American private equity firm KKR & Co. has completed the acquisition of European credit investment manager Avoca Capital.

With this acquisition, KKR currently has over US$30 billion in credit assets in its multi-strategy credit platform operating globally in Dublin, New York, London, San Francisco and Sydney.

According to KKR, the investment strategies will cover the entire capital structure in credit from senior loans to long short credit, structured credit, convertible bonds, mezzanine, and special situations.

It is reported that all Avoca employees in Dublin and London will be moved to KKR while KKR aims to expand its presence in Ireland in the future.

Alan Burke, co-chief executive of Avoca, said: "We look forward to working with our new colleagues in providing flexible debt capital to our corporate client base across Europe in the coming years."

Craig Farr, member and head of credit and capital markets businesses at KKR, added: "We look forward to working with the Avoca team and being in a position to provide an enhanced credit product offering in the future."

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