FS Investments and KKR announced the closing of their previously announced transaction to create the market’s largest business development company (BDC) platform, with $18 billion in combined assets under management.
Effective today, a new partnership, FS/KKR Advisor, LLC, will serve as the investment adviser to six BDCs: FS Investment Corp., FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, and Corporate Capital Trust II. All of the BDCs are able to participate in the same transactions alongside each other and KKR Credit’s institutional funds and accounts.
And FS Investments and EIG Global Energy Partners announced the closing of their previously announced transaction to manage FS Energy and Power Fund (FSEP), the largest energy-focused BDC in the marketplace with $4.3 billion in assets under management.
Effective today, a partnership jointly owned by FS and EIG now provides investment advisory services to FSEP, which is able to participate in the same transactions alongside EIG’s other institutional funds and accounts.
“With the close of this transaction, EIG will manage approximately $22 billion, which provides scale to offer differentiated financing solutions to global energy and infrastructure companies and projects,” said William Sonneborn, president of EIG.
