Greenhaven Road Investment Management, LP on KKR & Co. Inc.
Thesis
Greenhaven continues to regard KKR as a high-quality alternative-asset manager despite concerns surrounding private credit. The fund expects the current private-credit scare to prove temporary rather than structurally damaging. Assets under management should continue expanding as existing strategies mature and KKR grows distribution through the high-net-worth channel. Continued scale and fundraising growth underpin the long-term compounding thesis.
“KKR remains a great business.”
Key risks
- Private-credit stress could prove more severe or persistent than expected
- Fundraising and assets-under-management growth could slow
- Expansion into the high-net-worth channel may underperform expectations