known american multinational private equity firm specializing headquartered new_york_city firm sponsors manages private equity investment funds pioneer industry firm completed billion private equity transactions inception firm founded cousins previously worked completed earliest transactions founding completed number landmark transactions including largest history point currently largest completed date completed investments companies completing investment year additional offices united_states europe asia firm currently located building 57th street recently announced intentions occupy newly constructed october listed shares company affiliate holds firm ownership equity remainder held firm partners march filed list shares trading commencing months later july operated managing partners team approximately investment professionals total employees organized industry focused groups headquartered building west 57th street manhattan new_york offices san_francisco houston washington offices abroad london paris hong_kong tokyo beijing mumbai seoul sydney primarily growth capital investments including pipe investments public companies traditionally specialized private equity investments focusing specific industry sectors firm created dedicated investment groups industries developed include chemicals consumer products natural resources care communications professionals industry focused groups expected developed proficiency respective industries firm traditionally strong ties investors investment funds private equity funds historically relied primarily private equity funds pools committed capital raised broad array institutional investors pension funds insurance companies investment banks commercial banks fund funds high net worth individuals sovereign wealth funds march completed fund raising approximately traditional investment funds europe asia total committed capital approximately billion source real estate investment trust specialty finance company residential commercial mortgage loans mortgage backed corporate loans debt asset backed equity founded raising million private placement raised million june initial public offering increasing size offering original million target initially considered business development company like chose pursue structure capitalize strength time early casualty mortgage crisis september injected million company february forced delay dollars commercial paper began new round talks creditors april sold controlling interest real estate subsidiary investment firm raise cash entered agreement certain secured commercial paper issued asset backed entities following transaction converted publicly traded private equity fund fund funds private equity funds transactions alongside private equity funds founded raised billion initial public offering serve new permanent investment vehicle listing exchange amsterdam raised times expected investors funds seeking exposure private equity long term commitments private equity funds private equity preceding years investing fund attractive investors day performance lackluster trading trading volume limited initially handful private equity firms funds planned follow lead shelved plans performance continued stock declined price share decline end low decline share disclosed completed approximately million secondary sales selected limited partnership interests commitments certain managed funds order generate repay october changed amsterdam july common units began trading symbol history founding early history running corporate finance department 1960s 1970s later completed series described investments beginning targeted family owned businesses founded years following world war 1960s 1970s facing succession issues companies lacked viable attractive exit founders small taken public founders reluctant sell competitors sale financial buyer prove attractive acquisition significant transactions following years complete series including division investment despite number highly successful investments million investment ended bankruptcy tensions built roberts led formation year notably executive rejected repeated proposals form dedicated investment fund lewis took exception time spent outside activities required serve interim ceo failing direct mail company named new completed manufacturer raised capital small group investors including revision regulations nascent successful raising institutional fund million investor commitments expanded investor base significantly public pension fund invested acquisition retailer inc remains active investor funds closed 1970s completing public private probably largest private public company point 1980s began prominent prove prolific private equity investors 1980s firm notable acquisitions 1980s boom following gate resignation age later founded private equity firm succeeded senior partner roberts firm responsible proved largest history time billion billion including assumed debt high water mark sign end 1980s boom remain largest years chronicled gate fall later television movie starring president ceo formed merger leading producer food products chocolate salem cigarettes october johnson proposed billion share management company financial backing investment bank parent company days later originally suggested idea johnson presented new bid billion share financed aggressive debt package support significant equity investments leading pension funds institutional investors investors included corporate pension funds mit harvard faced criticism existing investors firm use hostile tactics proposed provide joint offer johnson rebuffed johnson attempted access financial information rival private equity firm invited process attempted provide bid consortium ultimately consortium came apart provide final bid major banking players day including actively involved advising financing parties november set guidelines final bid submission end month management group submitted final bid figure felt certain enable response final bid lower dollar figure ultimately accepted board directors offer guaranteed management offer lacked reset meaning final share price lower stated share additionally board directors grown concerned recent unprecedented golden parachute deal featured cover december issue headline game greed man pocket million largest corporate takeover history gone far offer welcomed board observers appeared elevation reset issue deal breaker favor little excuse reject higher share johnson received million collected million fee takeover billion transaction value including assumed debt far largest history number transactions completed time surpassed terms nominal purchase price deal surpassed july billion hospital operator participated deal larger adjusted inflation adjusted inflation period surpass transaction benefited parties involved investment lawyers advised walked away billion fees roberts attracted unprecedented publicity turned cousins instant celebrities size guarantee success high purchase price debt load burden performance investment overcame raising new investment fund continuing invest 1990s early 1990s aftermath completed april spend early 1990s enormous debt load series asset sales restructuring transactions deal complete single investment year new investment activity complete major transaction years largely high yield bond market collapse