FS KKR Capital Corp (NYSE:FSK) is a closed-end, externally managed business development company that primarily invests in private middle-market U.S. companies. The firm seeks to generate current income and capital appreciation by structuring investments in floating-rate senior secured loans, unitranche financings, second lien debt and mezzanine instruments. As a business development company, FSK provides financing solutions designed to support growth initiatives, acquisitions, leveraged buyouts and recapitalizations for privately held enterprises.
Established in 2018 through a strategic partnership between FS Investment Corporation and KKR Credit Advisors, a division of global investment firm KKR & Co. Inc., FSK combines the credit underwriting capabilities of KKR’s global platform with FS’s expertise in private credit markets. The company launched its initial public offering in 2018 and is headquartered in New York City. Its externally managed structure enables access to seasoned credit professionals, rigorous due diligence processes and institutional-quality deal flow.
FSK’s investment approach emphasizes portfolio diversification across industry sectors such as healthcare, business services, software and manufacturing. By focusing on floating-rate debt instruments, the company aims to mitigate interest rate risk while capturing yield in varying market environments. Investments may include both sponsored transactions—where a private equity firm is involved—and non-sponsored deals, allowing flexibility to pursue proprietary opportunities.
Operating predominantly throughout the United States, together with select investments in Canada, FS KKR Capital Corp seeks to deliver attractive risk-adjusted returns to its shareholders. Its management team leverages deep industry relationships to source, structure and monitor credit investments, while ongoing portfolio management focuses on preserving capital and supporting the underlying growth trajectories of its portfolio companies.
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