K- FIT AND K - FITS

What K- FIT AND K - FITS does

K-FIT and K-FITS are two non-exchange traded, perpetual-life Business Development Companies (BDCs) that seek to generate current income and, to a lesser extent, long-term capital appreciation by investing in private credit markets. K-FIT (KKR FS Income Trust) operates under SEC CIK 1930679 and K-FITS (KKR FS Income Trust Select) operates under CIK 1975736; both are structured with an indefinite duration and shares priced at periodic net asset value (NAV). The vehicles are managed by FS/KKR Advisor, LLC, a registered investment adviser under the Advisers Act of 1940 jointly operated by KKR Credit Advisors (US) LLC (a subsidiary of KKR & Co.) and an affiliate of FS Investments.

The funds invest in and lend to small to mid-sized private companies, generating revenue primarily through interest income, dividend income, and capital gains on portfolio investments. Distribution is conducted exclusively through financial advisors and registered investment advisers, principally via the FS Investments advisor network and KKR's institutional relationships, with shares sold at periodic NAV rather than on an exchange. Both vehicles serve individual accredited investors as the primary customer segment, with institutional investors (family offices, endowments, foundations) as a secondary segment. Investors gain access to private credit markets that are typically unavailable in retail channels and benefit from the perpetual-life structure's continuous operation, in contrast to finite-life interval fund structures.

The underlying technology and platform architecture are conventional BDC operations: SEC regulatory registration, NAV-based share pricing, an investor portal at secureaccountview.com, and back-office servicing through the FS/KKR Advisor platform. No proprietary technology, software product, app, or AI/ML capability is disclosed. Revenue mechanics flow from the underlying portfolio of private credit investments rather than from a software or technology licensing model, and pricing is governed by periodic NAV calculations and fund prospectus disclosures rather than tiered subscription pricing.

Name

K- FIT AND K - FITS

Legal name

KKR FS Income Trust

Website

https://k-fit.com

Company type

Private

Operating status

Operating

Short description

K-FIT and K-FITS are two non-exchange traded, perpetual-life Business Development Companies managed by FS/KKR Advisor, LLC that invest in private credit markets to generate current income for individual accredited and institutional investors.

Ownership category

akta.pro rank

Product category

Private Credit / Business Development Company (BDC)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

akta.pro secondary industries

Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI), Private Credit — Royalty & IP-Backed Finance (FSAHAJAM)

Keywords

• Private credit funds
• Business development companies
• Perpetual-life BDCs
• Alternative income investments
• Non-exchange traded funds

GTM type

B2C

Offering type

Services

Cost components

Operations, Marketing or Sales, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Investment Income from Portfolio Companies: As BDCs, K-FIT and K-FITS generate revenue primarily through interest income, dividend income, and capital gains from their investments in private portfolio companies. They lend to and invest in small to mid-sized companies.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

K-FIT (KKR FS Income Trust) and K-FITS (KKR FS Income Trust Select) are two non-exchange traded, perpetual-life Business Development Companies (BDCs) that invest in private credit markets. They seek to generate current income and, to a lesser extent, long-term capital appreciation by lending to and investing equity in small to mid-sized private portfolio companies. Shares are sold at net asset value (NAV) on a periodic basis through financial advisors and registered investment advisers to accredited investors.

Product overview

K-FIT and K-FITS are two distinct but related non-exchange traded, perpetual-life Business Development Companies (BDCs) managed by FS/KKR Advisor, LLC. Both products share the same investment objective of generating current income with secondary long-term capital appreciation through private credit investments. K-FIT serves as the primary offering while K-FITS operates as a parallel vehicle, each with their own SEC filings (CIK 1930679 and CIK 1975736 respectively). The products are structured as term-of-indefinite-duration vehicles whose shares are not listed on any securities exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• K-FIT (KKR FS Income Trust) A non-exchange traded, perpetual-life Business Development Company that seeks to generate current income and long-term capital appreciation by investing in private credit markets. Sold to accredited investors via financial advisors at periodic NAV-based pricing.
• K-FITS (KKR FS Income Trust Select) A non-exchange traded, perpetual-life Business Development Company that seeks to generate current income and long-term capital appreciation through private credit investments, structured as a parallel offering to K-FIT. Sold to accredited investors via financial advisors at periodic NAV-based pricing.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• FS/KKR Advisor, LLCcoreImplementation/ SI/ Consulting PartnerFS/KKR Advisor, LLC serves as the registered investment adviser for both K-FIT and K-FITS. It is jointly operated by KKR Credit Advisors (US) LLC and an affiliate of FS Investments, combining KKR's private credit expertise with FS Investments' fund distribution capabilities.

Recent moves5 records

Expansion highlights4 records

Direct peers

• Ares Private Markets Fund: Non-traded BDC and private credit fund suite from Ares Management. Competes for the same advisor channel and accredited investor base with similar income-focused private credit strategies.
• Apollo Credit Income: Non-traded private credit offering from Apollo's credit franchise. Competes head-to-head with K-FIT and K-FITS for advisor-led private credit allocations from HNW investors.
• Blackstone Private Credit Fund (BCRED): The largest non-traded perpetual BDC, managed by Blackstone Credit. Directly comparable structure, investor base, and distribution via financial advisors for private credit exposure.
• FS KKR Capital Corp. (FSK): A publicly traded BDC advised by the same FS/KKR Advisor, LLC. Same investment team, same private credit strategy, same KKR origination engine — K-FIT and K-FITS are essentially the non-traded counterparts to FSK.
• Carlyle Credit Income Fund (CCIF): Non-traded BDC sponsored by Carlyle's global credit platform. Directly comparable in structure, target investor, and middle-market private lending focus.
• Bain Capital Private Credit: Sponsor-backed non-traded private credit fund targeting accredited investors through financial advisors. Comparable vehicle structure and middle-market lending strategy.

Broad incumbents

• Blue Owl Capital Corp. (OBDC): Largest publicly listed BDC, sponsored by Blue Owl Capital. Comparable middle-market direct lending strategy, but traded on the NYSE — provides a public-market pricing benchmark for K-FIT and K-FITS' NAV.
• Golub Capital BDC (GBDC): Public BDC focused on one-stop senior secured lending to middle-market companies. Serves as a public-market comp on portfolio composition, yield, and credit performance for non-traded BDC vehicles.
• KKR Real Estate Finance Trust (KREF): A KKR-sponsored mortgage REIT with similar advisor distribution and non-traded investor access. Different underlying asset class (commercial real estate debt vs. corporate private credit), but highly comparable platform and brand.

Emerging players

• Nuveen Churchill Direct Lending: Joint venture between Nuveen and Churchill Asset Management offering non-traded private credit funds. Overlaps in advisor-distributed middle-market lending but with a more focused sponsor base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about K- FIT AND K - FITS