KKR beefs up tech practice

The new hire signals the PE giant is diving even deeper into tech funds.

KKR has announced the hiring of Rob Salvagno to co-head its technology growth equity business in the US.

The announcement come weeks after the firm closed its $2.2 billion KKR Next Generation Growth Fund II, which focuses on growth technology investment in North America, Europe and Israel. The firm has invested $2.7 billion in technology focused growth companies thus far.

Dave Welsh, partner and head of technology growth equity, said in the firm’s press release announcing the hire: “Our business has evolved significantly since we first launched our technology growth equity strategy over five years ago with a small team of five. Since that time, the growth of our business and the number of compelling investments we’re seeing around the globe have allowed to not only expand our team, but also our technology experience, network and geographic reach.

“With the addition of a tech industry veteran like Rob to our team, we’re excited to continue to build for the future and position ourselves well to capture the many investment opportunities we see ahead.”

Prior to joining KKR, Salvagno served as vice-president of corporate development at Cisco Investments, where he oversaw all the firm’s mergers and acquisitions and venture capital activity. Over his two decades at the firm, he headed up the formation and launch of Decibel, an early-stage venture fund that drove the strategy and execution for many of its most important acquisitions. As a managing director, he will be based out of the firm’s San Francisco office.