Two of the world's biggest private credit firms have launched funds that will take far less profit than is usual for the industry ' another sign of how power has started shifting toward investors in this $1.5 trillion market.

KKR & Co. and Carlyle Group Inc. won't take the portion of profit known as 'carry' on returns from two new European direct-lending vehicles, according to people familiar with the matter who weren't authorized to speak publicly.

Both the funds have so-called 'evergreen' structures, the people familiar said, meaning investors can withdraw and put in money at regular intervals, unlike this market's more typical closed-ended funds. As a fairly novel type of instrument in the industry, evergreen funds sometimes have different profit arrangements than is the norm, although having no carry is still uncommon.

https://www.bloomberg.com/news/articles/2023-10-11...

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