SEC scrutinises expenses passed to investors
KKR found to have breached fiduciary duty when it passed along US$17m in 'broken deal' expenses to investors; it will pay US$30m in settlement
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New York
FOR years, private equity firms operated behind a curtain of mystery when it came to how they passed along expenses to investors. The Securities and Exchange Commission (SEC) is now beginning to pull back the curtain and shine a light on those practices.
In a first, the SEC on Monday said that private equity giant Kohlberg Kravis Roberts & Co (KKR) breached its fiduciary duty when it passed along more than US$17 million in "broken deal" expenses to its investors. The action is expected to lay the groundwork for similar cases in the coming months.
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