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2018 ESG, IMPACT, and CITIZENSHIP REPORT a MESSAGE from OUR CO-Ceos

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2018 ESG, IMPACT, and CITIZENSHIP REPORT a MESSAGE from OUR CO-Ceos invested. 2018 ESG, IMPACT, AND CITIZENSHIP REPORT A MESSAGE FROM OUR CO-CEOs. invested in tomorrow, today. At KKR, investing is what we do. For more than 40 years, on behalf of and alongside our clients, we have invested in compa- nies and in their futures. Over the years, we have grown, and so has our understanding of what it means to be a leading investor. By including the integration of environmental, social, and governance (ESG) considerations, we are focused on adding value to the investments we make for the investors we serve. Today, we are invested in demonstrating that companies can achieve meaningful impact as well as meaningful financial returns. We are invested in developing a diverse and talented workforce in our offices around the world. We are invested in being a purposeful and strategic partner in the communities where we live and work. And while we do not know what tomorrow will bring, we do know that we will be there, ready to invest in the people and products that will help us thrive in the future. HENRY R. KRAVIS and GEORGE R. ROBERTS Co-Founders, Co-Chairmen, and Co-CEOs invested in responsibility. 7 invested in impact. 19 invested in people. 29 invested in invested in communities. progress. 35 41 from our co-presidents. p.2 ESG management process. p.11 working at KKR. p.32 KKR at a glance. p.4 companies in action. p.16 volunteering globally. p.38 The KKR 2018 ESG, Impact, and Citizenship Report reflects our evolution as a global investor. The report has expanded to encompass the growth of our impact investing business and the deepening of our commitment to employees and communities. We are invested in sharing our journey with you, so that you know where we are today and where we are going tomorrow. This report details our activities during the 2018 calendar year, unless otherwise noted. For supplemental information, visit kkresg.com. For an explanation of the report boundaries and reporting frameworks, see About This Report on page 44. from our co-presidents. Ten years of protecting and growing value in our investments by proactively considering ESG and other stakeholder issues has taught us so much. And yet, it’s only the beginning. This year marks a decade since we began our respon- sible investment journey. In that time, we have engaged with hundreds of companies across various geographies and asset classes on issues ranging from environmen- tal impact and responsible sourcing to worker safety and employee wellness, among many others. We have expanded our diligence practices and reporting processes, responded to countless investors, and helped shape a smarter way forward for our Firm and industry. We have never been more committed to investing in a tomorrow that creates shareholder value through shared to global challenges by investing in companies that values – a tomorrow that makes our employees proud, measurably contribute to the United Nations Sustainable our companies successful, and our investors happy. Development Goals. Investing responsibly fits squarely with our values. The We aren’t just looking at how we invest, but also at how Firm that Henry Kravis and George Roberts built – the we work, changing the way we think about our culture, Firm where we have worked for 23 years – has always our teams, and our long-term success. We are striv- delivered exceptional outcomes through integrity, team- ing each day to build a Firm that is the destination for work, and trust. exceptional talent. While we have made good progress And so our commitment to responsible investment in a short time frame regarding diversity, flexibility, and has always felt natural. But like other aspects of operat- meritocracy (pp. 32-33), we still have much to do. ing companies in a complicated world, this work is not We are also focused on being a better partner to the simple. When things are hard, or when we get things communities where we live and work. We’re so proud wrong, we are committed to learning and evolving (p. 9). of our people, who show up in countless ways when it And we have learned that when we stay the course and counts most (pp. 38-39). When it comes to our people maintain this ethos, we experience continued growth and and our communities, we are invested in getting this positive outcomes. right. We are working with our internal teams and exter- In 2018, to achieve better outcomes, we doubled down on nal experts to ensure that KKR stays competitive and our responsible investment efforts by enhancing meas- compelling far into the future. urement, monitoring, and reporting (p. 10). We also focused The rate of change is accelerating, while the complexities on key issues that we believe are relevant across our of our world are intensifying. We know that with a focus portfolio, such as data privacy and diversity and inclusion. on responsibility, an understanding of sustainability, and And we laid the groundwork for developing