KKR acquires $373M portfolio of prime auto loans

KKR (KKR) announced that private credit funds and accounts managed by KKR have purchased a $373 million portfolio of prime auto loans from Synovus Bank (SNV). This investment aligns with KKR’s asset-based finance strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, with attractive risk-adjusted returns. KKR has made 65 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $42 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally. “We continue to see opportunities to provide capital to the banking community and believe that the combination of our scale, deep ABF investment expertise and ability to execute efficiently positions us to be a partner of choice for these types of transactions,” said Dan Pietrzak, Global Head of Private Credit at KKR.