating expenses after Performance Participation Allocation (4) (6) 0.26 % 0.15 % 0.29 % 0.16 % 0.18 % 0.18 % 0.18 % Net investment income (loss) (4) 0.12 % 0.13 % 0.08 % 0.22 % 0.17 % 0.17 % 0.17 % Total GAAP return attributed to Shares based on net asset value (4) (7) 1.06 % (1.70) % 0.92 % 0.82 % 1.11 % 1.11 % 1.11 % (1) Per share data may be rounded in order to recompute the ending net asset value per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (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) Weighted average net assets during the applicable period are used for this calculation. (5) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (6) Ratios presented after expenses reimbursed by Manager. (7) 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 three months ended March 31, 2024. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
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 and taxed as a corporation, rather than as 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Unregistered Sale of Equity Securities On April 1, 2024, the Company sold the following Investor Shares of the Company (with the final number of shares determined on April 19, 2024) to investors for cash: Class Number of Shares Sold Net Consideration Class I Shares 2,486 $ 65 Class R-D Shares 1,187,100 30,963 Class R-I Shares 18,380,618 480,083 Class R-U Shares 7,437,830 193,197 Share Repurchases The Company has a share repurchase plan whereby, on a quarterly basis, Shareholders may request that the Company repurchase all or any portion of their Shares. The aggregate NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares, Class R-I Shares and Class F Shares, if any, will be limited to no more that 5% of the NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). On May 6, 2024, the Company received requests for the repurchase of approximately $356 of the Company’s Shares, all of which were repurchased on the same date. Amended and Restated Expense Limitation and Reimbursement Agreement On May 10, 2024, the Company and the Manager executed the Amended and Restated Expense Limitation and Reimbursement Agreement (the “A&R Expense Limitation Agreement”), which amended and restated the Expense Limitation Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated 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 consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates. The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under ASC 946, Financial Services—Investment Companies (“ASC 946”). |
Basis of Consolidation | Basis of Consolidation As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Schedule of Portfolio Companies Financial Information | The following table presents unaudited summarized financial information for the portfolio companies in the aggregate in which the Company has an indirect equity interest for the three months ended March 31, 2024. Amounts provided do not represent the Company’s proportionate share: Three Months Ended March 31, 2024 Revenues $ 2,666,872 Expenses 2,816,613 Loss before taxes (149,741) Income tax (benefit) expense (2,564) Consolidated net loss (147,177) Net loss attributable to non-controlling interests 164 Net loss $ (147,013) |
Fair Value Measurements - Inv_2
Fair Value Measurements - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments, by Major Class | The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy: March 31, 2024 Investments Level I Level II Level III Investment Measured at Net Asset Value (1) Fair Value Portfolio companies $ — $ — $ 812,009 $ 72,368 $ 884,377 Unrealized depreciation on foreign currency forward contracts — (41) (41) Unrealized appreciation on foreign currency forward contracts 1,131 1,131 Investments in Money Market Funds 412,120 — — 412,120 Total $ 412,120 $ 1,090 $ 812,009 $ 72,368 $ 1,297,587 (1) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. December 31, 2023 Investments Level I Level II Level III Fair Value Portfolio companies $ — $ — $ 713,610 $ 713,610 Unrealized depreciation on foreign currency forward contracts — (742) — (742) Unrealized appreciation on foreign currency forward contracts — 103 — 103 Investments in Money Market Funds 18,007 — — 18,007 Total $ 18,007 $ (639) $ 713,610 $ 730,978 |
