Private equity giant KKR filed to raise $1 billion via a special purpose acquisition company.
KKR Acquisition Holdings filed on Thursday with the SEC to sell 100 million units for $10 each. The vehicle will focus on acquisition targets in the consumer or retail industries, according to the prospectus.
Each unit will comprise of one Class A share and one-third of a redeemable warrant.
Glenn Murphy, a Lululemon Athletica board member who isn’t employed by KKR, is the CEO of the blank-check company. Paul Raether, with KKR since 1980, and Paula Campbell Roberts, managing director of global macro and real estate Americas at the private equity firm, are board director nominees.
Private equity firms have been active in the SPAC market as both buyers and sellers. Apollo Global Management has three blank-check companies and has two more on file while TPG has two SPACs under its Pace brand.
Citigroup is the sole advisor on KKR’s listing. KKR Acquisition plans to list on the NYSE under the symbol KAHC.U.