filed bankruptcy february began focus primarily existing portfolio companies acquired boom late 1980s portfolio companies completed including new decade began began restructuring january completed sale group led originally identified group divisions sell reduce debt coming years pursue number additional equity public offerings stock provide company added financial flexibility contributed billion new equity july complete restructuring company balance sheet unhappy equity contribution original billion mid december announced exchange offer swap debt new public stock company effectively unusual means taking public simultaneously reducing debt company issued additional stock public march reduce debt resulting upgrade credit rating debt investment grade began reduce ownership stock consideration inc producer food products consumer products industrial products unprecedented complex transaction following year final stake sold million block stock longer ownership original investment fully realized exited investment sixteen years efforts including contributing new equity taking public asset sales exchanging shares ownership inc finally sold remnants investment july agreed sell stock billion early 1990s investments early 1990s absence active high yield market prompted change tactics avoiding large favor industry described largest investments 1990s buildup partnership executives failed acquire created predecessor platform buy media properties initially completing million divisional book club division assets early 1990s continued acquiring publishing assets including million acquisition went public instead continued new investments company support acquisition activity preferred stock company estimated lost hundreds millions dollars common stock holdings price company stock collapsed partnered acquisition january exchange investment interest completed interest later known owner notable investments completed early 1990s included mid-1990s debt markets improving moved able complete bulk fundraising record billion private equity fund performance investment repeated media required investors reduce fees charged carried interest based total profit fund losses failed deals profits successful deals activity level accelerate second half 1990s making series notable investments including largest investment 1990s successful january agreed billion initially intended combine acquired million agreed acquire million november shortly agreeing takeover deal fell apart destroying strategy eliminate costs building larger combined company years later encountered significant financial issues forced file bankruptcy protection company passed investor start 21st century landscape large firms changing large firms including dragged heavy losses bubble track record mixed losses investments previously offset successes inc engines additionally firms able complete large transactions years immediately following collapse internet bubble including able realize investment subsequent public stock offerings business taken public canadian income trust consortium comprising real estate development company announced billion acquisition toys toy retailer month earlier billion offer toy baby supplies businesses toys largest years following transaction end major common market observers stunned leverage levels financing terms obtained financial sponsors seven private equity firms involved transaction valued billion partners acquisition represented largest completed takeover largest technology company led transaction notable given number firms involved transaction largest club deal completed point involvement seven firms consortium criticized investors private equity considered cross holdings firms generally raised new billion fund firm began executing series largest history billion takeover texas based power utility proved largest boom largest completed date notable companies acquired following non investments completed period included power plant seven network october acquired stake france based distributor products deal valued billion billion november announced form billion partnership january announced invest million pipe investment january announced billion pipe investment preferred stock offering addition successful transactions involved failed audio equipment maker april announced entered agreement acquired financing markets adverse summer ground september backed billion end day shares news initial public offering filed raise billion selling ownership interest management company filing came weeks initial public offering rival private equity firm previously listed vehicle time offer investors ownership interest management company onset credit market prospects obtaining attractive repeatedly postponed called end august following year july announced new plan list shares plan called complete reverse takeover listed affiliate exchange interest firm november announced delay transaction shares declined significantly second half onset credit announced close transaction october listed shares exchange replacing listing public entity represents interest october acquired members trading team entertaining offers investment firms shutting trading operations executives led help expand areas funds present day january acquired billion private equity companies stone point june announced taking stake spanish energy business cost million million international energy generation business operates assets largely wind farms countries including united_states italy south_africa august announced investing million acquire china largest chicken farmer breeds processes supplies frozen fresh chickens consumers corporate clients mcdonald china september firm invested million lighting firm january confirmed purchase british rail ticket website previously owned purchase sum unknown october announced entered definitive agreement acquire majority stake european services operator notable current employees years seen departure original partners notable original founder leave absence illness returned find increasing differences strategy partners roberts left found new private equity firm returned investment style originally practiced earlier years acquiring smaller middle market companies general partners included left instrumental establishing reputation track record 1980s remains tightly controlled roberts issue succession remained important consideration future ongoing firm left found middle market private equity firm billion capital management left join competitor later founded private investment firm based connecticut left launch prior managing partner european operations based london stuart managed energy consumer products industry groups started new ventures including printed newspaper private equity firm murdered long_island home october lover estranged deceased wife later convicted served chairman ceo later returned serve chairman joint venture later chairman publicly listed affiliate ceo media joined born heads fastest growing department includes client joined november leaving group firm fastest growing division billion management support founder largely spearheaded campaign expand institutional investors legacy credit investment alternative investments pointing revenues grabs selected serve chairman newly formed present professor youngest sec commissioner works
Kohlberg Kravis Roberts