KKR: Underwriting the Next Cycle

How one of the largest sponsors is repositioning its underwriting for a higher-rate, operations-led era.

Radahn Jul 02, 2026 1 min read

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In this storyKKRFirm

The largest sponsors are rebuilding their underwriting models for a world where cheap leverage no longer carries the return. The shift is visible in how deals are screened and how much equity firms will put at risk.

For limited partners the shift is welcome. A manager that underwrites conservatively in the first year of a thaw is building a vintage with a margin of safety.

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KKR: Underwriting the Next Cycle

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