ABOUT THE
A leading global alternative investment firm
Founded in 1976 by Henry Kravis and George Roberts, Kohlberg Kravis Roberts & Co. LP (KKR) has evolved through four decades of global economic cycles and changes and grown into a leading global investment firm. As investors with an industrialist vision, KKR aims to generate attractive investment returns by following a patient and disciplined approach, employing high-quality people, pursuing the highest standards of excellence, and aligning interests with investment partners.
510
Assets under management1
47
Years investing
720
Investment professionals
700
Private equity transactions
INDUSTRY EXPERTISE
KKR has completed private equity transactions with approximately $700 billion of total enterprise value.1
DISCIPLINED INVESTMENT PROCESS
Each investment decision is predicated on a clear thesis, utilizing KKR’s resources and knowledge, which includes working with portfolio company senior managers to help identify and implement operational improvements.
PROPRIETARY SOURCING
Experienced and dedicated sourcing professionals utilize the full network comprised of long-standing relationships to find opportunities.
VALUE ENHANCEMENT
KKR invests only when it believes a competitive advantage exists in sourcing, analysis or diligence findings.
1. Source: KKR, as of March 31, 2023.
Investment firm focused on enterprise software
With over $96 billion in assets under management2 and over 20 years of investing exclusively in enterprise software, Vista believes the transformative power of technology is the key to an even better future — a healthier planet, a smarter economy, a diverse and inclusive community, and a broader path to prosperity.
100
Assets under management2
20
Years investing
190
Investment professionals
600
Private equity transactions
PEOPLE
Vista’s people sets them apart. They are technologists and engineers at our core, translating ideas into actions.
ECOSYSTEM
Operationally focused enterprise software investor with a proprietary engineered approach for systemic value creation at scale.
EXPERTISE
Vista knows enterprise software and has the track record in investing, operations, growth and innovation to prove it.
2. Source: Vista Equity Partners, as of June 30, 2023.
Vista – Introduction and Overview
Vista – The Enterprise Software Market
Vista – The Private Software as a Service Market
Vista – View on Market Valuations
Vista – The Difference Between B2B Software and Consumer Software
Vista – Asset Sourcing and Selection Process
Vista – Asset Selection Discipline
Vista – Human Capital
Vista – Closing Statements
A leading global growth investor
Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds and has more than $80 billion in assets under management.3 The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value.
83
Assets under management3
55
Years investing
250
Investment professionals
1000
Private equity transactions
SCALED PLATFORM
With over 250 global investment professionals and over 80 value creation-focused professionals.
STRONG ALIGNMENT
Private partnership – “one firm” culture.
GROWTH MINDSET
Traditional growth equity and growth buyouts.
SECTOR EXPERTISE, LOCAL PRESENCE
Featuring 14 global offices with industry specialized expertise for the thesis-based investor in 10 countries.
3. Source: Warburg Pincus, as of June 30, 2023.
Warburg Pincus – Introduction and Overview
Warburg Pincus – View on Growth Investing
Warburg Pincus – Asset Sourcing, Selection, and Value Creation Process
Warburg Pincus – Alignment and Interest
Warburg Pincus – Sector Focus and Playbook
Warburg Pincus – View on the Current Markets
Warburg Pincus – Closing Statements
KKR, Vista, and Warburg Pincus information is provided by KKR, Vista, and Warburg Pincus or derived from materials approved for use by KKR, Vista, and Warburg Pincus and is believed to be accurate and reliable. iCapital Registered Fund Adviser LLC cannot guarantee the accuracy of, or be responsible for the timeliness, completeness or suitability for use of such information. Information is as of June 13, 2023 unless otherwise noted. KKR, Vista, and Warburg Pincus is neither a sponsor, promoter, adviser nor affiliate of the iDirect Private Markets Fund.
There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.
References to “assets under management” or “AUM” represent the assets managed by KKR, Vista, and Warburg Pincus or its strategic partners as to which KKR, Vista, and Warburg Pincus is entitled to receive a fee or carried interest (either currently or upon deployment of capital) and general partner capital. KKR, Vista, and Warburg Pincus calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR’s, Vista’s, and Warburg Pincus’ investment funds; (ii) uncalled capital commitments from these funds, including uncalled capital commitments from which KKR, Vista, and Warburg Pincus is currently not earning management fees or carried interest; (iii) the fair value of investments in KKR’s, Vista’s, and Warburg Pincus’ co-investment vehicles; (iv) the par value of outstanding CLOs (excluding CLOs wholly-owned by KKR); (v) KKR’s pro-rata portion of the AUM managed by strategic partnerships in which KKR holds a minority ownership interest and (vi) the fair value of other assets managed by KKR, Vista, and Warburg Pincus. The pro rata portion of the AUM managed by strategic partnerships is calculated based on KKR’s, Vista’s, and Warburg Pincus’ percentage ownership interest in such entities multiplied by such entity’s respective AUM. KKR’s, Vista’s, and Warburg Pincus’ calculation of AUM may differ from the calculations of other asset managers and, as a result, KKR’s, Vista’s, and Warburg Pincus’ measurements of its AUM may not be comparable to similar measures presented by other asset managers. KKR’s, Vista’s, and Warburg Pincus’ definition of AUM is not based on the definitions of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions.
* References herein to the “Fund” or “iDirect PM Fund” in each instance refer to the iDirect Private Markets Fund, unless specified otherwise.
