When George, Jerry and I founded KKR in 1976, the acquisition method we now call private equity was unknown. After a series of big acquisitions, our business approach garnered attention, including from the media and the U.S. Congress. I'd argue that while no doubt mistakes have been made, including by us and KKR, many have misunderstood (or greatly simplified) the model. They have overlooked how value is created -- and for whom.
George Roberts, center, and I pictured with Paul Raether, right, who worked on many of KKR’s early deals.
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