KKR's European Special-Situations Head Mukadam Said to Leave

Updated on

Mubashir Mukadam, KKR & Co.’s head of special situations in Europe, will leave the firm, according to two people with knowledge of the matter.

Mukadam, 42, declined to comment on his move. He joined the alternative-asset manager in 2011 and is based in London. Mukadam represents KKR on the board of Pillarstone, a business started last year that restructures companies underlying nonperforming loan portfolios at European banks.

Blaine MacDougald, a director at KKR in New York, will move to London to co-head the firm’s European special-situations investing with Mark Brown, one of the people said. Brown, also a director, joined the firm in 2013 and previously worked at Blackstone Group LP’s GSO Capital Partners.

The people familiar with the changes didn’t provide further details and asked not to be identified because they’re not authorized to speak publicly. Kristi Huller, a spokeswoman for New York-based KKR, declined to comment on the moves.

Second Fund

KKR’s special-situations team is part of the firm’s $34 billion credit business. 

KKR raised $3.35 billion for its second special-situations fund last month. The team, run by New York-based Nat Zilkha and San Francisco-based Jamie Weinstein, provides debt or equity to companies that have distressed capital structures or are undergoing events such as restructurings or mergers.

The firm’s first special-situations fund, which had $2 billion, was producing a 5.7 percent annualized return after fees and was valued at 1.2 times cost as of March 31, according to a regulatory filing. KKR has raised $9.1 billion for the strategy across the two funds and separately managed accounts since 2009.

The special-situations team’s investments have included European vending-machine operator Selecta Group, portfolios of container ships, German soccer club Hertha Berlin and hospice-care provider Amedisys Inc.

(Updates with response from Mukadam in second paragraph.)
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