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KKR Resurrects Credit Fund With New Name, Strategy for Virus Era

  • Special situations fund struggled to raise money, find deals
  • Firm decided to pivot after markets collapsed in mid-March
A pedestrian approaches 100 Pall Mall, housing the offices of KKR in London on March 10.
A pedestrian approaches 100 Pall Mall, housing the offices of KKR in London on March 10.

Photographer: Chris J. Ratcliffe/Bloomberg

KKR & Co. is rebooting an unsuccessful credit fund with a new name for the coronavirus era.

The firm has rebranded the Special Situations Fund III as the Dislocation Opportunities Fund, refocused its strategy and swapped managers in the hope of raising new money to scoop up bonds and loans battered by the Covid-19 pandemic. Instead of just seeking out distressed situations, the fund has a wide mandate to buy corporate and asset-backed debt, according to a marketing document seen by Bloomberg.