Private equity firm KKR has floated a global oil and gas platform, using resources from its Asian Fund, to provide asset management services and to pursue acquisitions and investments in the sector, according to a statement.
The investment in the platform will be made primarily by the KKR Asian Fund II. This fund, which closed at $6 billion in 2013, was also the firm’s third successful fund raising in the region, following its $4 billion regional fund in 2007 and its $1 billion China Growth Fund in 2010.
Further details of the transaction were, however, not disclosed.
KKR is the latest to join other private equity majors like Carlyle and Blackstone to set up a dedicated investment platform for the energy sector.
The new platform will be led by founder and executive chairman Deepak Munganahalli, who brings more than 20 years of experience in the oil and gas industry to the company. He will be based in Dubai, the statement added.
“Our goal is to become an integrated solutions provider for engineering, maintenance, repair and overhaul services for asset owners and operators in the oil and gas industry. Together with KKR and its deep industry and investment expertise, we look forward to providing a differentiated set of capabilities to the industry,” Munganahalli said.
KKR Asian Fund II fund focuses on investments in financial services, finance, environment protection, specialised technology, consumer goods, domestic consumption, industrials, retail, precision manufacturing, medical treatment and healthcare, education, and infrastructure projects. The fund invests in Asia with a focus on China, Korea, Australia, Japan, Vietnam, and India.
“We are excited about the opportunity to partner with Deepak, given his depth of experience and track record in the industry,” said Ash Upadhyaya, director at KKR.
A few private equity firms have earlier launched similar platforms to invest in the oil and gas sector. CHAMP Private Equity invested in and then led a buyout of Singapore-based Miclyn Express Offshore as well as participating in a deal for Shelf Drilling, a shallow water drilling services platform headquartered in Dubai but with operations in Southeast Asia.
Blackstone Group and Carlyle Group too have dedicated platforms to make investments in oil and gas exploration and production assets.
The investment in the platform will be made primarily by the KKR Asian Fund II. This fund, which closed at $6 billion in 2013, was also the firm’s third successful fund raising in the region, following its $4 billion regional fund in 2007 and its $1 billion China Growth Fund in 2010.
Further details of the transaction were, however, not disclosed.
KKR is the latest to join other private equity majors like Carlyle and Blackstone to set up a dedicated investment platform for the energy sector.
The new platform will be led by founder and executive chairman Deepak Munganahalli, who brings more than 20 years of experience in the oil and gas industry to the company. He will be based in Dubai, the statement added.
“Our goal is to become an integrated solutions provider for engineering, maintenance, repair and overhaul services for asset owners and operators in the oil and gas industry. Together with KKR and its deep industry and investment expertise, we look forward to providing a differentiated set of capabilities to the industry,” Munganahalli said.
KKR Asian Fund II fund focuses on investments in financial services, finance, environment protection, specialised technology, consumer goods, domestic consumption, industrials, retail, precision manufacturing, medical treatment and healthcare, education, and infrastructure projects. The fund invests in Asia with a focus on China, Korea, Australia, Japan, Vietnam, and India.
“We are excited about the opportunity to partner with Deepak, given his depth of experience and track record in the industry,” said Ash Upadhyaya, director at KKR.
A few private equity firms have earlier launched similar platforms to invest in the oil and gas sector. CHAMP Private Equity invested in and then led a buyout of Singapore-based Miclyn Express Offshore as well as participating in a deal for Shelf Drilling, a shallow water drilling services platform headquartered in Dubai but with operations in Southeast Asia.
Blackstone Group and Carlyle Group too have dedicated platforms to make investments in oil and gas exploration and production assets.
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