KKR has made two leadership appointments to its real estate team, with the view of strengthening its global bench after years of significant growth, PERE has learned.
Chris Lee and Billy Butcher have been promoted to co-presidents of KKR Real Estate, the firm’s global head Ralph Rosenberg said in a note sent to clients Thursday and seen by PERE. The pair will work alongside Rosenberg in running the firm’s real estate business around the world. The appointments represent the “natural progression” of KKR Real Estate, which has grown to $65 billion of assets under management, Rosenberg said. The business has 1,000 employees across 16 operating platforms and 17 offices in 11 countries.
“Importantly, adding global leadership responsibilities does not change our investment strategy, the makeup of our investment committees or my role, focus and commitment to the business as global head of KKR Real Estate,” Rosenberg wrote.
Lee joined KKR nearly 12 years ago and previously served as the Americas head of real estate, a role in which he was responsible for the firm’s US equity investments as well as its global credit investments. Before KKR, he was at Goldman Sachs and Apollo Global Management.
Butcher was most recently the chief operating officer for KKR Real Estate and was responsible for US equity as well as international investments. He continues to serve as chief executive of KKR Real Estate Select Trust, the firm’s non-traded real estate investment trust. The executive has helped to build KKR’s dedicated real estate investing business since its inception in 2011, according to the company website. Before joining KKR in 2004, he worked for Goldman Sachs.
KKR has been ramping up its real estate business in recent years, growing from $36 billion assets under management just two years ago. Last year, the firm launched a real estate credit business in Europe, with the view of originating some $2 billion in loans over the course of the year, PERE previously reported. In 2020, KKR closed its KKR Asia Real Estate Partners on $1.73 billion, and is reportedly trying to raise $2.5 billion for its second fund targeting the region.
The elevation of Lee and Butcher follows KKR’s promotions of four real estate executives to managing director late last month, PERE previously reported.
“The steps we have taken to position our thematic portfolio of real estate credit and equity, to build investment and asset management capabilities in local markets around the world, and now to strengthen our global leadership, all are designed to support our ability to provide differentiated outcomes across all market environments,” Rosenberg said.
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