July 14 (Bloomberg) — KKR & Co., the private-equity firm led by George Roberts and Henry Kravis, agreed to buy a stake in hedge fund BlackGold Capital Management LP as it continues to grow beyond buyouts, said a person with knowledge of the deal.
KKR will take a 24.9 percent stake in Houston-based BlackGold, which makes credit investments in energy-related companies and assets, said the person who asked not to be identified because the transaction hasn't been announced. KKR will share in BlackGold's earnings, which include fees for managing money and for producing profits, the person said.
Kristi Huller, a spokeswoman for New York-based KKR, declined to comment. A telephone message left at BlackGold outside of normal business hours wasn't returned.
KKR, like competitors Blackstone Group LP and Carlyle Group LP, has diversified its business beyond leveraged buyouts, in part by acquiring stakes in hedge-fund firms. Blackstone in February did its first such deal, using client funds to buy a piece of Senator Investment Group LP. Carlyle owns stakes in hedge-fund firms Claren Road Asset Management LLC, Emerging Sovereign Group LLC and Vermillion Asset Management LLC. KKR's agreement with BlackGold is its second such deal, after the firm took a stake in Nephila Capital Ltd. last year.
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