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2021-06-28

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KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>

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More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.<blockquote>当疫情来袭时，菲利普·弗雷斯(Philipp Freise)和马蒂亚·卡普里奥利(Mattia Caprioli)在欧洲接任新职务后不久，这家收购公司开始部署尽可能多的资本，而大多数竞争对手却犹豫不决。其中超过三分之一的资金用于欧洲，KKR在关闭上一只基金一年后就开始致力于专门针对该地区的新基金。</blockquote> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.<blockquote>交易的极快速度造成了损失。在员工对“工作到放弃”文化犹豫不决后，KKR现在呼应了高盛集团等投资银行所采取的温和语气。47岁的弗雷斯在接受采访时表示，收购行业高绩效面临的最大挑战是“持续疲惫”。</blockquote> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”<blockquote>“作为新一代领导者，我们的工作是真正缓和局势，”这位与卡普里奥利共同担任KKR欧洲私募股权业务联席主管的德国交易撮合者表示。“这几乎就像指挥一支管弦乐队，整个事情都进入了《女武神之旅》——我们必须放慢一点速度，以保护人为因素不崩溃。”</blockquote> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.<blockquote>在残酷的收购行业中，领导者们异常开放的语气出现之际，工作场所文化受到越来越多的审查，雇主们正在寻找留住年轻一代员工的方法。疫情提供了一个残酷的鸡尾酒，更多的交易是由隔离在家中的员工通过马拉松视频评级完成的。弗里斯和卡普里奥利现在的首要任务是提供时间恢复，并为更深思熟虑的投资方法腾出空间。</blockquote> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.<blockquote>去年11月和12月，他们让初级员工每周五休息，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”<blockquote>“我不认为10年前在私募股权行业，人们真的认为专注于管理是他们的工作。他们认为出去寻找交易是他们的工作，”Freise说。“私募股权行业的未来设置是组建、保留和管理高绩效团队。”</blockquote> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.<blockquote>今年，高盛初级分析师泄露的一份详细介绍了他们繁重工作量的演示文稿在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从Peloton自行车到苹果小工具的福利。</blockquote> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.<blockquote>投资银行等收购公司的问题是，随着疫情带来大量交易机会，员工们夜以继日地工作。随着Covid-19在全球蔓延，KKR决定不再重蹈金融危机的覆辙，当时它基本上保持观望。</blockquote> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.<blockquote>这成为KKR在欧洲的关键时刻，此前该公司在欧洲部署的资金不如在世界其他地区多。根据彭博社汇编的数据，自疫情爆发以来，KKR已在该地区宣布了196亿美元的交易，从上市公司收购到少数股权投资。它还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会竞购之前就突然介入。</blockquote> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.<blockquote>“如果说有什么不同的话，那就是我们错过了一些机会，如果我们有更多可用资本，我们就会抓住这些机会，”曾在高盛从事并购工作的47岁意大利人卡普里奥利说。</blockquote> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.<blockquote>就在去年3月病毒封锁生效时，KKR以42亿英镑（58亿美元）收购了Pennon Group Plc的废物管理部门。它还以43亿美元的交易从黄凤英公司收购了Wella和Clairol护发品牌。</blockquote> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.<blockquote>今年晚些时候，KKR与Cinven和Providence Equity Partners合作，以30亿欧元（36亿美元）的价格将Masmovil Ibercom SA私有化，并同意与Ardian一起投资法国连锁医院Elsan。Freise表示，市场混乱帮助KKR以比激烈拍卖过程中支付的价格低20%至30%的价格购买了一些资产。该公司今年5月达成协议，以27亿美元（含债务）收购环境咨询公司ERM Group Inc.。</blockquote> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.<blockquote>卡普里奥利认为更多交易即将到来，重点是医疗保健、可持续发展、科技和英国。由于流入私募股权基金的资金量创历史新高和债务市场活跃，对目标的竞争正在加剧。</blockquote> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.<blockquote>成功可能需要一种新的方法。卡普里奥利表示，他认为这一时刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一位前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”<blockquote>“我们需要深入思考过程的人，”他说。“这些类型的个人资料，你能从大学毕业吗，或者你能找到一个街头智慧的人吗？这是一个有趣的挑战。”</blockquote> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.<blockquote>Freise曾帮助在柏林创建了失败的Venturepark创业孵化器，近20年前，当他作为KKR最早的伦敦员工之一加入KKR时，他无法建立财务模型。</blockquote> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”<blockquote>“如今的高绩效团队与10年前有很大不同，”他说。“我们必须标新立异，以确保思想的多样性。”