a more holis- an unwavering commitment to our people, our investors, tic climate change strategy in the coming years (p. 14). and our communities, there will be opportunities unlike Building on our ESG management practices and our any we have ever seen. track record of solutions investing, we launched a Let’s get invested. dedicated impact investing business in 2018 (pp. 19-27). The Firm is thrilled to add this capability. This will en- JOSEPH Y. BAE and SCOTT C. NUTTALL able us to meet growing investor demands and respond Co-Presidents and Co-Chief Operating Officers 2 kkresg.com | 2018 ESG, Impact, and Citizenship Report “ The rate of change is accelerat- ing, while the complexities of our world are intensifying. We know that with a focus on responsibility, an understanding of sustainabil- ity, and an unwavering commit- ment to our people, our investors, and our communities, there will be opportunities unlike any we have ever seen. JOSEPH Y. BAE and SCOTT C. NUTTALL ” 3 KKR at a glance. Through an integrated approach, we provide innovative financial solutions and investment vehicles to help our fund investors achieve their investment goals. Since KKR’s founding in 1976, we have worked to with an industrialist vision, we aim to generate attrac- create shared value for our fund investors, stakehold- tive investment returns by following a patient and ers, and the companies in which we invest. With deep disciplined approach, employing high-quality people, roots in private equity, we have expanded into other pursuing high standards of excellence, and aligning alternative asset classes and now have an estab- our interests with those of our investment partners. lished presence in the global capital markets. Today, To supplement our own capabilities, we partner with KKR is a leading global investment firm managing leading experts who provide insights on a range of $195 billion of assets across multiple strategies. important topics.1 Our approach to responsible investment is no differ- The KKR Difference ent. We promote operational excellence and strive We believe outcomes depend on flexibility, the ability to make thoughtful management decisions. Trans- to collaborate on opportunities, and the strength to parency, engagement, and mutual learning with our work collectively through challenges. As investors partners are central to our efforts. our firm. Assets Under Management (AUM) 2 Our culture of continuous learning enables us to provide new investment Private Markets $103.4 bn solutions in a rapidly evolving world. Private Equity $81.3bn3 JOHANNES HUTH, Member and Head of KKR EMEA Infrastructure $12.6bn Real Estate $6.3bn KKR Balance Worldwide 7 8 Energy Real Assets $3.2bn Sheet Offices 4 $13bn 20 Cities Public Markets $91.3 bn Book Value Countries Credit $65.6bn5 15 Continents 6 4 Hedge Funds and Stakes $25.7bn Data as of December 31, 2018. Numbers may not sum to total due to rounding. 1 Senior Advisors, Industry Advisors, and KKR Advisors are engaged as consultants and are not employees of KKR. See Important Information on the inside back cover for more detail. 2 See Important Information on the inside back cover for additional information regarding assets under management (AUM). AUM includes $91.3 billion of assets managed by affiliates of Kohlberg Kravis Roberts & Co. L.P. in strategies that do not integrate ESG factors in their investment or portfolio management practices. 3 Private Equity AUM includes co-investment vehicles and other structured vehicles and products, some of which may invest across other asset classes. 4 See Important Information on the inside back cover for additional disclosure regarding KKR’s internal information barrier policies and procedures, which may limit the involvement of personnel in certain investment processes and discussions. 5 Credit AUM includes leveraged credit and private credit. 6 Stakes AUM represents KKR’s pro rata share of the assets under management or advisement of hedge funds and other investment managers in which KKR holds a minority interest. KKR is not responsible for the management of these managers’ assets. 7 Book value of $13 billion may be reconciled as follows: KKR & Co. Inc. Stockholders’ Equity - Common Stockholders of $8.17 billion, plus Noncontrolling Interests held by KKR Holdings L.P. of $4.63 billion, plus other adjustments of $0.19 billion. 8 Data as of January 31, 2019. 4 kkresg.com | 2018 ESG, Impact, and Citizenship Report our investors. Regardless of investment strategy or geography, we are committed to $16.7bn invested or committed by KKR and meeting our investors’ primary goal: our executives alongside our fund investors across all realizing strong, risk-adjusted returns. of our investment strategies10 SUZANNE O. DONOHOE, Member and Head of Client and Partner Group COMPOSITION OF OUR INVESTOR BASE9 Family Office/ Endowment/ High Net Worth Foundation 6% 1% Financial More than Corporate Institutions 9% 26% Public Fund of Funds million Pension Insurance 50 Insurance 2% retirees and pensioners with exposure to & Agency 11% 11% 45% KKR’s investments11 our companies.
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