KKR (KKR:US) & Co.’s Adam Clammer, who heads the team investing in technology deals at the private-equity firm, is stepping down from daily responsibilities after 18 years with the company to take a senior adviser post, according to a person familiar with the matter.
KKR named two partners in Clammer’s group, David Kerko and Herald Chen, to co-lead the technology team, according to the person, who asked not to be identified because the news isn’t public. Kerko joined KKR in 1998, and Chen has been with the firm since 2007, having earlier worked at New York-based KKR from 1995 to 1997, Kristi Huller, a spokeswoman, said in an e- mailed statement in response to a request for comment.
KKR started investing in technology buyouts in 1995, the year Clammer joined the firm from Morgan Stanley. Since then, it has deployed about $9 billion in at least 17 deals in the industry, including 12 since 2004, according to the firm. KKR was one of the two firms that submitted a non-binding proposal last year to acquire computer-maker Dell Inc (DELL:US), a person familiar with the matter said. It later withdrew from the process, citing the uncertain market for personal computers and competitive pressures on Dell for its decision.
At KKR, Clammer led buyouts including that of Avago Technologies Ltd. (AVGO:US), which KKR and Silver Lake Management LLC in 2005 agreed to acquire for $2.66 billion from Agilent Technologies Inc. (A:US) Three years later, the firms took Avago, the former semiconductor unit of Agilent, public. The firm made almost five times its money on the deal, according to the person familiar with the matter.
Other KKR technology investments out of Clammer’s group include Aricent Group, Go Daddy Group Inc., and NXP Semiconductors NV. KKR’s investment in NXP was marked at 1.1 times cost as of March 31, according to a quarterly filing.
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