While most private equity firms are sitting tight, KKR (KKR, Financial) is out making headlines—and deals. Lots of them. In just one week, the firm dropped over $8 billion, scooping up UK-listed Assura for $2.1 billion, Swedish drugmaker Karo Healthcare for $2.8 billion, and winning a hot auction for post-trade platform OSTTRA at over $3 billion. That's not normal behavior in a market rattled by Trump's tariff waves and a spike in financing costs. But KKR isn't playing defense—it's flipping through the same crisis playbook that helped it thrive during COVID.
Here's what's wild: when financing for Karo suddenly collapsed just days before final bids, KKR didn't blink. It wired its own money and clinched the deal—beating out PAI and other suitors. According to partner Iñaki Cobo, the firm deployed its “full capabilities” to lock it in. That in-house firepower is rare and gives KKR an edge most others can't match. It's also now in exclusive talks to inject £4 billion into Thames Water, offering a lifeline to the UK's most indebted utility. While the rest of the market tiptoes, KKR is bulldozing through.
And it's not just about the money. KKR sees the next big macro shift moving away from the U.S. and toward Europe and Asia—an “asynchronous recovery,” as the firm puts it. With over $600 billion in AUM, they've got the dry powder and conviction to bet big when others stall. Bottom line? This is not just opportunistic buying. It's a high-conviction call that market chaos is when the best deals get made.
