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Law360 (April 8, 2020, 1:43 PM EDT) -- KKR & Co. LP has formed a $50 million coronavirus relief fund that will provide capital to support first responders, communities and portfolio company employees affected by the ongoing COVID-19 pandemic, according to a letter sent to KKR limited partners that was obtained by Law360.
The letter, signed by KKR executives George Roberts, Henry Kravis, Scott Nuttall and Joseph Bae, was issued to LPs on Tuesday and procured by Law360 on Wednesday. Roberts and Kravis co-founded the private equity giant in 1976 and serve as co-chairmen and co-CEOs. Nuttall and Bae joined KKR in 1996 and are co-presidents and co-chief operating officers.
The fund, called KKR Relief Fund, will seek to "support the people and places in our communities who are most impacted by this crisis and the resulting economic dislocation," according to the letter.
That includes capital for first responders and front-line medical workers, programs that are supplying food for vulnerable communities, and investments meant to provide access to benefits and financial coaching for "dislocated portfolio company employees."
The fund will also support workforce recovery for challenged populations in general and will provide capital to assist small businesses that are experiencing significant economic hardship.
The capital is being pledged by executives across KKR, along with money coming directly from the firm itself. The letter also notes that the four signees "feel it is appropriate" to forego any further salary or bonuses this year.
"Our goal is not just to provide financial support but to engage the extraordinary talents of our people to make a meaningful impact for millions around the world," the letter said. "There has never been a more important time for us to act and give, individually and collectively. And we're here for the challenge."
The firm intends to update LPs on the fund's efforts periodically, although no exact time frame for the next update was disclosed.
Legal counsel information was not immediately available.
--Editing by Orlando Lorenzo.
For a reprint of this article, please contact reprints@law360.com.
