KKR & Co. has appointed Doug Brody to lead its family capital push in the U.S. and Europe, Middle East and Africa as the alternative-asset manager scales up efforts to tap the $13 trillion global single-family-office market, according to an internal memo.
Brody, a partner and 16-year KKR veteran who helped build the firm’s co-investment business globally, will be fully dedicated to his new role within the global client solutions team after a transition, according to the memo that was confirmed by a spokesperson in Singapore.
He will work closely with Kate Richdale, who was recently appointed to an equivalent position in the Asia-Pacific region, the memo said.
“This market represents a unique and distinct opportunity for KKR that differs from traditional institutional investors,” Eric Mogelof, head of Global Client Solutions, said in the memo. Single-family offices “can provide a proprietary source of deal flow and can serve as potential buyers of assets.”
David Bauer, who heads global equity capital markets at KKR, will succeed Brody to also lead the co-investments and partners, the memo said.
New York-based KKR, which already has a family-capital team, is doubling down on its effort to build deeper relationships with entrepreneurs and rich families. The firm estimates there are 10,000 single-family offices globally, with the large majority of assets held by a relatively small number of families.
While KKR has been tapping capital from the affluent via banks, the recent appointments aim to create an ecosystem of affluent families and industrialists, allowing the firm to buy and sell assets within the network and provide financing.
For example, KKR last month announced the takeover of Encavis AG, with the Viessmann Group as shareholder in the consortium. The Viessmann family’s company is boosting its strategic acquisitions and co-investments and has more than 25 midsize companies and family businesses globally, according to a release.