KKR Joins SPAC Party Seeking $1 Billion in Blank-Check Listing

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Private equity giant KKR Inc. filed to raise $1 billion via a special purpose acquisition company.

KKR Acquisition Holdings I Corp. filed on Thursday with the U.S. Securities and Exchange Commission to sell 100 million units for $10 each. The vehicle will focus on acquisition targets in the consumer or retail industries, according to the prospectus.

Each unit will comprise of one Class A share and one-third of a redeemable warrant.

Glenn Murphy, a Lululemon Athletica Inc. board member who isn’t employed by KKR, is the chief executive officer of the blank-check company. Paul Raether, with KKR since 1980, and Paula Campbell Roberts, managing director of global macro and real estate Americas at the private equity firm, are board director nominees.

Private equity firms have been active in the SPAC market as both buyers and sellers. Apollo Global Management Inc. has three blank-check companies and has two more on file while TPG has two SPACs under its Pace brand.

Citigroup Inc. is the sole adviser on KKR’s listing. KKR Acquisition plans to list on the New York Stock Exchange under the symbol KAHC.U.

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