Today, its plan for an initial public offering reflects the troubled times roiling the investment industry: KKR is selling the shares in part to take over its struggling European affiliate, KKR Private Equity Investors, which trades in Amsterdam. In effect, KKR is offering shareholders in its European affiliate 21% of the value of KKR itself in exchange for shares in the affiliate, which has lost value as investors fretted about declining values of private-equity assets.
From KKR's perspective, the move is...
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