Schedule of 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 three months ended March 31, 2024: Investments Balance as of December 31, 2023 Purchases Net change in unrealized appreciation on investments Net change in unrealized depreciation on foreign currency translation Balance as of March 31, 2024 Portfolio companies $ 713,610 $ 89,862 $ 10,979 $ (2,442) $ 812,009 Total $ 713,610 $ 89,862 $ 10,979 $ (2,442) $ 812,009 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following tables present the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of March 31, 2024 and December 31, 2023: Level III Assets Fair Value March 31, 2024 Valuation Methodology and Inputs Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Portfolio companies $812,009 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 7.0% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 34.0% 6.3% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 52.4% 0.0% - 75.0% (5) Weight Ascribed to Transaction Price/Other 13.6% 0.0% - 75.0% (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 15.0x 2.6x - 21.9x Increase Discounted Cash Flow Weighted Average Cost of Capital 11.0% 8.4% - 17.9% Decrease Enterprise Value / LTM EBITDA Exit Multiple 14.1x 8.5x - 17.5x Increase Level III Assets Fair Value December 31, 2023 Valuation Methodology and Inputs Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Portfolio companies $713,610 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 7.4% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 25.0% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 40.2% 0.0% - 75.0% (5) Weight Ascribed to Transaction Price/Other 34.8% 0.0%- 100.0% (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 14.6x 7.5x - 17.8x Increase Discounted Cash Flow Weighted Average Cost of Capital 11.6% 8.5% - 18.2% Decrease Enterprise Value / LTM EBITDA Exit Multiple 14.9x 8.5x - 17.5x 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 would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach. Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Subject to Recoupment Pursuant to the Expense Limitation Agreement | The following table reflects the amounts incurred by the Company and subject to recoupment pursuant to the Expense Limitation Agreement and the expiration for future possible recoupments by the Company: Three Months Ended Amount Last Expiration Date December 31, 2022 $ 3,635 December 31, 2025 March 31, 2023 1,838 March 31, 2026 June 30, 2023 1,938 June 30, 2026 September 30, 2023 3,269 September 30, 2026 December 31, 2023 2,771 December 31, 2026 March 31, 2024 2,211 March 31, 2027 Total $ 15,662 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accelerated Share Repurchases | The following table is a summary of the Shares issued during the three months ended March 31, 2024 and shares outstanding as of March 31, 2024: Shares Outstanding as of December 31, 2023 Shares Issued During the Period Transfers In During the Period Transfers Out During the Period Shares Outstanding as of March 31, 2024 Class I Shares 69,695 386 — (69,695) 386 Class R-D Shares — 404,608 — (1,923) 402,685 Class R-I Shares 4,452,158 4,930,470 119,871 — 9,502,499 Class R-U Shares 22,941,060 16,863,616 — (48,489) 39,756,187 Class F Shares 1,967 1,743 — — 3,710 Class G Shares 40 — — — 40 Class H Shares 40 — — — 40 Total 27,464,960 22,200,823 119,871 (120,107) 49,665,547 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024: Class I Shares Class R-D Shares Class R-I Shares Class R-U Shares Class F Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (January 1, 2024) $ 25.88 $ — $ 25.87 $ 24.08 $ 26.02 $ 26.02 $ 26.02 Consideration from the issuance of shares, net — 26.00 — 0.83 — — — Transfers in — — — — — — — Transfers out — — — — — — — Accrued shareholder servicing fees and distribution fees (2) — (0.54) — (0.92) — — — Net investment income (2) 0.03 0.03 0.02 0.05 0.04 0.04 0.04 Net realized gain (loss) and change in unrealized appreciation (depreciation) (2) 0.24 0.07 0.23 0.22 0.26 0.26 0.26 Net increase (decrease) in net assets attributed to shareholders $ 0.27 $ (0.44) $ 0.25 $ 0.18 $ 0.30 $ 0.30 $ 0.30 Net asset value per share at the end of period (March 31, 2024) $ 26.15 $ 25.56 $ 26.12 $ 24.26 $ 26.32 $ 26.32 $ 26.32 Net assets at end of period (March 31, 2024) 10 10,292 248,196 964,490 98 1 1 Shares outstanding at end of period (March 31, 2024) 386 402,685 9,502,499 39,756,187 3,710 40 40 Weighted average shares outstanding at end of period (March 31, 2024) 386 400,641 7,622,403 33,117,870 3,710 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to net asset value (3) : Operating expenses before Performance Participation Allocation (4) 0.18 % 0.12 % 0.18 % 0.19 % 0.18 % 0.18 % 0.18 % Operating expenses before expenses reimbursed by Manager (4) (5) 0.48 % 0.27 % 0.50 % 0.38 % 0.40 % 0.40 % 0.40 % Operating expenses after expenses reimbursed by Manager (4) (5) 0.26 % 0.15 % 0.29 % 0.16 % 0.18 % 0.18 % 0.18 % Operating expenses after Performance Participation Allocation (4) (6) 0.26 % 0.15 % 0.29 % 0.16 % 0.18 % 0.18 % 0.18 % Net investment income (loss) (4) 0.12 % 0.13 % 0.08 % 0.22 % 0.17 % 0.17 % 0.17 % Total GAAP return attributed to Shares based on net asset value (4) (7) 1.06 % (1.70) % 0.92 % 0.82 % 1.11 % 1.11 % 1.11 % (1) Per share data may be rounded in order to recompute the ending net asset value per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (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) Weighted average net assets during the applicable period are used for this calculation. (5) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (6) Ratios presented after expenses reimbursed by Manager. (7) 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 three months ended March 31, 2024. