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Simpson Thacher advised KKR & Co. L.P. in the formation of a Partnership with Stone Point Capital (“Stone Point”), through its Trident V private equity fund, to establish a new company, KKR - SPC Merchant Advisors LLC (“Merchant Advisors”).  The newly formed company will provide principal and agency-based capital markets services to mid-market and sponsor-backed companies as well as make certain principal investments to support client needs. This new business will be distinct and separate from KKR’s existing capital markets business (“KKR Capital Markets” and, together with its affiliates, “KKR”), which primarily serves KKR’s private equity portfolio companies.  Trident V and KKR will each commit $150 million of equity, or $300 million in total, to Merchant Advisors to support its capital markets activities and client base. Merchant Advisors will be overseen by a board of directors consisting of equal representation from KKR and Stone Point.

The Simpson Thacher team included Gary Horowitz, Michael Holick and Ashwin Cheriyan (Corporate) and Jason Vollbracht (Tax). Summer Associate Wenli Cai provided valuable assistance.