KKR renegotiated terms with institutional backers to enable it to hand wealthy individuals a bigger cut of its private equity deals, in a sign of how a flood of new money is upending the sector’s traditional dynamics.
The US private capital group triggered concern among some of its investors by asking for the ability to dilute their equity in deals so that KKR’s new vehicles for wealthy individuals could have a bigger share, according to people familiar with the matter.
KKR renegotiated the terms as it and other top buyout groups look for ways to deploy the increasing amounts of cash they are raising from individuals.
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