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | On April 1, 2024, the Company sold the following Investor Shares of the Company (with the final number of shares determined on April 19, 2024) to investors for cash: Class Number of Shares Sold Net Consideration Class I Shares 2,486 $ 65 Class R-D Shares 1,187,100 30,963 Class R-I Shares 18,380,618 480,083 Class R-U Shares 7,437,830 193,197 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Net increase in net assets resulting from operations | $ 11,151 | $ 0 |
Investment Company, Nonconsolidated Subsidiaries | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Revenues | 2,666,872 | |
Expenses | 2,816,613 | |
Loss before taxes | (149,741) | |
Income tax (benefit) expense | (2,564) | |
Consolidated net loss | (147,177) | |
Net loss attributable to non-controlling interests | 164 | |
Net increase in net assets resulting from operations | $ (147,013) |
Fair Value Measurements - Inv_3
Fair Value Measurements - Investments - Schedule of Fair Value Measurements of Investments by Major Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Portfolio companies | $ 884,377 | $ 713,610 |
Unrealized depreciation on foreign currency forward contracts | (41) | (742) |
Unrealized appreciation on foreign currency forward contracts | 1,131 | 103 |
Investments in Money Market Funds | 412,120 | 18,007 |
Total | 1,297,587 | 730,978 |
Level I | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Portfolio companies | 0 | 0 |
Unrealized depreciation on foreign currency forward contracts | 0 | 0 |
Unrealized appreciation on foreign currency forward contracts | 0 | |
Investments in Money Market Funds | 412,120 | 18,007 |
Total | 412,120 | 18,007 |
Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Portfolio companies | 0 | 0 |
Unrealized depreciation on foreign currency forward contracts | (41) | (742) |
Unrealized appreciation on foreign currency forward contracts | 1,131 | 103 |
Investments in Money Market Funds | 0 | 0 |
Total | 1,090 | (639) |
Level III | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Portfolio companies | 812,009 | 713,610 |
Unrealized depreciation on foreign currency forward contracts | 0 | |
Unrealized appreciation on foreign currency forward contracts | 0 | |
Investments in Money Market Funds | 0 | 0 |
Total | 812,009 | $ 713,610 |
Investment Measured at Net Asset Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Portfolio companies | 72,368 | |
Unrealized depreciation on foreign currency forward contracts | ||
Unrealized appreciation on foreign currency forward contracts | ||
Investments in Money Market Funds | ||
Total | $ 72,368 |
Fair Value Measurements - Inv_4
Fair Value Measurements - Investments - Schedule of Investment Holdings (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Infrastructure Assets [Roll Forward] | |
Balance as of December 31, 2023 | $ 713,610 |
Purchases | 89,862 |
Net change in unrealized appreciation on investments | 10,979 |
Net change in unrealized depreciation on foreign currency translation | (2,442) |
Balance as of March 31, 2024 | 812,009 |
Portfolio companies | |
Infrastructure Assets [Roll Forward] | |
Balance as of December 31, 2023 | 713,610 |
Purchases | 89,862 |
Net change in unrealized appreciation on investments | 10,979 |
Net change in unrealized depreciation on foreign currency translation | (2,442) |
Balance as of March 31, 2024 | $ 812,009 |
Fair Value Measurements - Inv_5
Fair Value Measurements - Investments - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value Disclosures [Abstract] | |
Investments | $ 10,979 |
Foreign currency translation | $ (2,442) |
Fair Value Measurements - Inv_6
Fair Value Measurements - Investments - Quantitative Information (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio companies | $ 884,377 | $ 713,610 |
Level III | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio companies | $ 812,009 | $ 713,610 |
Level III | Weighted Average | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.070 | 0.074 |
Level III | Weighted Average | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.340 | 0.250 |
Level III | Weighted Average | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.524 | 0.402 |
Level III | Weighted Average | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.136 | 0.348 |
Level III | Weighted Average | Enterprise Value / Forward EBITDA Multiple | Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 15 | 14.6 |
