KKR is contributing to relief efforts to help communities impacted by the coronavirus-fueled economic downturn by establishing a $50 million relief fund, according to a letter the firm sent to its limited partners Tuesday.
See all Private Funds CFO’s coverage of covid-19 and its impact.
As well, KKR’s four leaders, co-CEOs Henry Kravis, George Roberts and co-presidents Scott Nuttall and Joseph Bae, will forego salary and bonuses for 2020, the letter said.
“Our goal is not just to provide financial support, but to engage the extraordinary talents of our people to make a meaningful impact for millions around the world,” the letter said.
The firm is the latest to kick in and help out as the pandemic rages through the US. Other firms that have contributed to coronavirus relief include Advent International, Leonard Green & Partners, Thoma Bravo and Blackstone Group.
KKR and its senior executives established the relief fund to support employees and communities impacted by the pandemic, the letter to LPs said. It will be funded by individual executives as well as direct support from the firm, the letter said.
For communities, the fund will be used to support immediate needs of first responders and frontline medical workers; ensure food security and support other relief programs for the most vulnerable in communities; assist small businesses in communities experiencing significant economic hardship; and partner with nonprofits and global relief efforts.
The fund will be used to assist portfolio companies by providing access to benefits and financial coaching for dislocated employees. As well, it will support workforce recovery for challenged populations, the letter said.
Advent earlier this week announced a $25 million relief fund pledged by senior team members. Leonard Green last month announced a $10 million employee-assistance fund for employees of Leonard Green portfolio companies adversely impacted by the pandemic.
Thoma Bravo also last month announced a $2 million contribution to a non-profit focused on supporting students and families of San Francisco Unified School District. And earlier this week, Blackstone Group pledged $15 million to coronavirus relief efforts in New York. Blackstone’s contribution will be split, with $10 million going to New York’s first responders, as well as to support food, transportation and housing assistance for healthcare workers on the frontlines.
As well, $5 million from the firm will go to organizations that provide security and resources for New Yorkers in need. The firm in recent weeks also has donated supplies like hand sanitizer, disinfectant wipes, tissues and other things to Ronald McDonald House New York, God’s Love We Deliver and others that serve populations in New York, the firm said in a statement.