# FS KKR Capital Corp FS KKR Capital Corp is an Asset Manager based in Philadelphia, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Philadelphia, United States - **Region:** North America - **Address:** Philadelphia, PA, United States - **Founded:** 2007 - **Assets under management:** $15B–$17B (Altss estimate) - **Website:** fsinvestments.com ## Regulatory record - **Reports private funds:** No ## About FS KKR Capital Corp traces its origin to 2007, when Franklin Square Capital Partners — led by Michael Forman — launched an externally managed BDC to give individual investors access to private credit. It merged with KKR's corporate credit BDC in 2021, creating the consolidated vehicle managed jointly by FS Investments and KKR Credit Advisors. That merger made the combined BDC the largest in the public market, with a diversified book exceeding 200 portfolio companies. The firm originates primarily first-lien senior secured loans, with some second-lien and mezzanine exposure, to US middle-market businesses with EBITDA between $25 million and $250 million. Its portfolio spans software, business services, healthcare, and manufacturing. Public filings confirm positions in companies including Fortra, a cybersecurity software provider, and Heartland Dental, one of the largest dental support organizations in the US. The mandate concentrates on North America, with credit decisions run through KKR's 80-person private credit team under Daniel Pietrzak. The combined platform deploys capital continuously as a permanent public vehicle, with gross deployment of $2.3 billion in 2023 across 58 new and add-on investments. FS KKR Capital operates from Philadelphia, New York, and Washington, DC. January 2024: The BDC raised $1.6 billion through a public bond offering across three tranches to refinance near-term maturities, extending its liability structure well past 2030. The BDC structure itself represents the structural distinction. Unlike private credit funds with seven-to-ten-year lockups, FS KKR Capital offers 1099-reportable yield to retail and institutional shareholders daily. That permanent capital base lets the firm hold loans through credit cycles while delivering quarterly distributions — a posture that gives KKR and FS a non-callable funding source distinct from subscription-line or drawdown-fund models. ## Sectors - Private Credit ## Offices - New York, NY - Washington, DC ## People - Michael Forman — Chief Executive Officer - Daniel Pietrzak — Chief Investment Officer ## Questions ### Who runs investment decisions at FS KKR Capital Corp? The BDC is externally managed by FS/KKR Advisor, a partnership between FS Investments and KKR. Daniel Pietrzak serves as Chief Investment Officer and heads the KKR private credit platform that sources and underwrites all investments for the BDC. Michael Forman is CEO and co-founder of FS Investments. ### How does FS KKR Capital Corp source its deal flow? Origination runs through KKR's 80-person private credit team, which sources directly from middle-market sponsors across North America. The combined FS-KKR platform covers over 200 sponsor relationships. Deal flow prioritizes proprietary, non-broadly syndicated opportunities with company EBITDA between $25 million and $250 million. ### Is FS KKR Capital structured as a private credit fund or a public vehicle? It is a publicly traded business development company listed on the New York Stock Exchange under ticker FSK. This gives the firm a permanent capital base with daily liquidity for shareholders, unlike private credit drawdown funds with defined investment periods and lockups. The BDC's dividend distributions are reported on Form 1099. ### What investment types dominate FS KKR Capital's portfolio? First-lien senior secured loans make up roughly 65% of the portfolio by fair value, with additional exposure to second-lien loans, mezzanine debt, and equity co-investments. The firm focuses on floating-rate loans to upper-middle-market companies in defensive-growth sectors including software, business services, and healthcare. ### How did the current FS KKR Capital Corp entity come together? The vehicle formed through a 2021 merger of FS KKR Capital Corp II and FS KKR Capital Corp, consolidating two existing BDCs that were both sub-advised by KKR Credit. FS Investments had launched the original vehicles with Franklin Square Capital Partners, making the combined entity the largest publicly traded BDC by asset size. ### Does FS KKR Capital Corp co-invest alongside other KKR vehicles? The BDC can co-invest alongside KKR private credit funds under exemptive relief from the SEC. Co-investment transactions are allocated across vehicles following a documented allocation policy. Public filings show the BDC participates alongside KKR's institutional credit funds in selected transactions. ### What is FS KKR Capital's distribution posture? The BDC targets a regular quarterly distribution funded by current portfolio yield. Distribution coverage depends on net investment income from floating-rate loan coupons, which adjust with SOFR changes. The board reviews the distribution rate quarterly against earnings and realized gains. ## Related profiles - [Standex International](https://altss.com/profile/standex-international-corpde) - [Chesapeake Utilities](https://altss.com/profile/chesapeake-utilities-corp) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/fs-kkr-capital-corp Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology