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KKR & CO. INC.

(KKR)
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U.S. firm Valentus to raise capital for credit fund via digital currency sale

09/23/2020 | 03:42pm EDT

NEW YORK, Sept 23 (Reuters) - U.S. investment firm Valentus Capital Management will raise part of a $250 million credit fund through the public sale of its own unique virtual currency, the company's top official told Reuters in an interview on Tuesday.

Valentus, which launched in March this year, aims to register as a private equity firm with the U.S. Securities and Exchange Commission.

Its first fund - the Credit Opportunities Fund I - hopes to raise $50 million through the digital token sale scheduled sometime this year, said Behzad Taufiq, Valentus' chief investment officer.

He added that this would be the first time a private equity credit fund will raise capital using a digital token that will be made accessible to U.S. retail and institutional investors.

Valentus aims to invest in assets such as mortgage securities and distressed debt, a lucrative area that saw private equity giants Apollo Global and KKR & Co raise $1.75 billion and $4 billion, respectively, the last few months, for credit funds focused on COVID-related dislocations.

Financial services companies are increasingly resorting to "tokenizing" their assets - a process of creating and issuing a virtual currency on the blockchain that digitally represents a real tradable asset. These tokens can be traded online in a secondary market and provide companies with increased liquidity and access to a broader base of investors.

Valentus is partnering with technology provider and fund manager Realio for the digital asset's public offering.

The token, called VAL1, gives the holder a digitized claim to the limited partnership interests of a Valentus fund.

"As I started thinking about raising capital and saw the traditional route that everyone takes, with roadshows, travel, and going after the same institutions, I was looking for an alternative way to raise capital from the retail sector," said Taufiq.

"I think what we have understood recently, especially when you see the fluctuations in the broader equity market, retail investors, especially when they have access to assets, are a strong force to reckon with."

The public sale will likely take place before the end of the year, or possibly in early 2021, Derek Boirun, chief executive officer and founder of Realio told Reuters, noting that appetite for private equity tokens during the coronavirus pandemic is uncertain. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Alden Bentley and Nick Zieminski)


ę Reuters 2020
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Financials (USD)
Sales 2021 2 572 M - -
Net income 2021 3 048 M - -
Net Debt 2021 9 462 M - -
P/E ratio 2021 10,8x
Yield 2021 1,03%
Capitalization 32 807 M 32 807 M -
EV / Sales 2021 16,4x
EV / Sales 2022 12,9x
Nbr of Employees 1 583
Free-Float 92,0%
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Number of Analysts 17
Average target price 65,40 $
Last Close Price 56,39 $
Spread / Highest target 29,5%
Spread / Average Target 16,0%
Spread / Lowest Target 2,86%
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NameTitle
Henry R. Kravis Co-Chairman & Co-Chief Executive Officer
George Rosenberg Roberts Co-Chairman & Co-Chief Executive Officer
Joseph Yong Bum Bae Co-President, Co-COO & Director
Scott Charles Nuttall Co-President, Co-COO & Director
Robert H. Lewin Chief Financial Officer
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