KKR Asset-Based Finance Fund
Sponsored by KKR. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- 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
as of 2026-04-30 - 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
Filed fund value · as of 2026-04-30 - Net flows, last qtr
- -2.3% qtr ended 2026-03-31
- Distribution coverage (NII)
- Pending Pending
- Leverage in use
- Pending Pending
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
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
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).
Proposal 1 put to shareholder vote: Approval Of New Advisory Agreement B. (2025-06-20)
Proposal 2 put to shareholder vote: Approval Of Change To Fundamental Policy T. (2025-06-20)
Net outflow of 5.1% of NAV in the period ended 2025-04-30.
NAV per share ($21.17) is 1.1% below its trailing four-observation average ($21.39) as of 2023-10-31.
NAV per share ($21.14) is 7.9% below its trailing four-observation average ($22.96) as of 2023-04-30.
NAV per share ($20.09) is 18.5% below its trailing four-observation average ($24.66) as of 2022-10-31.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-01-09 | 5.5% | 100% | 55% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
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.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.00% of avg daily net assets per year, current as of 2025-12-17. Research only: not used in a fee distribution. SEC source 0001628280-26-045438.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.00% | Pending | Pending | Pending | 4.05%filed basis*Filed label: Expenses, before reimbursement; period 2025-10-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001628280-25-058367 |
3.85%filed basis*Filed label: Expenses, after reimbursement; period 2025-10-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001628280-25-058367 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pending | 1.0 pct_annual_of_avg_daily_net_assets | 2025-12-17 |
| incentive_fee_schedule | Pursuant to the Investment Advisory Agreement, the Adviser also earns an incentive fee (the “Incentive Fee”), payable quarterly in arrears, commencing with the first full fiscal quarter after the effectiveness of the Investment Advisory Agreement, based on the Fund’s “Pre-Incentive Fee Net Investment Income” (as defined below) for the immediately preceding quarter (or portion thereof). The payment of the Incentive Fee is subject to a quarterly hurdle rate (the “Hurdle Rate”), expressed as a rate of return on the average daily value of the Fund’s net assets during the most recently completed fiscal quarter, of 1.25% (5.0% annualized), subject to a “catch-up” feature (as described below). “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income accrued during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the Investment Advisory Fee, any interest expense borne by the Fund, and any dividends paid on preferred stock issued by the Fund, but excluding the Incentive Fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income includes accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The 32 Asset-Based Finance Fund April 30, 2026 (Unaudited) Fund will pay the Adviser the Incentive Fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income in each fiscal quarter as follows: (i) No Incentive Fee will be payable to the Adviser in any fiscal quarter in which the Fund’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; (ii) 100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to 1.39% in any fiscal quarter (5.56% annualized) will be payable to the Adviser. This portion of the Fund’s Incentive Fee that exceeds the Hurdle Rate but is less than or equal to 1.39% is referred to as the “catch-up” and is intended to provide the Adviser with an incentive fee of 10% on all of the Fund’s Pre-Incentive Fee Net Investment Income when the Fund’s Pre-Incentive Fee Net Investment Income reaches 1.39% (5.56% annualized) on the average daily value of the Fund’s net assets in any fiscal quarter; and (iii) 10% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.39% (5.56% annualized) on the average daily value of the Fund’s net assets in any fiscal quarter will be payable to the Adviser once the Hurdle Rate and catch-up have been achieved (10% of the Fund’s Pre-Incentive Fee Net Investment Income thereafter will be allocated to the Adviser). | Text disclosure | Pending |
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 |