Private-equity firm KKR, which usually holds its cards close to its chest, gave investors a look at its portfolio on Sunday night. The New York firm disclosed the information, including its $1.2 billion loss in 2008, to update investors on its financial condition as it evaluates buying out its Amsterdam-listed fund, KKR Private Equity Investors LP.
Also in the presentation was the value of the firm’s 10 largest portfolio companies as of March 31. The fair values of these companies may not be particularly representative of where they’d be valued today — the S&P 500 is up nearly 20 percent since March 31 — but it is an interesting snapshot of how KKR has been performing.
The Good: French industrial conglomerate Legrand, which has a fair value that is more than double its December 2002 cost; Singapore-based technology company Avago, up 70 percent from December 2005; Nordic telecom company TDC, up more than 30 percent from February 2006; retailer Dollar General, up 30 percent from July 2007; and health care company HCA; which has held a stable value since November 2006.
The Bad: British Health and beauty company Alliance Boots, down 35 percent since May 2007; US Foodservice and medical device manufacurer Biomet, both down 20 percent since July 2007.
The Ugly: Power company Energy Future Holdings, down 50 percent since October 2007, and First Data, down 40 percent since September 2007.