KKR Asset-Based Finance Fund

Sponsored by KKR. Interval Fund structure focused on private credit.

Interval FundPrivate Credit

Sponsor: KKR
CIK: 0001787621
Liquidity: Periodic repurchase offers at NAV
Inception: 2020

Net assets: $509.7M

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-06-25 · period 2026-04-30

Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Total assets $ 623,534 | Total liabilities 113,802 | Net assets $ 509,732”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1787621/000162828026045438/kkr_kabfx43026xsemi-annual.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
NAV / share: $21.08

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-06-25 · period 2026-04-30

financial-highlights end-of-period NAV (fallback)

“Net asset value, end of period $ 21.08”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1787621/000162828026045438/kkr_kabfx43026xsemi-annual.htm | financial-highlights end-of-period NAV (fallback)
Net flows, last qtr: -2.3%
Distribution coverage (NII): Not disclosed
Leverage in use: Not captured
Total return, 12m: +6.9%

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Notify

Net outflow of 8.1% of NAV in the period ended 2025-10-31.

Net outflow of 8.1% of NAV in the period ended 2025-10-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Why it matters and what changed

Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.

swung from 0.57 to -8.07 vs prior period; trailing 4-period average -6.59; same period prior year -1.75

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Notify

Net outflow of 19.3% of NAV in the period ended 2025-07-31.

Net outflow of 19.3% of NAV in the period ended 2025-07-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Why it matters and what changed

Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.

swung from 0.58 to -19.32 vs prior period; trailing 4-period average -5.84; same period prior year -3.63

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Historical findings (7)

NAV per share fell 13.3% from $23.18 to $20.09 (2022-10-31).
NAV per share fell 13.3% from $23.18 to $20.09 (2022-10-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

Proposal 1 put to shareholder vote: Approval Of New Advisory Agreement B. (2025-06-20)
Proposal 1 put to shareholder vote: Approval Of New Advisory Agreement B.

Proposal 2 put to shareholder vote: Approval Of Change To Fundamental Policy T. (2025-06-20)
Proposal 2 put to shareholder vote: Approval Of Change To Fundamental Policy T.

Net outflow of 5.1% of NAV in the period ended 2025-04-30.
Net outflow of 5.1% of NAV in the period ended 2025-04-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share ($21.17) is 1.1% below its trailing four-observation average ($21.39) as of 2023-10-31.
NAV per share ($21.17) is 1.1% below its trailing four-observation average ($21.39) as of 2023-10-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($21.14) is 7.9% below its trailing four-observation average ($22.96) as of 2023-04-30.
NAV per share ($21.14) is 7.9% below its trailing four-observation average ($22.96) as of 2023-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($20.09) is 18.5% below its trailing four-observation average ($24.66) as of 2022-10-31.
NAV per share ($20.09) is 18.5% below its trailing four-observation average ($24.66) as of 2022-10-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

Total return index

NAV per share

Net capital flows, % of NAV

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

No structured portfolio-health series or position-change events have been captured for this fund.

04 / Redemptions

Where exit demand met the cap.

The disclosed history shows no rationed period.

Requested redemptions versus cap

Period	Requested	Filled	Cap used	Status
2026-01-09	5.5%	100%	55%	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

No structured financing components have been captured for this fund.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.

Management fee: 1.00% of avg daily net assets per year. source. Beginning December 17, 2025, the Adviser receives an annual fee, payable monthly by the Fund, in an amount equal to 1.00% (stated in the filing as '1.0%') of the average daily value of the Fund's net assets during the preceding month (the 'Base Management Fee'); the prior rate (through December 16, 2025) was 1.3% of the average daily value of the Fund's Managed Assets (the 'Prior Investment Advisory Fee'). The Fund separately pays the Adviser an Incentive Fee, payable quarterly in arrears, based on Pre-Incentive Fee Net Investment Income subject to a 1.25% quarterly (5.0% annualized) hurdle rate -- not captured here, per convention.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)

Term	Description	Value	Effective
advisory_fee_schedule	Beginning December 17, 2025, the Adviser receives an annual fee, payable monthly by the Fund, in an amount equal to 1.00% (stated in the filing as '1.0%') of the average daily value of the Fund's net assets during the preceding month (the 'Base Management Fee'); the prior rate (through December 16, 2025) was 1.3% of the average daily value of the Fund's Managed Assets (the 'Prior Investment Advisory Fee'). The Fund separately pays the Adviser an Incentive Fee, payable quarterly in arrears, based on Pre-Incentive Fee Net Investment Income subject to a 1.25% quarterly (5.0% annualized) hurdle rate -- not captured here, per convention.	1.0 pct_annual_of_avg_daily_net_assets	2025-12-17

Recent filings

Filed	Form	Accession
2026-06-25	N-CSRS	0001628280-26-045438
2026-06-24	NPORT-P	0001193125-26-280999
2026-06-18	N-23C3A	0000894189-26-017953
2026-06-18	N-23C3A	0000894189-26-017952
2026-03-23	NPORT-P	0001193125-26-117971
2026-03-11	N-23C3A	0000894189-26-007737
2026-03-11	N-23C3A	0000894189-26-007736
2026-01-02	DEF 14A	0001193125-26-000812
2025-12-22	N-CSR	0001628280-25-058367
2025-12-16	NPORT-P	0001193125-25-321086
2025-12-10	N-23C3A	0000894189-25-016747
2025-12-10	N-23C3A	0000894189-25-016746
2025-09-17	N-23C3A	0000894189-25-007483
2025-09-17	N-23C3A	0000894189-25-007482
2025-09-15	NPORT-P	0001193125-25-203341