Avoca Capital, based in London and Dublin, has $8 billion under management and invests in European loans, bonds and credits, the companies said today in a statement.
“We believe the European credit space offers significant opportunity,” Kravis and Roberts said in the statement. “Avoca has a very strong track record, an entrepreneurial management team and excellent capabilities that are complementary to ours in European senior and liquid credit.”
KKR, based in New York, will have $28 billion in credit assets when the transaction closes, which is expected in the first quarter. The firm’s credit unit invested $2 billion in European companies in the past two years, according to the statement.
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