The Economist does a Henry-Kravis-for-Dummies piece summarizing the history of KKR and suggesting that Kravis should get out while the gettin's good:
The real test of KKR's new strategy will come in the harder market conditions that surely lie ahead—of tighter, pricier credit and perhaps an economic slowdown. One characteristic of those people history judges to be great leaders is timing: the ability to step aside at the moment of greatest triumph, leaving a successor to grapple with the tougher times ahead. Given the difficult outlook for the private-equity industry, perhaps Mr Kravis should retire now after all, while his standing is so high.
Well, maybe. But wouldn't it be more fun to raise $13 billion for a new fund? And why stop there, really? Why not raise $14 billion? Do I hear $15 billion? (At what point do we start calling it a "bubble"?) And which of the kids is going to run the place when Kravis leaves? (How does "Kravis Kubs" sound?)
These are the things that keep us up at night.
A Barbarian No More [The Economist via Wall Street Folly]
Texas Pacific raises record $14bn for new fund
[MSNBC via Paul Kedrovsky]