KKR is revamping and renaming a failed $600 million credit fund — and the new version is designed to buy loads of coronavirus-hit debt | Markets Insider

KKR changed the fund's managers and shifted its strategy to focus on corporate bonds and loans, distressed or not. The special situations fund faced headwinds when it launched in 2019, from a then-rosy economic backdrop to an absence of appealing investments. With credit health recently dragged to historic lows amid the pandemic lockdown, the firm has fresh hope for the strategy.

The switch-up was first conceived on March 20, after a violent bout of market volatility tanked stocks and hiked fears of a deep economic recession. The credit team at KKR sought to jump on the opportunity but decided to revamp the soured special situations fund instead of waiting to establish an entirely new vehicle, Bloomberg reported.

The fund is being pitched with a specific focus on discounted high-quality corporate debt, companies battered by the virus' economic toll, and debt backed by real estate and other stable assets, according to the report.

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