</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-06-28 13:28\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.<blockquote>（彭博社）——总额近600亿美元的无情全球交易热潮让KKR&amp;Co.的领导层进行了盘点，并得到了喘息。</blockquote> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.<blockquote>当疫情来袭时，菲利普·弗雷斯(Philipp Freise)和马蒂亚·卡普里奥利(Mattia Caprioli)在欧洲接任新职务后不久，这家收购公司开始部署尽可能多的资本，而大多数竞争对手却犹豫不决。其中超过三分之一的资金用于欧洲，KKR在关闭上一只基金一年后就开始致力于专门针对该地区的新基金。</blockquote> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.<blockquote>交易的极快速度造成了损失。在员工对“工作到放弃”文化犹豫不决后，KKR现在呼应了高盛集团等投资银行所采取的温和语气。47岁的弗雷斯在接受采访时表示，收购行业高绩效面临的最大挑战是“持续疲惫”。</blockquote> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”<blockquote>“作为新一代领导者，我们的工作是真正缓和局势，”这位与卡普里奥利共同担任KKR欧洲私募股权业务联席主管的德国交易撮合者表示。“这几乎就像指挥一支管弦乐队，整个事情都进入了《女武神之旅》——我们必须放慢一点速度，以保护人为因素不崩溃。”</blockquote> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.<blockquote>在残酷的收购行业中，领导者们异常开放的语气出现之际，工作场所文化受到越来越多的审查，雇主们正在寻找留住年轻一代员工的方法。疫情提供了一个残酷的鸡尾酒，更多的交易是由隔离在家中的员工通过马拉松视频评级完成的。弗里斯和卡普里奥利现在的首要任务是提供时间恢复，并为更深思熟虑的投资方法腾出空间。</blockquote> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.<blockquote>去年11月和12月，他们让初级员工每周五休息，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”<blockquote>“我不认为10年前在私募股权行业，人们真的认为专注于管理是他们的工作。他们认为出去寻找交易是他们的工作，”Freise说。“私募股权行业的未来设置是组建、保留和管理高绩效团队。”</blockquote> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.<blockquote>今年，高盛初级分析师泄露的一份详细介绍了他们繁重工作量的演示文稿在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从Peloton自行车到苹果小工具的福利。</blockquote> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.<blockquote>投资银行等收购公司的问题是，随着疫情带来大量交易机会，员工们夜以继日地工作。随着Covid-19在全球蔓延，KKR决定不再重蹈金融危机的覆辙，当时它基本上保持观望。</blockquote> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.<blockquote>这成为KKR在欧洲的关键时刻，此前该公司在欧洲部署的资金不如在世界其他地区多。根据彭博社汇编的数据，自疫情爆发以来，KKR已在该地区宣布了196亿美元的交易，从上市公司收购到少数股权投资。它还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会竞购之前就突然介入。</blockquote> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.<blockquote>“如果说有什么不同的话，那就是我们错过了一些机会，如果我们有更多可用资本，我们就会抓住这些机会，”曾在高盛从事并购工作的47岁意大利人卡普里奥利说。</blockquote> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.<blockquote>就在去年3月病毒封锁生效时，KKR以42亿英镑（58亿美元）收购了Pennon Group Plc的废物管理部门。它还以43亿美元的交易从黄凤英公司收购了Wella和Clairol护发品牌。</blockquote> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.<blockquote>今年晚些时候，KKR与Cinven和Providence Equity Partners合作，以30亿欧元（36亿美元）的价格将Masmovil Ibercom SA私有化，并同意与Ardian一起投资法国连锁医院Elsan。Freise表示，市场混乱帮助KKR以比激烈拍卖过程中支付的价格低20%至30%的价格购买了一些资产。该公司今年5月达成协议，以27亿美元（含债务）收购环境咨询公司ERM Group Inc.。</blockquote> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.<blockquote>卡普里奥利认为更多交易即将到来，重点是医疗保健、可持续发展、科技和英国。由于流入私募股权基金的资金量创历史新高和债务市场活跃，对目标的竞争正在加剧。</blockquote> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.<blockquote>成功可能需要一种新的方法。卡普里奥利表示，他认为这一时刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一位前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”<blockquote>“我们需要深入思考过程的人，”他说。“这些类型的个人资料，你能从大学毕业吗，或者你能找到一个街头智慧的人吗？这是一个有趣的挑战。”</blockquote> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.<blockquote>Freise曾帮助在柏林创建了失败的Venturepark创业孵化器，近20年前，当他作为KKR最早的伦敦员工之一加入KKR时，他无法建立财务模型。</blockquote> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”<blockquote>“如今的高绩效团队与10年前有很大不同，”他说。“我们必须标新立异，以确保思想的多样性。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":409,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/127414867"}