KKR Private Equity 101 and Private Credit 101
KKR's free primers on private equity and private credit explain fund structure, the J-curve, distribution waterfalls, fees, direct lending and asset-based finance in one place, with a glossary.
Free to read
KKR's education hub is organized into 101, 201 and 301 tracks, with separate primers on private equity, private credit, infrastructure and real estate. It is aimed at financial advisers, but it is one of the clearest single-page introductions a junior analyst can find.
The Private Equity 101 page covers how general and limited partners split roles, the venture, growth and buyout strategies, value creation levers, the 10-to-12-year fund life and the J-curve it produces, the waterfall from return of capital through hurdle, catch-up and carried interest, and the MOIC and IRR metrics. The Private Credit 101 page explains why non-bank lending grew after 2008, separates direct lending from asset-based finance, and covers junior debt, capital solutions, distressed debt, BDCs and evergreen funds, plus the risks: illiquidity, valuation lag and manager selection.
This is a seller's primer, so treat the performance claims with the usual skepticism. The mechanics, definitions and FAQ are accurate and give you the vocabulary you need before reading the outlooks and industry reports in this section.
Start with
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1
Private Equity 101
Covers fund structure, the J-curve, the distribution waterfall and fees on a single page.
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2
Private Credit 101
Explains direct lending and asset-based finance and how investors get access to each.