Level III | Weighted Average | Weighted Average Cost of Capital | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.110 | 0.116 |
Level III | Weighted Average | Enterprise Value / LTM EBITDA Exit Multiple | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 14.1 | 14.9 |
Level III | Minimum | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.050 | 0.050 |
Level III | Minimum | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.063 | 0 |
Level III | Minimum | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | 0 |
Level III | Minimum | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | 0 |
Level III | Minimum | Enterprise Value / Forward EBITDA Multiple | Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 2.6 | 7.5 |
Level III | Minimum | Weighted Average Cost of Capital | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.084 | 0.085 |
Level III | Minimum | Enterprise Value / LTM EBITDA Exit Multiple | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 8.5 | 8.5 |
Level III | Maximum | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.150 | 0.150 |
Level III | Maximum | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1 | 0.500 |
Level III | Maximum | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.750 | 0.750 |
Level III | Maximum | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.750 | 1 |
Level III | Maximum | Enterprise Value / Forward EBITDA Multiple | Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 21.9 | 17.8 |
Level III | Maximum | Weighted Average Cost of Capital | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.179 | 0.182 |
Level III | Maximum | Enterprise Value / LTM EBITDA Exit Multiple | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 17.5 | 17.5 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 3 Months Ended | 18 Months Ended | ||||||||
Jan. 04, 2024 | Dec. 20, 2023 | Jul. 27, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | |
Related Party Transaction [Line Items] | ||||||||||
Management fee expense | $ 2,653,000 | $ 0 | ||||||||
Accrued performance participation allocation | 1,508,000 | $ 1,508,000 | $ 1,508,000 | |||||||
Performance participation allocation expenses | 0 | 0 | ||||||||
Accrued shareholder servicing fees and distribution fees | 69,691,000 | 40,309,000 | 69,691,000 | |||||||
Reimbursed expenses | 2,211,000 | 1,790,000 | ||||||||
Due from Manager | $ 2,211,000 | $ 13,451,000 | $ 2,211,000 | |||||||
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Manager | Manager | Manager | |||||||
Due to Manager | $ 2,379,000 | $ 14,471,000 | $ 2,379,000 | |||||||
Accounts Payable, Related Party, Type [Extensible Enumeration] | Manager | Manager | Manager | |||||||
Interest expense | $ 14,000 | 0 | ||||||||
Affiliated Entity | ||||||||||
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 | 2,653,000 | |||||||||
Management fee offset | 2,653,000 | |||||||||
Net management fee | 0 | |||||||||
Unapplied credits | 12,887,000 | $ 12,403,000 | $ 12,887,000 | |||||||
Reimbursed expenses | 2,211,000 | 2,771,000 | $ 3,269,000 | $ 1,938,000 | $ 1,838,000 | $ 3,635,000 | 15,662,000 | |||
Affiliated Entity | KKR Alternative Assets LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||
Line of credit facility, extension option, period | 6 months | |||||||||
Outstanding line of credit | $ 0 | 19,200,000 | 0 | |||||||
Interest expense | $ 14,000 | |||||||||
Affiliated Entity | KKR Alternative Assets LLC | Line of Credit | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Interest rate | 0% | |||||||||
Affiliated Entity | KKR Alternative Assets LLC | Line of Credit | SOFR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Basis spread on variable rate (as a percent) | 3.50% | |||||||||
Affiliated Entity | KKR Alternative Assets LLC | Maximum | Line of Credit | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt term | 364 days | |||||||||
Scheduled repayment period | 364 days | |||||||||
Affiliated Entity | KKR Alternative Assets LLC | Minimum | Line of Credit | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Scheduled repayment period | 180 days | |||||||||
Management Fee Percentage Attributable To Class S, D, U and I Shares | Affiliated Entity | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 1.25% | |||||||||
Management Fee Percentage Attributable to Class R-S, R-D, Class R-U And R-I Shares Following Acceptance of Initial Subscription of Shares | Affiliated Entity | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 1% | |||||||||
Management Fee Percentage Attributable To Class R-S, R-D, R-U and R-I Shares Following Acceptance of Initial Subscription of Shares | Affiliated Entity | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 1.25% | |||||||||
