Freed from certain legal entanglements by another one of my favorite readers, I can now comment on the KKR Amsterdam offering memorandum. It is quite tasty reading, actually. What struck me when I first looked at the document, and stays with me today, is how poor a deal the investors are really getting compared to traditional KKR limited partners. To wit, the first hint something is amiss from the "risks" section:
Your rights as a unitholder will differ substantially from the rights of limited partners of KKR’s private equity funds and the potential return on your investment may not be commensurate with the returns achieved by limited partners of KKR’s private equity funds.
I will likely do a detailed analysis this weekend. In the meantime, to tide you over The Deal has a good article (subscription required) on the subject.