Avoca Capital to be acquired by KKR to expand European coverage

By Jennifer Chiou

New York, Oct. 18 - Avoca Capital announced that it will be acquired by KKR & Co. LP. Details of the transaction were not disclosed in a press release.

Avoca has roughly $8 billion of assets under management and invests across five strategies: European loans and bonds, credit opportunities, long/short credit, convertible bonds and structured and illiquid credit.

"We believe the European credit space offers significant opportunity," KKR co-founders and co-chief executive officers Henry Kravis and George Roberts said in the release.

"To date we have built our European credit business focused on originated credit opportunities such as private credit and special situations, providing $2 billion of capital in just the last two years to European companies."

The release noted that Alan Burke, Avoca co-founder and CEO, will lead KKR's European credit platform.

Avoca Capital is a European credit investment manager based in Dublin and London.

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