Parthenon Raises $1.7B Continuation Fund for KBRA

Parthenon Capital Partners is raising a $1.7B continuation fund to retain control of Kroll Bond Rating Agency (KBRA) through a single-asset structure. The plan is a secondary transaction designed to extend Parthenon’s ownership of KBRA rather than fully divesting or spinning off the asset.

The continuation fund is expected to include $800 million to $900 million of new capital, with the final amount depending on how much existing investor capital cashes out. Lazard is acting as advisor. Parthenon acquired a controlling stake in KBRA in 2021, and KBRA has issued more than 87,000 ratings across $4.19 trillion of deals since 2010.