KKR-led Consortium Drives Further Investment in Sylvan

BEIJING–(BUSINESS WIRE)–Global investment firm KKR today announced the completion of an additional investment in Sylvan, a world-leading fungal biotechnology company (the “Company”), through funds managed by KKR with participation from new investors and a follow-on investment from existing investor, Novo Holdings, which increased its ownership stake in the Company as part of this round. Following the investment, KKR remains the majority investor in Sylvan.

Founded in 1932, Sylvan is a world-leading mushroom spawn and fungal biotechnology company. The company seeks to harness the potential of fungal systems to create sustainable solutions to address global challenges in food, health, agriculture, and materials. Today, the Company operates multiple production facilities around the world and serves customers across 65 countries.

This latest investment marks KKR’s continued commitment to supporting Sylvan’s next phase of expansion, including increasing production capacity, strengthening R&D capabilities, advancing new high-growth product categories, and deepening the Company’s presence across Asia’s rapidly industrializing mushroom and bio-products markets.

The KKR-led investment also included commitments from global investors, including TPG NewQuest, who served as lead investor in a GP-led transaction alongside KKR to support Sylvan, in addition to Ping’An Capital, China Post Insurance, Schroders Capital and Tsao Pao Chee. KKR is making its investment through its international and domestic funds, including its first Renminbi-denominated fund, which was established to facilitate investment by local investors.

Chris Sun, Partner and Head of China Private Equity at KKR, said: “Sylvan has delivered sustained growth under our strategic partnership, including strong expansion and advances in R&D and strategic acquisitions. We have worked closely with management to broaden Sylvan’s role in the global fungal biotechnology sector and beyond. KKR is pleased to welcome new investors from overseas and China to join us in supporting Sylvan to expand its platform and global reach.”

Jackie Qi, CEO of Sylvan, said: “KKR has been a trusted partner for Sylvan through our development, and we are pleased to have their continued support. This investment allows us to accelerate our ambition to become a global leader in fungal biotechnology solutions across strategies and regions. With the support and expertise of our investors, we have faith in Sylvan’s next phase of growth.”

About Sylvan

Sylvan is a fungal biotechnology company, unlocking the incredible potential of the Earth’s fungi systems. We believe these resilient fungi, having evolved over millions of years, hold the key to overcoming many of the problems our planet faces today and into the future. Our goal is simple: harness the power of fungi and create sustainable solutions to address global challenges in food, health, agriculture, and materials.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Contacts

For more information, please contact:

Sylvan
Erica Wang

Erica.Wang@sylvaninc.com

KKR
Wei Jun Ong

Media@kkr.com