KKR Asset-Based Finance Fund (“K−ABF”)
Widening the Aperture in Private Credit
KKR Asset-Based Finance Fund (“K−ABF”)
Widening the Aperture in Private Credit
Introducing K-ABF
K-ABF is an income-focused private credit solution for investors seeking diversification and access to the large and fast-growing Asset-Based Finance (ABF) universe.
Why Invest in K-ABF?
Income Generation
Underlying assets have the potential to produce recurring, often contractual, cash flow
Diversification
ABF is non-corporate lending; thus, it can enhance portfolio diversification when combined with both equities and traditional fixed income investments1
Capital Preservation
Collateral-centric investments
- Diversification does not guarantee returns or capital preservation.
Fund Facts
Structure: Unlisted, 1940 Act registered, closed-end interval fund
Subscriptions: Daily at NAV1
Investment Objective: To generate high current income and, to a lesser extent, long-term capital appreciation
Distributions: The fund expects to make monthly distributions2
Portfolio Construction: At least 80% of assets invested in Asset-Based Finance investments
Expected Liquidity: Quarterly, minimum repurchase offer of 5% of the Fund Share at NAV3
Principal Geographies: United States and Europe
Investor Eligibility Requirement: None
Tax Reporting: 1099-DIV
- Certain selling agents may elect to offer subscriptions on a monthly basis. A contingent deferred sales charge of 1.00% may be assessed on Class T Shares investments over $250,000 without a sales charge if they are repurchased before the first day of the month of the one-year anniversary of the purchase.
- The Fund generally intends to distribute substantially all of its available earnings annually by paying distributions on a monthly basis, as determined by the board of trustees in its discretion. The Fund cannot assure investors that it will achieve investment results that will allow it to make a specified level or frequency of cash distributions (particularly during the early stages of operations) or year-to-year increases in cash distributions.
- Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers of up to 5.0% of the aggregate NAV of its outstanding shares at the applicable NAV per share as of the applicable valuation date. There is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer; therefore, an investor should consider an investment in the Fund to be of limited liquidity. If an investor sells common shares in a repurchase offer with a valuation date that is within the 12-month period following the initial issue of their tendered common shares, the Fund may repurchase such common shares subject to an “early repurchase deduction” of 2% of the aggregate NAV of the common shares repurchased [currently under discussion]. The early repurchase deduction will be retained by the Fund for the benefit of remaining holders of common shares.
The KKR Advantage
A global investment firm with half a century of leadership, KKR is a leading player in the Asset-Based Finance space.
SIZE AND SCALE
$84B
in ABF assets under management
Domain Expertise
50+
ABF investment professionals
Proven Track Record
10+
years of ABF investing
Robust Sourcing Resources
20
proprietary origination platforms
Key Investment Professionals
KKR Casts A Wide Net When Sourcing ABF Opportunities
Explore Related Content
Performance
| 1-Month Return | 3-Month Return | YTD Return | 1-Year Return | 3-Year Return (Annualized) | Since Inception (Annualized) |
|---|---|---|---|---|---|
| 0.13% | 2.37% | 4.75% | 4.53% | 11.94% | 7.20% |
As of October 31, 2025
Past performance is historical and not a guarantee of future results. On September 12, 2025, the Fund was renamed KKR Asset-Based Finance Fund as a part of a plan to transition the Fund’s investment strategy and portfolio from investing in a select portfolio of the Adviser’s publicly traded and private credit to pursuing a multi-sector investment approach that primarily targets a range of Asset-Based Finance (“ABF”) investments. Since Inception returns are annualized and based on the Class I Share inception date of 2/28/2020. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when repurchased, may be worth more or less than their original cost and current performance may be lower or higher than the performance data quoted.
Current Portfolio Characteristics
Asset Mix
Capital Structure
Top 10 Issuers |
|
|---|---|
| Newday Group Jersey | 3.4% |
| Harley-Davidson Financial Services | 2.9% |
| Drive DeVilbiss Healthcare | 2.7% |
| NEP Broadcasting | 2.6% |
| SunStrong Issuer 2025-1 | 2.6% |
| Solera | 2.4% |
| Sunrun Lucius Issuer 2025-3 | 2.3% |
| HTAP Issuer Trust 2025-2 | 2.2% |
| SunrunBacchus Issuer 2025-1 | 2.0% |
| Santander Consumer Bank AS | 1.9% |
Geography |
|
|---|---|
| United States | 83.4% |
| Europe | 15.7% |
| Other | 0.9% |
Other Portfolio Characteristics |
|
|---|---|
| Managed Assets | $813.1M |
| Leverage | 31.5% |
As of October 31, 2025
On September 12, 2025, the Fund was renamed KKR Asset-Based Finance Fund as a part of a plan to transition the Fund’s investment strategy and portfolio from investing in a select portfolio of the Adviser’s publicly traded and private credit to pursuing a multi-sector investment approach that primarily targets a range of ABF investments. [The pace of the portfolio transition is dependent upon a number of factors, including the turnover of illiquid investments, performance of underlying holdings and market conditions, among others. The Adviser expects that the transition to the Fund’s new investment strategy will require more frequent trading and a higher portfolio turnover.] High portfolio turnover could result in the realization of net short-term capital gains by the Fund which, when distributed to shareholders, will be taxable as ordinary income. A high portfolio turnover could increase the Fund’s current and accumulated earnings and profits, resulting in a greater portion of the Fund’s distributions being treated as a dividend to the shareholders. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.
Fund Materials
Investor Documents
Press Release: KCOP Conversion Fund Prospectus Statement of Additional Information Semi-Annual Report Annual Report KCOP 19a Notice Portfolio Holdings Q3 2025 Annual Proxy Voting Record Proxy Statement SupplementContact Us
For additional information, please reach out to [email protected].