KKR & Co. Forms $50 Million Coronavirus Relief Fund -- Update
April 07 2020 - 8:13PM
Dow Jones News
By Preeti Singh
KKR & Co. and its executives have pledged $50 million to
support communities, portfolio company employees and first
responders affected by the coronavirus pandemic, while Apollo
Global Management Inc. co-founder Leon Black and his family have
committed up to $20 million to a new fund to help New York City
hospital workers.
The pandemic "is wreaking havoc on every country, every
industry, every household, and virtually every single person. As
such, our response as a firm must be different," according to a
letter sent to investors by KKR founders Henry Kravis and George
Roberts and co-Presidents and co-Chief Operating Officers Scott
Nuttall and Joseph Bae that was viewed by WSJ Pro Private
Equity.
KKR's relief fund will be funded by contributions from KKR's
executives and the firm itself. Also, Messrs. Kravis, Roberts,
Nuttall and Bae will forgo their salaries and annual bonuses for
2020, according to the letter.
The relief fund will support a number of initiatives, including
those that address immediate needs of first responders and
front-line medical workers and help ensure food security for
vulnerable communities. The fund will provide access to benefits
and financial coaching to its portfolio workforce employees that
may have been dislocated by the crisis and assist small businesses
that are experiencing hardship, the letter said.
KKR joins the growing ranks of private-equity firms pledging
millions of dollars to help battle the fallout from the pandemic.
Advent International, Blackstone Group and Leonard Green &
Partners also have disclosed similar efforts in recent weeks.
On Tuesday, Apollo said others from its ranks and the firm
itself have joined the Black family in contributing to the newly
established NYC Healthcare Heroes program to distribute food,
household supplies and health products to hospital workers across
the city through June. The relief vehicle was set up by the Black
family along with food-services company Aramark, the American Red
Cross, the Robin Hood Foundation and the Mayor's Fund to Advance
New York City.
Write to Preeti Singh at preeti.singh@wsj.com
(END) Dow Jones Newswires
April 07, 2020 19:58 ET (23:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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