# KKR Dislocation Opportunities Fund

The KKR Dislocation Opportunities Fund is a special-situations investment fund raised and managed by KKR & Co. Inc., the New York-based global investment firm; it is not a standalone private equity firm but a vehicle within KKR's Credit and Liquid Strategies business line.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup> The fund drew total commitments of $2,967 million and ran an investment period from August 2019 to November 2021.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup>

| Fact | Detail |
|---|---|
| Sponsor and manager | KKR & Co. Inc., 30 Hudson Yards, New York (formerly KKR & Co. L.P. through June 29, 2018)<sup>[2](https://www.sec.gov/edgar/browse/?CIK=1404912)</sup> |
| Fund launched | Investment period August 2019 to November 2021<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup> |
| Total commitments | $2,967 million per KKR's 10-K<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup> |
| End-2022 results | Invested $2,380 million; realized $763 million; gross IRR 12.4%, net IRR 9.7%, MOIC 1.2x<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup> |
| End-2024 results | Invested $2,605 million; fair value $1,738 million; gross MOIC 1.586x<sup>[3](https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline)</sup> |
| General partner commitment | 14% of commitments<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup> |
| Status | Invested capital still held at value as of the FY2024 10-K; no successor dislocation vehicle disclosed in the sources<sup>[3](https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline)</sup> |

## What KKR Dislocation Opportunities is

The subject is a fund, not an independent manager. SEC filings by KKR & Co. Inc. report the Dislocation Opportunities Fund within the firm's Credit and Liquid Strategies line, which carried $34,358 million of total commitments as of December 31, 2022.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup>

## By the numbers

As of December 31, 2022, the fund had invested $2,380 million and realized $763 million, with investments at a fair value of $2,018 million and total value of $2,781 million, against $587 million of uncalled commitments. It reported a gross IRR of 12.4%, a net IRR of 9.7%, and a multiple of invested capital of 1.2x.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup>

The FY2024 10-K table shows a different picture of realized proceeds: $2,605 million invested, a fair value of $1,738 million against cost of $1,480 million, $1,586 million unrealized, and $76 million realized, with a gross MOIC of 1.586x. The 2022 and 2024 tables are not directly reconcilable from the excerpts (realized of $763 million versus $76 million may reflect a table-parsing difference), so both disclosures are reported as filed.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup><sup> • </sup><sup>[3](https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline)</sup>

**Scale in context.** At $2,967 million, the Dislocation Opportunities Fund sits between KKR's Special Situations Fund II ($3,525 million, investment period February 2015 to March 2019) and well below the flagship North America Fund XIII, begun in August 2021 with $18,400 million in commitments, roughly six times the dislocation fund's size.<sup>[3](https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline)</sup> It is comparable to Asset-Based Finance Partners II ($3,495 million, investment period from March 2024) in the same reporting line.<sup>[3](https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline)</sup>

## The sponsor: KKR & Co. context

KKR & Co. Inc. is headquartered at 30 Hudson Yards, New York, and trades as a large accelerated filer; it was named KKR & Co. L.P. through June 29, 2018.<sup>[2](https://www.sec.gov/edgar/browse/?CIK=1404912)</sup> Since its founding in 1976 the firm has expanded from traditional private equity into leveraged credit, alternative credit, infrastructure, energy, real estate, growth equity, core, and impact investments.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup> The firm is led by co-chief executive officers Scott Nuttall and Joseph Bae; KKR's own site does not mention the Dislocation Opportunities fund among its products.<sup>[4](https://www.kkr.com/about)</sup>

The dislocation fund belongs to a credit platform that has grown substantially since the fund's 2019 vintage. KKR's Credit and Liquid Strategies commitments rose from $34,358 million at end-2022 to $43,105 million at end-2024.<sup>[1](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm)</sup><sup> • </sup><sup>[3](https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline)</sup> As of June 30, 2026, KKR reported $255 billion in private equity AUM and $331 billion in credit AUM including liquid strategies, so the roughly $3 billion dislocation fund is a small fraction of the platform that houses it.<sup>[5](https://www.kkr.com/)</sup> Part of that growth came through insurance: KKR acquired a majority stake in Global Atlantic in February 2021 and bought the remaining stake in January 2024, taking ownership to 100%.<sup>[6](https://www.eqs-news.com/media/document/ff986f8a-1dcd-4e25-a9f3-2416b2009d4d/assets/KKR_Overview_Presentation_-_September_2026.pdf)</sup>

## References

1. KKR & Co. Inc. Form 10-K for fiscal year 2022, SEC EDGAR: https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm
2. SEC EDGAR entity page, KKR & Co. Inc. (CIK 1404912): https://www.sec.gov/edgar/browse/?CIK=1404912
3. KKR & Co. Inc. Form 10-K for fiscal year ended December 31, 2024: https://ir.kkr.com/media/document/d57ed064-3939-4af8-b8b2-b48cd07e2ed8/assets/KKR_-_2024.12.31_10-K.pdf?disposition=inline
4. KKR, About: https://www.kkr.com/about
5. KKR homepage, AUM as of June 30, 2026: https://www.kkr.com/
6. KKR Overview Presentation, September 2026: https://www.eqs-news.com/media/document/ff986f8a-1dcd-4e25-a9f3-2416b2009d4d/assets/KKR_Overview_Presentation_-_September_2026.pdf

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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Special situations and distressed funds*

*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*

*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*

License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license