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KKR to set up global oil and gas services platform

The first investment through the platform will be made by its $6bn Asian Fund II.

The US private equity firm Kohlberg Kravis Roberts & Co. (KKR) announced the launch of an integrated entity to provide asset management services to the oil and gas industry globally. 

The platform will be led by Deepak Munganahalli, founder and executive chairman of KKR. Be based in Dubai, he has more than 20 years of global oil and gas experience. 

“Our goal is to become an integrated solutions provider for engineering, maintenance, repair and overhaul services for asset owners and operators in the oil and gas industry,” said Munganahalli. 

The first investment in the platform will be made by the KKR Asian Fund II, a $6 billion pan-Asian private equity fund with its final close reached in 2013. 

Further details of the transaction were not disclosed while the transaction is subject to regulatory approvals and other customary closing conditions. 

The fund targets industries that take advantage of the increasing domestic consumption in Asia, such as consumer, retail, healthcare, education, industrials and infrastructure. The fund’s latest move is to invest in Avendus Capital, an Indian financial services firm, to expand its presence in the country’s mid-market. 

KKR also divested its three solar power plants in Ontario to Canadian Solar for $206 million in October. In addition to infrastructure and private equity, the firm invests in real estate, credit and hedge funds. As of June 30, its assets under management totaled $101.6 billion.