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Soaring demand for data centers driven by artificial intelligence and cloud computing is projected to elevate global spending in the sector to $250 billion annually, according to KKR & Co. The United States leads in data center development, consuming approximately 16 to 18 gigawatts of power, significantly more than Europe and Asia, which each consume about 6 gigawatts. For perspective, 1 gigawatt can power over 850,000 average U.S. households.
KKR & Co. is seeking to raise $20 billion for its latest North America buyout fund, testing investor interest in private equity after a period of slow dealmaking and reduced returns. The firm is offering incentives for early and substantial commitments from investors.
KKR & Co. and Capital Group are set to launch two new funds aimed at wealthy investors in the first half of next year, focusing on investments in both public and private debt markets. This partnership reflects a growing trend among money managers to offer private investment opportunities to individual investors, who typically have their wealth concentrated in public markets.
KKR & Co. and Energy Capital Partners have formed a $50 billion partnership aimed at enhancing infrastructure for artificial intelligence. This collaboration will focus on developing data centers and power generation and transmission infrastructure, addressing a projected $1 trillion need for AI and cloud infrastructure by 2030.
Alacrity Solutions has initiated restructuring discussions with its private credit lenders, following its acquisition by BlackRock Inc. less than two years ago. The company carries approximately $1 billion in unitranche financing from firms including Antares Capital and KKR, along with a mezzanine loan from Goldman Sachs Asset Management. This debt was established prior to BlackRock's purchase from Kohlberg & Co. in February 2023.
Bain Capital-backed 360 One WAM is launching its fifth private credit fund as India's private credit market approaches $10 billion, driven by a surge in infrastructure funding. The firm’s private credit assets are nearing $1 billion following the closure of its fourth fund at Rs 2,130 crore last year. Mid-sized enterprises are increasingly turning to private credit for flexible financing solutions amid challenging economic conditions.
KKR is in exclusive negotiations to acquire a controlling stake in HealthCare Global Enterprises Ltd (HCG), a cancer hospital chain owned by CVC Capital, which purchased the stake in 2020 for Rs 1,049 crore. KKR has emerged as the frontrunner among several interested parties and has signed exclusivity agreements for the proposed sale.
Ares Management Corp. and a consortium of banks are financing KKR & Co.'s acquisition of a minority stake in Italy's Enilive. KKR plans to utilize approximately €1.5 billion ($1.6 billion) in debt, with Ares contributing €700 million in infrastructure financing, while the remaining amount will be underwritten by various international and Italian banks.
KKR & Co. has become the fourth private-markets firm to surpass $500 billion in fee-paying assets under management, reaching $506 billion after a 19% year-over-year increase. This growth reflects KKR's strategy to expand beyond its buyout origins, aiming for more client assets and stable fees. Following the announcement, KKR's shares rose 3.24% to a record high of $143.04 in New York.
Eni SpA has agreed to sell a 25% stake in its biorefining unit Enilive to KKR & Co Inc for €2.94 billion ($3.17 billion), valuing the division at €11.75 billion. As part of the deal, Eni will invest an additional €500 million to ensure the unit is debt-free, focusing on its green transition strategy.
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