Performance Participation Allocation, Total Return Percentage | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 15% | |||||||||
Performance Participation Allocation, Total Return Percentage | Class H Shares | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 15% | |||||||||
Performance Participation Allocation, Percentage of Annual Hurdle Amount | Class H Shares | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 5% | |||||||||
Performance Participation Allocation, Catch-Up Percentage | Class H Shares | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 100% | |||||||||
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) | 15% | |||||||||
Distribution Fees and Servicing Fees | Class R-U and R-D Shares | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Accrued shareholder servicing fees and distribution fees | $ 69,691,000 | $ 40,309,000 | $ 69,691,000 | |||||||
Distribution Fees and Servicing Fees | Affiliated Entity | Class S, U, R-S and R-U Shares | KKR Capital Markets LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 0.85% | |||||||||
Distribution Fees and Servicing Fees | Affiliated Entity | Class I, Class R-I, Class E, Class F, Class G Or Class H Shares | KKR Capital Markets LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 0% | |||||||||
Distribution Fee | Affiliated Entity | Class S, U, R-S and R-U Shares | KKR Capital Markets LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 0.60% | |||||||||
Servicing Fee | Affiliated Entity | Class S, U, R-S and R-U Shares | KKR Capital Markets LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 0.25% | |||||||||
Servicing Fee | Affiliated Entity | Class D and R-D Shares | KKR Capital Markets LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 0.25% | |||||||||
Expense Limitation and Reimbursement Agreement | Manager | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Agreement term | 3 years | |||||||||
Expense Limitation and Reimbursement Agreement | Manager | Maximum | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction rate (as a percent) | 0.60% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Subject to Recoupment Pursuant to the Expense Limitation Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 18 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | |
Related Party Transaction [Line Items] | |||||||
Reimbursed expenses | $ 2,211 | $ 1,790 | |||||
Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursed expenses | $ 2,211 | $ 2,771 | $ 3,269 | $ 1,938 | $ 1,838 | $ 3,635 | $ 15,662 |
Shareholders_ Equity - Schedule
Shareholders’ Equity - Schedule of Shares Issued and Repurchased (Details) | 3 Months Ended |
Mar. 31, 2024 shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 27,464,960 |
Shares Issued During the Period (in shares) | 22,200,823 |
Transfers In During the Period (in shares) | 119,871 |
Transfers Out During the Period (in shares) | (120,107) |
Shares Outstanding as of End of Period (in shares) | 49,665,547 |
Class I Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 69,695 |
Shares Issued During the Period (in shares) | 386 |
Transfers In During the Period (in shares) | 0 |
Transfers Out During the Period (in shares) | (69,695) |
Shares Outstanding as of End of Period (in shares) | 386 |
Class R-D Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 0 |
Shares Issued During the Period (in shares) | 404,608 |
Transfers In During the Period (in shares) | 0 |
Transfers Out During the Period (in shares) | (1,923) |
Shares Outstanding as of End of Period (in shares) | 402,685 |
Class R-I Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 4,452,158 |
Shares Issued During the Period (in shares) | 4,930,470 |
Transfers In During the Period (in shares) | 119,871 |
Transfers Out During the Period (in shares) | 0 |
Shares Outstanding as of End of Period (in shares) | 9,502,499 |
Class R-U Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 22,941,060 |
Shares Issued During the Period (in shares) | 16,863,616 |
Transfers In During the Period (in shares) | 0 |
Transfers Out During the Period (in shares) | (48,489) |
Shares Outstanding as of End of Period (in shares) | 39,756,187 |
Class F Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 1,967 |
Shares Issued During the Period (in shares) | 1,743 |
Transfers In During the Period (in shares) | 0 |
Transfers Out During the Period (in shares) | 0 |
Shares Outstanding as of End of Period (in shares) | 3,710 |
Class G Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares Outstanding as of Beginning of Period (in shares) | 40 |
Shares Issued During the Period (in shares) | 0 |
Transfers In During the Period (in shares) | 0 |
Transfers Out 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) | 40 |
Shares Issued During the Period (in shares) | 0 |
Transfers In During the Period (in shares) | 0 |
