KKR sent a note to investors on December 7, in the wake of the Hong Kong listing of China Modern Dairy Holdings, a Chinese company in which the US private equity firm had invested.
The missive contained the good news that the listing valued China’s largest dairy farmer at HK$2.89 a share – or 3.3 times the $150m KKR put into the business between 2008 and 2009.
KKR is on track to make a highly profitable exit from the investment, and it is hardly alone.
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