KKR Plans Major India Push In Credit, Real Estate, And Manufacturing
ECONOMY & POLICY

KKR Plans Major India Push In Credit, Real Estate, And Manufacturing

KKR Global, one of the world’s largest private equity firms, is preparing to expand its investments in India across private credit, insurance, real estate, and manufacturing, aligning with emerging opportunities in the country’s fast-growing economy.

The firm, which manages nearly USD 700 billion (Rs 58.4 trillion) in assets worldwide, plans to invest between USD 90 billion and USD 100 billion (Rs 7.5–8.3 trillion) globally in 2025. Of this, USD 250–300 billion (Rs 20.9–25.1 trillion) is in credit, making it KKR’s largest business segment.

In India, KKR has invested USD 9 billion (Rs 752 billion) over the past five years and more than USD 13 billion (Rs 1.09 trillion) since establishing its presence in 2008.

Scott Nuttall, Co-Chief Executive Officer of KKR, said India’s transformation from the world’s fifth-largest to soon the third-largest economy makes it a core strategic market for the firm. “Even though USD 9 billion makes us one of the largest private capital investors in the country today, that number will grow dramatically in the years ahead,” he stated.

Addressing concerns about global trade headwinds, Nuttall noted, “We’re focused on what India will look like 10 to 20 years from now. Our key growth bets — domestic consumption, healthcare, and financial services — are not heavily export-dependent. The outlook for India is extraordinarily bright.”

Gaurav Trehan, Co-Head of Asia Pacific, Head of Asia Pacific Private Equity, and CEO of KKR India, said that in KKR’s first decade in India, total investments were around USD 4 billion (Rs 334 billion), which more than doubled in the next five years.

“For a long time, India did not deliver strong returns for our industry, but that has changed over the last five years,” Trehan observed. “We are continuously evaluating exit opportunities through capital markets and strategic deals. Over the next 12–18 months, a few more exits are likely, but there is much more to come.”

KKR has realised billions of dollars through capital market exits, strategic sales, and sponsor-to-sponsor transactions, and sees this as “only the beginning” of India’s long-term value creation cycle.

Highlighting emerging opportunities, Nuttall said KKR is exploring local partnerships with Indian insurance companies to invest jointly in assets, leveraging its global insurance funding model already in use for transactions such as Manipal.

The firm plans to deploy more capital in healthcare, consumer, technology, and financial services, as well as infrastructure segments like renewables, roads, transmission grids, and data centres.

Trehan added that KKR now intends to expand into manufacturing, given the ‘China Plus One’ strategy and the Make in India momentum. “We haven’t done much in manufacturing so far, but we’re looking to go big — through both private equity and private credit,” he said.

Across Asia and India, KKR remains a top-quartile fund in private equity and infrastructure, with India being the largest contributor to both segments.

On the private credit front, Trehan noted that India accounts for about 10 per cent of KKR’s portfolio, or roughly USD 1 billion (Rs 83.6 billion). “Since the relaunch of our credit business, we’ve had no principal losses. Private credit returns may be lower than equity, but they’ve been more consistent,” he said.

He added that KKR’s new private credit team in India has been restructured with a refreshed strategy aimed at supporting corporate growth and stability.

Trehan also emphasised KKR’s intention to play a key role in developing India’s corporate bond market, which remains underdeveloped. “As India’s economy expands, corporates will need access to more diversified capital sources. KKR wants to be part of building that ecosystem,” he said.

KKR Global, one of the world’s largest private equity firms, is preparing to expand its investments in India across private credit, insurance, real estate, and manufacturing, aligning with emerging opportunities in the country’s fast-growing economy. The firm, which manages nearly USD 700 billion (Rs 58.4 trillion) in assets worldwide, plans to invest between USD 90 billion and USD 100 billion (Rs 7.5–8.3 trillion) globally in 2025. Of this, USD 250–300 billion (Rs 20.9–25.1 trillion) is in credit, making it KKR’s largest business segment. In India, KKR has invested USD 9 billion (Rs 752 billion) over the past five years and more than USD 13 billion (Rs 1.09 trillion) since establishing its presence in 2008. Scott Nuttall, Co-Chief Executive Officer of KKR, said India’s transformation from the world’s fifth-largest to soon the third-largest economy makes it a core strategic market for the firm. “Even though USD 9 billion makes us one of the largest private capital investors in the country today, that number will grow dramatically in the years ahead,” he stated. Addressing concerns about global trade headwinds, Nuttall noted, “We’re focused on what India will look like 10 to 20 years from now. Our key growth bets — domestic consumption, healthcare, and financial services — are not heavily export-dependent. The outlook for India is extraordinarily bright.” Gaurav Trehan, Co-Head of Asia Pacific, Head of Asia Pacific Private Equity, and CEO of KKR India, said that in KKR’s first decade in India, total investments were around USD 4 billion (Rs 334 billion), which more than doubled in the next five years. “For a long time, India did not deliver strong returns for our industry, but that has changed over the last five years,” Trehan observed. “We are continuously evaluating exit opportunities through capital markets and strategic deals. Over the next 12–18 months, a few more exits are likely, but there is much more to come.” KKR has realised billions of dollars through capital market exits, strategic sales, and sponsor-to-sponsor transactions, and sees this as “only the beginning” of India’s long-term value creation cycle. Highlighting emerging opportunities, Nuttall said KKR is exploring local partnerships with Indian insurance companies to invest jointly in assets, leveraging its global insurance funding model already in use for transactions such as Manipal. The firm plans to deploy more capital in healthcare, consumer, technology, and financial services, as well as infrastructure segments like renewables, roads, transmission grids, and data centres. Trehan added that KKR now intends to expand into manufacturing, given the ‘China Plus One’ strategy and the Make in India momentum. “We haven’t done much in manufacturing so far, but we’re looking to go big — through both private equity and private credit,” he said. Across Asia and India, KKR remains a top-quartile fund in private equity and infrastructure, with India being the largest contributor to both segments. On the private credit front, Trehan noted that India accounts for about 10 per cent of KKR’s portfolio, or roughly USD 1 billion (Rs 83.6 billion). “Since the relaunch of our credit business, we’ve had no principal losses. Private credit returns may be lower than equity, but they’ve been more consistent,” he said. He added that KKR’s new private credit team in India has been restructured with a refreshed strategy aimed at supporting corporate growth and stability. Trehan also emphasised KKR’s intention to play a key role in developing India’s corporate bond market, which remains underdeveloped. “As India’s economy expands, corporates will need access to more diversified capital sources. KKR wants to be part of building that ecosystem,” he said.

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