Transfers Out During the Period (in shares) | 0 |
Shares Outstanding as of End of Period (in shares) | 40 |
Shareholders_ Equity - Narrativ
Shareholders’ Equity - Narrative (Details) | Mar. 31, 2024 |
Class S, Class D, Class U, Class I, Class R-S, Class R-D, Class R-U, Class R-I or Class F Shares | |
Class of Stock [Line Items] | |
Share repurchase limitation, maximum percentage | 5% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Unfunded Commitment | ||
Other Commitments [Line Items] | ||
Other commitment | $ 8,833 | $ 8,833 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Per share data attributed to shares | ||
Net assets at end of period (March 31, 2024) | $ 1,223,088 | $ 668,036 |
Shares outstanding (in shares) | 49,665,547 | 27,464,960 |
Class I Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 25.88 | |
Consideration from the issuance of shares, net (in usd per share) | 0 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | |
Net investment income (in usd per share) | 0.03 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.24 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 0.27 | |
Net asset value per share at end of period (in usd per share) | $ 26.15 | |
Net assets at end of period (March 31, 2024) | $ 10 | $ 1,804 |
Shares outstanding (in shares) | 386 | 69,695 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.18% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.48% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.26% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.26% | |
Net investment income (loss) (as a percent) | 0.12% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | 1.06% | |
Class I Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 386 | |
Class R-D Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 0 | |
Consideration from the issuance of shares, net (in usd per share) | 26 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | (0.54) | |
Net investment income (in usd per share) | 0.03 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.07 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | (0.44) | |
Net asset value per share at end of period (in usd per share) | $ 25.56 | |
Net assets at end of period (March 31, 2024) | $ 10,292 | $ 0 |
Shares outstanding (in shares) | 402,685 | 0 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.12% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.27% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.15% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.15% | |
Net investment income (loss) (as a percent) | 0.13% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | (1.70%) | |
Class R-D Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 400,641 | |
Class R-I Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 25.87 | |
Consideration from the issuance of shares, net (in usd per share) | 0 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | |
Net investment income (in usd per share) | 0.02 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.23 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 0.25 | |
Net asset value per share at end of period (in usd per share) | $ 26.12 | |
Net assets at end of period (March 31, 2024) | $ 248,196 | $ 115,196 |
Shares outstanding (in shares) | 9,502,499 | 4,452,158 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.18% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.50% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.29% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.29% | |
Net investment income (loss) (as a percent) | 0.08% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | 0.92% | |
Class R-I Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 7,622,403 | |
Class R-U Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 24.08 | |
Consideration from the issuance of shares, net (in usd per share) | 0.83 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | (0.92) | |
Net investment income (in usd per share) | 0.05 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.22 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 0.18 | |
Net asset value per share at end of period (in usd per share) | $ 24.26 | |
Net assets at end of period (March 31, 2024) | $ 964,490 | $ 550,983 |
Shares outstanding (in shares) | 39,756,187 | 22,941,060 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.19% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.38% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.16% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.16% | |
Net investment income (loss) (as a percent) | 0.22% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | 0.82% | |
Class R-U Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 33,117,870 | |
Class F Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 26.02 | |
