8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 21, 2024

KKR Private Equity Conglomerate LLC

(Exact name of registrant as specified in its charter)

Delaware	000-56540	88-4368033
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
30 Hudson Yards, New York, NY		10001
(Address of principal executive offices)		(Zip Code)

(212) 750-8300

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None.	None.	None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 8.01.    Other Events

Transactional Net Asset Value

On May 21, 2024, the manager of KKR Private Equity Conglomerate LLC (the “Company”) determined the transactional net asset value, being the price at which sales and repurchases of the Company’s shares are made (the “Transactional Net Asset Value”), of the following classes of the Company’s shares as of April 30, 2024:

Class	Transactional Net Asset Value per Share
Class I Shares	$	26.43
Class R-D Shares	$	26.36
Class R-I Shares	$	26.39
Class R-U Shares	$	26.20
Class F Shares	$	26.65
Class G Shares	$	26.65
Class H Shares	$	26.65

As of April 30, 2024, no Class S, Class D, Class U, Class R-S or Class E shares were outstanding.

The Transactional Net Asset Value of the Company’s shares is also available on its website at www.kkrpec.com, but the contents of the website are not incorporated by reference in or otherwise a part of this Current Report on Form 8-K.

For additional information, please see additional details included in Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Net Asset Value as of April 30, 2024
104	Cover Page Interactive Data File, formatted in Inline XBRL

1

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	KKR PRIVATE EQUITY CONGLOMERATE LLC
	/s/ Sung Bum Cho
Date: May 22, 2024	Name: Sung Bum Cho
	Title: General Counsel & Secretary

2

EX-99.1

Exhibit 99.1

Net Asset Value

We calculate net asset value per share in accordance with valuation policies and procedures that have been approved by our board of directors. Our transactional net asset value (“Transactional Net Asset Value”) is used to determine the price at which we sell and repurchase our shares. Our GAAP net asset value (“GAAP Net Asset Value”) is our net asset value determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The following table provides a breakdown of the major components of our Transactional Net Asset Value as of April 30, 2024 ($ in thousands, except shares):

Components of Transactional Net Asset Value
Investments at fair value (cost of $1,369,385)	$	1,408,629
Cash and cash equivalents	615,318
Other assets	9,263
Other liabilities	(9,830)
Accrued performance participation allocation	(7,356)
Management fee payable	—
Accrued shareholder servicing fees and distribution fees(1)	(1,616)
Transactional Net Asset Value	$	2,014,408
Number of outstanding shares	76,675,368

(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 April 30, 2024, we accrued under GAAP $81,126 of shareholder servicing fees and distribution fees payable to the dealer manager related to the Class R-D and Class R-U shares sold.

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of April 30, 2024 ($ in thousands, except shares and per share data):

Transactional Net Asset Value Per Share	Class I Shares		Class R-D Shares		Class R-I Shares		Class R-U Shares		Class F Shares		Class G Shares		Class H Shares		Total
Transactional Net Asset Value	$	76	$	41,900	$	736,368	$	1,235,913	$	149	$	1	$	1	$	2,014,408
Number of outstanding shares	2,872		1,589,785		27,904,001		47,173,020		5,610		40		40		76,675,368
Transactional Net Asset Value per Share as of April 30, 2024	$	26.43	$	26.36	$	26.39	$	26.20	$	26.65	$	26.65	$	26.65

Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value

The following table reconciles GAAP Net Asset Value to our Transactional Net Asset Value ($ in thousands):

	April 30, 2024
GAAP Net Asset Value	$	1,934,898
Adjustment:
Accrued shareholder servicing fees and distribution fees	$	79,510
Transactional Net Asset Value	$	2,014,408

Valuation Methodologies and Significant Inputs

The following table presents additional information about valuation methodologies and significant inputs used for portfolio company holdings that are valued at fair value as of April 30, 2024:

		As of April 30, 2024
Valuation Methodology and Inputs	Unobservable Input(s) (1)	Weighted Average (2)	Range
Inputs to market comparables, discounted cash flow and transaction price/other	Illiquidity Discount	6.9%	5.0% - 15.0%
	Weight Ascribed to Market Comparables	22.8%	0.0% - 100.0%
	Weight Ascribed to Discounted Cash Flow	37.7%	0.0% - 75.0%
	Weight Ascribed to Transaction Price/Other	39.5%	0.0% - 100.0%
Market Comparables	Enterprise Value / Forward EBITDA Multiple	15.3x	8.3x - 20.5x
Discounted Cash Flow	Weighted Average Cost of Capital	11.4%	8.4% - 17.7%
	Enterprise Value / LTM EBITDA Exit Multiple	14.4x	8.5x - 17.5x

(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. The Company’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.

The Manager is ultimately responsible for our net asset value calculations.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by our independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our asset values:

Input	Hypothetical Change	Portfolio Company Values as of April 30, 2024
Weighted Average Cost of Capital	0.25% decrease	+0.63%
	0.25% increase	-0.61%

XML

Cover	May 21, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 21, 2024
Entity Registrant Name	KKR Private Equity Conglomerate LLC
Entity File Number	000-56540
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-4368033
Entity Address, Address Line One	30 Hudson Yards
Entity Address, City	New York
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
No Trading Symbol Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001957845
Amendment Flag	false