KKR seeks to attract investors at $12,525 minimum

NEW YORK (Reuters) - Private equity firm KKR & Co is working with a money manager to launch a closed-end fund that accepts commitments as small as US$10,000 (S$12,525) and may make shares available on a platform operated by Nasdaq Private Market, a regulatory filing showed Thursday.

The Altegris KKR Private Equity Master Fund, which has La Jolla, California-based Altegris Advisors LLC as its investment adviser, will allocate at least 70 per cent of its assets to private equity funds affiliated with KKR, according to the filing with the United States Securities and Exchange Commission.

Shares of the fund will be sold to accredited investors, the filing said. Accredited investors have a net worth of US$1 million, excluding the value of a primary residence, or an individual annual income over US$200,000.

The fund will not sell shares unless it raises at least US$25 million, the filing said.

The filing has come after KKR disclosed on Feb 10 that it would liquidate two funds targeting individual investors, which marked a blow to the private equity firm's efforts to widen its appeal beyond institutional investors such as pension funds and insurance firms.