Alternative investment management firm FS Investments entered into an agreement with KKR to create the largest business development company (BDC) platform, with $18 billion in combined AUM. Under the terms of the agreement, FS Investments and KKR will seek stockholder approval for the partnership to provide investment advisory services to the four BDCs that FS Investments sponsors and to the BDC currently advised by KKR. Corporate Capital Trust II, currently advised by CNL and sub-advised by KKR, will also be offered the opportunity to be included, subject to board and shareholder approval. The combined platform will offer differentiated origination capabilities and expertise in capital markets that provides sponsors and corporates with a range of product solutions and will seek to deliver value to investors through enhanced deal flow and expanded proprietary investment opportunities.
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