PHILADELPHIA and NEW YORK, April 9,
2018 /PRNewswire/ -- FS Investments and KKR today announced
the closing of their previously announced transaction to create the
market's largest business development company (BDC) platform, with
$18 billion in combined assets under
management.
Effective today, a new partnership, FS/KKR Advisor, LLC, will
serve as the investment adviser to six BDCs: FS Investment
Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II),
FS Investment Corporation III (FSIC III), FS Investment Corporation
IV (FSIC IV), Corporate Capital Trust, Inc. (NYSE: CCT) and
Corporate Capital Trust II (CCT II). All of the BDCs are able
to participate in the same transactions alongside each other and
KKR Credit's institutional funds and accounts.
"We have been working closely with the KKR team over the past
several months to prepare for this transition and are now looking
forward to realizing the full benefits of our combined platform for
investors," said Michael Forman,
Chairman and Chief Executive Officer of FS Investments. "Our focus
will continue to be on optimizing the platform and enhancing
performance as we also evaluate potential mergers of these BDCs to
create value."
Todd Builione, President of KKR
Credit and Markets, said, "We have enjoyed working with our
partners at FS over the past many months. We firmly believe
that through our collective scale and complementary expertise, our
combined BDC franchise is positioned to drive superior results for
our investors – and holistic financing solutions to our sponsor and
corporate clients."
FS Investments and GSO Capital Partners (GSO) have concluded
their relationship with respect to all of FS Investments' sponsored
funds that were sub-advised by GSO.
About FS/KKR Advisor LLC
FS/KKR Advisor, LLC is
a partnership between FS Investments and KKR Credit that serves as
the investment adviser to six business development companies (BDCs)
with approximately $18 billion in
assets under management as of December 31,
2017. The BDCs managed by FS/KKR include FS Investment
Corporation, FS Investment Corporation II, FS Investment
Corporation III, FS Investment Corporation IV, Corporate Capital
Trust, Inc. and Corporate Capital Trust II.
About FS Investments
FS Investments is a leading
asset manager dedicated to helping individuals, financial
professionals and institutions design better portfolios. The firm
provides access to alternative sources of income and growth and
focuses on setting industry standards for investor protection,
education and transparency.
FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit fsinvestments.com to
learn more.
About KKR
KKR is a leading global investment firm
that manages multiple alternative asset classes, including private
equity, energy, infrastructure, real estate and credit, with
strategic manager partnerships that manage hedge funds. KKR aims to
generate attractive investment returns for its fund investors by
following a patient and disciplined investment approach, employing
world-class people, and driving growth and value creation with KKR
portfolio companies. KKR invests its own capital alongside the
capital it manages for fund investors and provides financing
solutions and investment opportunities through its capital markets
business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about
KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at
www.kkr.com and on Twitter @KKR_Co.
Contact Information:
Media (FS Investments)
Marc
Yaklofsky or Kate Beers
media@fsinvestments.com
215-495-1174
Media (KKR)
Kristi Huller or Cara Kleiman Major
media@kkr.com
212-750-8300
Forward-Looking Statements
This press release may
contain certain forward-looking statements, including statements
with regard to the future performance or operations of FSIC, FSIC
II, FSIC III, FSIC IV, CCT and CCT II (collectively, the "Funds").
Words such as "believes," "expects," "projects" and "future" or
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to the
inherent uncertainties in predicting future results and conditions.
Certain factors could cause actual results to differ materially
from those projected in these forward-looking statements, and some
of these factors are enumerated in the filings the Funds make with
the U.S. Securities and Exchange Commission. The Funds undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE FS Investments