KKR co-chief executive Scott Nuttall has outlined ambitious investment plans for India, announcing the private equity giant's intention to deploy tens of billions of dollars in the country over the next 5-10 years. Speaking to ET at Davos, Nuttall positioned India alongside Japan as KKR's most active investing markets in Asia.

Investment Strategy and Market Position

Nuttall described India as a "priority strategic market" for KKR, highlighting the firm's comprehensive approach to the country. The company has invested $9 billion in India over the last five years and expects activity to increase from current levels.

KKR's India strategy encompasses multiple investment vehicles including buyouts, growth capital, impact investing, infrastructure, real estate, and credit. Nuttall emphasized that "everything we do at KKR, we're able to do in India, and we want to do more."

Valuation Perspective and Market Dynamics

Addressing concerns about rising valuations in the Indian market, Nuttall acknowledged that "there's no doubt the market has moved up" but maintained that KKR continues to find value. He stressed the importance of evaluating multiples relative to growth potential, suggesting that India was previously undervalued.

"Part of this is India was probably cheap, and perhaps it has become less cheap over time as people realised everything we talked about," Nuttall explained. The co-CEO attributed rising multiples to increased global investor recognition of India's growth story and expanding capital flows into Indian markets.

Growth Drivers and Market Appeal

Nuttall outlined several factors that make India an attractive investment destination:

• Economic Growth: Large economy with rapid growth rate
• Demographics: Young, dynamic population with increasing spending power
• Digital Innovation: Active digital adoption and innovative entrepreneurs
• Political Stability: Stable political environment supporting growth

The combination of significant growth potential and political stability creates a compelling risk-adjusted investment environment, according to Nuttall.

Exit Environment and Market Development

The KKR executive noted substantial improvements in India's exit environment over the past 10-15 years. Previously limited exit options have expanded as financing markets developed, with India now offering multiple exit pathways similar to other global markets.

"India is looking more like the rest of the world, with more exit opportunities," Nuttall observed, citing the expansion of IPO markets, public markets, and bond financing markets as key developments.

Broader Investment Focus

Beyond India, Nuttall identified real assets including infrastructure as significant opportunities globally, noting substantial capital needs and government interest in private partnerships. Private credit also remains a focus area for the firm, alongside private equity investments in companies with operational improvement potential.

KKR has successfully completed a $2.5 billion fundraise to back privately originated performing credit investments across the Asia Pacific region, establishing the largest pan-regional performing private credit fund in the area.

Fund Structure and Scale

The fundraise comprises two key components that demonstrate the scale of investor interest in Asia Pacific private credit opportunities:

This achievement follows KKR's inaugural Asia Pacific dedicated private credit fund, which raised $1.10 billion in 2022 and was the largest inaugural pan-regional fund focused on performing credit at that time. Performing private credit refers to loans made to companies that are current on repayments, unlike distressed or special situation credit.

Investment Activity and Market Presence

KKR's Asia credit platform has demonstrated strong momentum with significant investment activity already underway. The firm has signed 10 investments through the second fund, representing substantial capital deployment:

The investments span multiple sectors including healthcare, education, real estate, logistics and infrastructure across Australia, Greater China, India, Japan, Korea, New Zealand and Southeast Asia.

Strategic Focus and Market Opportunity

The fund will concentrate on performing, privately originated credit across three core investment themes:

• Senior and unitranche direct lending - combining senior and subordinated debt into single facilities
• Capital solutions - providing flexible financing alternatives
• Collateral-backed investments - secured lending opportunities

Diane Raposio, partner and head of Asia Credit and Markets at KKR, emphasized that Asia represents a key pillar of KKR's global credit strategy. Growing investor demand for credit allocations in the region reflects both structural growth and the need for flexible, non-bank financing solutions.

Investor Base and Global Platform

The latest fund attracted commitments from a diverse institutional investor base, including insurance companies, sovereign wealth funds, pension funds, family offices, banks and asset managers. This broad participation reflects the growing institutionalization of private credit in the Asia Pacific region.

Globally, KKR has built one of the largest credit investment platforms over the past two decades. As of September 30, 2025, the firm's credit assets under management totaled approximately $282.00 billion:

KKR employs around 250 credit investment professionals across 12 offices worldwide and operates through multiple business lines including private equity, credit, real assets and insurance via its Global Atlantic Financial Group unit.