KKR: Pick a number

Investors in private equity are used to taking things on trust. Kohlberg Kravis Roberts’ reverse public offering is no exception. The US buyout firm plans to swallow its Amsterdam-listed vehicle, KKR Private Equity Investors (KPE), in an all-stock transaction, and then re-list the whole shebang in New York. It’s a smart deal for KKR, and a creative one to boot. Whether it’s a good one for KPE shareholders isn’t so clear. The alchemy works thus. Investors in KPE will swap their shares for two pi...