Finance – Private Markets Fund Controllership Associate - Special Purpose Vehicles (SPVs)

'IPOs are not the only vehicle': KKR heads for record exits even as firms stay private for longer. Control deals and infrastructure investments in South-east Asia have grown, says the firm's Henry McVey Published Tue, Oct 20, 2026 · 07:00 AM * In Asia, KKR has larger portfolio allocations in Japan and India relative to other markets, though allocation trends shift every few years. PHOTO: REUTERS [SINGAPORE] Global investment firm KKR is on track for a record year of exits, even as more companies stay private for longer and initial public offerings remain just one avenue for returning capital to investors. Sales to strategic partners and industry consolidation are alternative exit routes, said Henry McVey, partner, head of global macro and asset allocation and chief investment officer of KKR's balance sheet. "IPOs are one vehicle for recycling capital, but they are not the only vehicle," he told The Business Times on the sidelines of KKR's 50th anniversary event on Sep 30 at the Capitol Theatre. The shift comes as companies, particularly those in the artificial intelligence sector, increasingly choose to remain private rather than list. He contrasted this with the 1990s, when companies often went public at an earlier stage of development, sometimes prematurely. "There are more private companies now than public companies, and you are not penalised with a valuation discount by staying private. Therefore, I do not view a slower IPO market as a negative indicator." The Business Times turns 50. Five decades of milestones and moments that shaped Singapore's success story - told through our headlines. Explore BT50" Nevertheless, McVey acknowledged that public markets still offer vital liquidity and enable global allocators to build substantial positions through major exchanges. Private markets in Asia. In Asia, KKR has larger portfolio allocations in Japan and India relative to other markets, although McVey emphasised that these allocation trends shift every few years. In the past, allocators favoured country-specific funds, particularly in China, where recent exits have been lacklustre, he noted. He added that while the firm's past focus in China centred on consumption themes, the Chinese economy is now experiencing slowing growth and disinflationary pressures. McVey said that global allocators today prefer pan-Asian exposure and have actively re-engaged with the region over the past three to four years. He highlighted Japan as "ground zero" for corporate governance reforms, noting that the country is building on momentum from the Abenomics era as large conglomerates are becoming increasingly open to structural change. For instance, some are spinning off non-core businesses and turning to private equity buyouts to improve profitability. "We have done deals with Panasonic, Pioneer, Hitachi, lots of different firms," McVey said, adding that there is now more acceptance of private equity involvement in corporate restructuring. South Korea is similarly gaining momentum with its own corporate reforms to unlock market value; McVey noted that 70 per cent of the Kospi is trading below book value. India's market landscape has also evolved significantly, he said. In the past, the focus was primarily on backing local challengers to global brands such as Starbucks. Today, investors can secure control deals - acquiring a majority stake to gain direct operational and strategic authority over a business - and partner with leading Indian franchises seeking foreign capital. He cited KKR's partnership with Reliance Industries as an example. Meanwhile, in South-east Asia, control deals and infrastructure investments have grown noticeably compared with previous years, he said. A changing economic playbook. McVey highlighted that investors will need to adapt to an economic landscape that is behaving quite differently from the 1990s and 2000s. "The economic playbook that worked for the past few decades was built on globalisation, where American consumers take on debt to buy goods produced in Asia," he noted. "Right now, what you're seeing is a very different investment regime, there is much more capital expenditures going into AI, national security, and supply chain reconfiguration." Furthermore, intra-Asian trade has expanded significantly, driving distinct economic outcomes. McVey attributed the global economic resilience to a productivity boom that originated in the US before expanding to Europe and Asia, alongside growth in sectors less sensitive to industrial cycles or energy costs. Singapore's role in private markets. Turning to Singapore, he highlighted efforts to strengthen its capital markets, attract alternative asset managers and establish the city-state as a primary destination for foreign capital. "A major area of focus (for Singapore) right now should be broadening and deepening capital markets," he said. This comes as a more developed capital market ecosystem would give businesses greater access to financing while strengthening Singapore's appeal to global investors. "Establishing Singapore as a hub not only for general business but specifically for financial services will be enormously beneficial," McVey added. "If Singapore takes a front-footed approach to enabling capital markets to blossom, it will yield better outcomes for businesses and the wider economy."

KKR to invest over ₹6,000 crore in Petronas India RE arm. , ET Bureau Last Updated: Oct 19, 2026, 08:28:00 AM IST KKR plans to invest more than ₹6,000 crore in Gentari Renewable India, which is Petronas' renewable energy unit. The funding aims to support the expansion of its renewable energy and green hydrogen projects. Gentari has previously acquired a 1.6 gigawatt renewable energy portfolio and is seeking financial partners. This investment will also facilitate the acquisition of stakes in existing joint ventures in India. New Delhi: KKR is set to invest more than ₹6,000 crore in the Indian renewable energy (RE) unit of Petronas, according to people familiar with the matter. The Malaysia oil giant's unit, Gentari Renewable India Pte Ltd, has been looking to raise growth capital to fund expansion of its renewable and green hydrogen projects besides lowering debt. The funding will not result directly in the acquisition of a holding in the unit, said the people cited. Acquiring stakes in JVs But the investment will give KKR the option of owning a stake in the future, they added. KKR vehicle Sapphire US Holdco LLC has sought approval by the Competition Commission of India (CCI) for an investment in Singapore-based Gentari Renewable India Pte Ltd, according to filings seen by ET. Gentari had purchased a 1.6 gigawatt renewable energy portfolio of projects from Brookfield early last year. Shortly after that, it sought to induct a financial partner in the renewable energy business with Standard Chartered Bank engaged by Gentari as advisor, ET reported June last year. "The plan is to grow with the funding from KKR by building on the existing portfolio of projects," said an executive familiar with the development. The funding will also be used for acquiring stakes Gentari has in some renewable energy joint ventures in India, said the people cited. KKR and Gentari did not respond to ET's queries. Gentari has set up a joint venture with ReNew for developing solar, wind and hybrid power generation infrastructure and has a partnership with AM Green for hydrogen and ammonia production. KKR has been eyeing a broader footprint in the renewable energy sector in India. It already has investments in Hero Future Energy and Serentica Renewables. It's also a sponsor of Indigrid, which has power transmission and renewable energy generation assets. KKR's infrastructure investment portfolio in India is worth $10 billion, including investments in data centres and roads, experts estimate. It had been among the top two bidders for Shell's renewable energy company, Sprng Energy. Aditya Birla eventually outbid KKR to acquire that company for $1.8 billion earlier this year. Fundraising and M&A activity in India's renewable energy sector have accelerated over the past three years. Inox Clean Energy and Sembcorp Green Infra Ltd recently filed papers for an initial public offering of shares. Sembcorp Green Infra is the local renewable energy arm of Singapore's Sembcorp Industries. Suitors including Blackstone are pursuing a bid for Actis-owned renewable energy company BluPine. ET reported recently that Thermax was looking to rope in a partner for its renewable energy business. Read More News on