KKR has teamed up with Singapore’s Singtel and other investors to acquire the remaining stake in ST Telemedia Global Data Centres from its parent, ST Telemedia, in a deal valued at $10.9 billion. The transaction will increase the consortium’s combined portfolio to 33 data-center campuses across eight markets in Asia Pacific, adding more than 500 MW of capacity. By consolidating ownership, KKR and partners aim to capitalize on rising demand from hyperscale cloud providers and enterprise clients, targeting an internal rate of return of approximately 15% over the next five years. Financing will include a mix of equity and non-recourse project debt provided by a consortium of Asian and international banks.

Sources indicate that KKR is taking proactive steps to ready Wella Company, the global nail-care and beauty brand it acquired in 2022 for $4.3 billion, for an initial public offering in the United States later this year. Management has engaged several leading investment banks to conduct pre-IPO investor roadshows and is targeting a valuation of between $5.5 billion and $6.5 billion based on recent private secondary transactions. KKR plans to retain a significant stake post-listing, hoping to monetize a portion of its holding while maintaining board representation to drive further expansion in e-commerce channels and high-growth markets such as China and India.

KKR is scheduled to report fourth-quarter results on February 5, and analysts forecast management fees will rise by 12% year-over-year to $950 million, driven by higher fee-related earnings from private markets and credit strategies. Assets under management are expected to reach a record $430 billion, up from $385 billion a year earlier. However, realized carried-interest income may be down by as much as 20% as fewer portfolio exits closed in the period. Net income estimates cluster around $410 million, compared with $525 million in the same quarter last year, reflecting both fee strength and timing of exit activity.

Investors will focus on KKR’s fee-related earnings (FRE), distributable earnings, and net new capital raised in the quarter. Wall Street consensus anticipates FRE of $735 million, up 15% year-over-year, and distributable earnings per share of $0.65. Fund-raising momentum remains robust, with $18 billion of net new commitments reported for the quarter, including $8 billion in private equity and $6 billion in infrastructure. The firm’s target is to exceed $75 billion in total fundraising for fiscal 2026, which would mark a 25% increase over last year’s record levels.