|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange
on which registered
|
||
Item 8.01. |
Other Events
|
Class
|
Transactional Net Asset Value per Share
|
|||
Class I Shares
|
$
|
25.80
|
||
Class R-I Shares
|
$
|
25.81
|
||
Class R-U Shares
|
$
|
25.73
|
||
Class F Shares
|
$
|
25.99
|
||
Class G Shares
|
$
|
25.99
|
||
Class H Shares
|
$
|
25.99
|
Item 9.01 |
Financial Statements and Exhibits
|
Exhibit Number
|
Description
|
|
Net Asset Value as of November 30, 2023
|
||
104
|
Cover Page Interactive Data File, formatted in Inline XBRL
|
KKR PRIVATE EQUITY CONGLOMERATE LLC
|
|||
By:
|
/s/ Sung Bum Cho
|
Name:
|
Sung Bum Cho
|
||
Title:
|
General Counsel & Secretary
|
Components of Transactional Net Asset Value
|
November 30, 2023
|
|||
Investments at fair value (cost of $490,836)
|
$
|
498,715
|
||
Cash and cash equivalents
|
76,287
|
|||
Other assets
|
14,641
|
|||
Other liabilities
|
(14,978
|
)
|
||
Accrued performance participation allocation
|
(1,568
|
)
|
||
Management fee payable
|
—
|
|||
Accrued shareholder servicing fees and distribution fees(1)
|
(634
|
)
|
||
Transactional Net Asset Value
|
$
|
572,463
|
||
Number of outstanding shares
|
22,237,082
|
(1)
|
Shareholder servicing fees apply only to Class S, Class U, Class D, Class R-S, Class R-U and Class R-D shares. Distribution fees apply only to Class S, Class U, Class R-S and Class R-U shares. For purposes of
Transactional Net Asset Value, we recognize shareholder servicing fees and distribution fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued. For purposes of GAAP Net Asset Value, we accrue the
cost of the shareholder servicing fees and distribution fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S, Class U, Class D, Class R-S, Class R-U and Class R-D shares. As of November
30, 2023, we have accrued under GAAP $32,643 of shareholder servicing fees and distribution fees payable to the dealer manager related to the Class R-U shares sold.
|
Transactional Net Asset
Value Per Share
|
Class I
Shares
|
Class R-I
Shares
|
Class
R-U Shares
|
Class
F Shares
|
Class G
Shares
|
Class H
Shares
|
Total
|
|||||||||||||||||||||
Transactional Net Asset Value
|
$
|
1,798
|
$
|
79,033
|
$
|
491,579
|
$
|
51
|
$
|
1
|
$
|
1
|
$
|
572,463
|
||||||||||||||
Number of outstanding shares
|
69,695
|
3,062,509
|
19,102,831
|
1,967
|
40
|
40
|
22,237,082
|
|||||||||||||||||||||
Transactional Net Asset Value per share as of November 30, 2023
|
$
|
25.80
|
$
|
25.81
|
$
|
25.73
|
$
|
25.99
|
$
|
25.99
|
$
|
25.99
|
November 30, 2023
|
||||
GAAP Net Asset Value
|
$
|
540,454
|
||
Adjustment:
|
||||
Accrued shareholder servicing fees and distribution fees
|
32,009
|
|||
Transactional Net Asset Value
|
$
|
572,463
|
Valuation Methodology
|
Unobservable Input(s) (1)
|
Weighted Average (2)
|
Range
|
|||||
Inputs to market comparables, discounted cash flow and transaction price/other
|
Illiquidity Discount
|
6.4
|
% |
5.0% – 15.0%
|
||||
|
Weight Ascribed to Market Comparables
|
10.6
|
% |
0.0% – 50.0%
|
|
|||
|
Weight Ascribed to Discounted Cash Flow
|
18.3
|
% |
0.0% – 75.0%
|
||||
|
Weight Ascribed to Transaction Price/Other
|
71.0
|
% |
0.0% – 100.0%
|
|
|||
Market Comparables
|
Enterprise Value / Forward EBITDA Multiple
|
15.0
|
x |
10.4x – 16.5x
|
||||
Discounted Cash Flow
|
Weighted Average Cost of Capital
|
11.0
|
% |
8.8% – 18.0%
|
||||
|
Enterprise Value / LTM EBITDA Exit Multiple
|
11.8
|
x |
2.5x – 17.0x
|
(1) |
In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments
including exit strategies and realization opportunities. KKR Private Equity Conglomerate LLC’s manager (the “Manager”) has determined that market participants would take these inputs into account when valuing the investments. “LTM” means
Last Twelve Months.
|
(2) |
Inputs are weighted based on fair value of the investments included in the range.
|
Input
|
Hypothetical Change
|
Portfolio Company
Values
|
||||
Weighted Average Cost of Capital
|
0.25% decrease
|
+0.58
|
%
|
|||
|
0.25% increase |
-0.55
|
%
|
Document and Entity Information |
Dec. 20, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 20, 2023 |
Entity File Number | 000-56540 |
Entity Registrant Name | KKR Private Equity Conglomerate LLC |
Entity Central Index Key | 0001957845 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 88-4368033 |
Entity Address, Address Line One | 30 Hudson Yards |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10001 |
City Area Code | 212 |
Local Phone Number | 750-8300 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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