KKR announced that it has made a cornerstone investment in a A$400 million (US$275 million) financing solution for Australian energy company Ampol Limited. The transaction is anchored by KKR’s private credit and insurance platforms and will support Ampol’s refinancing initiatives and general corporate purposes.
The financing aligns with Ampol’s broader Capital Allocation Framework, which is designed to maintain financial flexibility while supporting the company’s ongoing operations and strategic priorities. Ampol described the transaction as another example of its proactive approach to funding and capital management.
Ampol, which is listed on the Australian Securities Exchange, operates an integrated fuel supply, refining, distribution, and retail network. Its Australian operations include the Lytton refinery in Queensland, a nationwide system of terminals and pipelines, and approximately 1,700 convenience retail locations.
The company also maintains a substantial presence in New Zealand, where it operates approximately 500 retail sites. Ampol’s international operations include trading and shipping capabilities based in Singapore and the United States, giving the company exposure across multiple parts of the global energy supply chain.
KKR provided the investment through its Asia Pacific Credit strategy and insurance platform. The firm’s regional credit business focuses on developing customized financing solutions for established companies, entrepreneurs, and financial sponsors throughout the Asia-Pacific market.
These solutions can include private investment-grade credit and other forms of privately negotiated capital intended to address refinancing, acquisition, expansion, liquidity, and general corporate funding needs.
The transaction was supported by Clifford Capital, a Singapore-based global infrastructure credit platform backed by Temasek. Clifford Capital collaborated with KKR, Ampol, Barrenjoey, and Ampol’s other advisers to structure and arrange the financing.
Clifford Capital’s involvement reflects its focus on connecting institutional investors with private credit opportunities involving established corporations and infrastructure-related businesses across Asia-Pacific. The firm highlighted private investment-grade credit as an increasingly attractive asset class for institutional investors seeking long-duration and potentially resilient returns.
For KKR, the Ampol transaction expands an existing record of providing private credit financing in Australia and New Zealand. The investment firm has previously delivered customized capital solutions to Australian businesses including medical clinic operator Family Doctor, pharmaceutical company DBG Health, and financial technology company Lendi.
Since launching its Asia-Pacific Credit strategy in 2019, KKR has committed more than US$9.1 billion across 63 credit investments. Those investments represent an aggregate transaction volume exceeding US$28.4 billion.
The financing also highlights the continued expansion of private credit beyond traditional leveraged buyouts and sponsor-backed transactions. Large investment-grade companies are increasingly exploring privately negotiated financing structures as an additional source of capital alongside bank lending and public debt markets.
Private credit providers can offer borrowers customized structures, flexible terms, certainty of execution, and access to capital from institutional investment and insurance platforms. For asset managers, investment-grade private credit can provide opportunities to deploy substantial amounts of capital into established companies with long operating histories and diversified businesses.
KEY QUOTES:
“We are focused on providing flexible capital to high-quality companies as they pursue their strategic objectives. Ampol is an established, strong investment-grade business with a long operating history and a sophisticated approach to capital management. We are pleased to partner with Ampol on this financing, building on KKR’s track record in the ANZ region and across Asia Pacific.”
Diane Raposio, Partner and Head of Asia Credit and Markets at KKR
“The transaction is another example of our proactive approach to funding and capital management. We are delighted with the significant support received from KKR on this occasion, and our collaboration with Temasek-backed Clifford Capital in arranging the transaction with our advisers. We have a meaningful presence in Singapore and value the partnership with KKR and Clifford Capital.”
Greg Barnes, Group Chief Financial Officer at Ampol
“Private investment grade credit continues to present compelling opportunities for institutional investors seeking resilient, long-term returns. We are delighted to collaborate with KKR, Ampol and Barrenjoey on this transaction, which underscores Clifford Capital Asset Management’s role as a trusted partner in accessing, structuring and delivering high-quality private credit assets, underpinned by rigorous investment discipline and robust Investment Committee oversight through our Private Investment Grade strategy.”
Vidyasagar Pulavarti, Chief Investment Officer of Asset Management at Clifford Capital