Consideration from the issuance of shares, net (in usd per share) | 0 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | |
Net investment income (in usd per share) | 0.04 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.26 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 0.30 | |
Net asset value per share at end of period (in usd per share) | $ 26.32 | |
Net assets at end of period (March 31, 2024) | $ 98 | $ 51 |
Shares outstanding (in shares) | 3,710 | 1,967 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.18% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.40% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.18% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.18% | |
Net investment income (loss) (as a percent) | 0.17% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | 1.11% | |
Class F Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 3,710 | |
Class G Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 26.02 | |
Consideration from the issuance of shares, net (in usd per share) | 0 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | |
Net investment income (in usd per share) | 0.04 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.26 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 0.30 | |
Net asset value per share at end of period (in usd per share) | $ 26.32 | |
Net assets at end of period (March 31, 2024) | $ 1 | $ 1 |
Shares outstanding (in shares) | 40 | 40 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.18% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.40% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.18% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.18% | |
Net investment income (loss) (as a percent) | 0.17% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | 1.11% | |
Class G Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 40 | |
Class H Shares | ||
Per share data attributed to shares | ||
Net asset value per share at beginning of period (in usd per share) | $ 26.02 | |
Consideration from the issuance of shares, net (in usd per share) | 0 | |
Transfers in (in usd per share) | 0 | |
Transfers out (in usd per share) | 0 | |
Accrued shareholder servicing fees and distribution fees (in usd per share) | 0 | |
Net investment income (in usd per share) | 0.04 | |
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in usd per share) | 0.26 | |
Net increase (decrease) in net assets attributed to shareholders (in usd per share) | 0.30 | |
Net asset value per share at end of period (in usd per share) | $ 26.32 | |
Net assets at end of period (March 31, 2024) | $ 1 | $ 1 |
Shares outstanding (in shares) | 40 | 40 |
Ratio/Supplemental data for Shares (not annualized): | ||
Operating expenses before Performance Participation Allocation (as a percent) | 0.18% | |
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.40% | |
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.18% | |
Operating expenses after Performance Participation Allocation (as a percent) | 0.18% | |
Net investment income (loss) (as a percent) | 0.17% | |
Total GAAP return attributed to Shares based on net asset value (as a percent) | 1.11% | |
Class H Shares | Weighted Average | ||
Per share data attributed to shares | ||
Shares outstanding (in shares) | 40 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate on income from operations | 10.40% | 0% |
Federal statutory income tax rate | 0% | 0% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 06, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 22,200,823 | ||
Net Consideration | $ 574,566 | ||
Class I Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 386 | ||
Net Consideration | $ 10 | ||
Class R-D Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 404,608 | ||
Net Consideration | $ 10,519 | ||
Class R-I Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 4,930,470 | ||
Net Consideration | $ 128,079 | ||
Class R-U Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 16,863,616 | ||
Net Consideration | $ 435,913 | ||
Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares, Class R-I Shares or Class F Shares | |||
Subsequent Event [Line Items] | |||
Share repurchase limitation, maximum percentage | 5% | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Aggregate purchase price of shares repurchased | $ 356 | ||
Subsequent Event | Class I Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 2,486 | ||
Net Consideration | $ 65 | ||
Subsequent Event | Class R-D Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 1,187,100 | ||
Net Consideration | $ 30,963 | ||
Subsequent Event | Class R-I Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 18,380,618 | ||
Net Consideration | $ 480,083 | ||
Subsequent Event | Class R-U Shares | |||
Subsequent Event [Line Items] | |||
Number of Shares Sold (in shares) | 7,437,830 | ||
Net Consideration | $ 193,197 |