KKR & Co. Inc. rebranded its Special Situations Fund III as the Dislocation Opportunities Fund, which will target corporate and asset-backed debt rather than solely seeking out distressed situations, Bloomberg News reported, citing a marketing document.

The private equity giant is marketing the investment vehicle to potential investors and aims to close the current fundraising round May 15, the April 20 report added.

KKR is reportedly committing $400 million of its own capital and seeking approval from clients to repurpose at least $217 million that was pledged to the special situations fund, the news outlet added, citing a person familiar with the effort.

It will focus on high-quality corporate bonds and loans trading at discounts because of "forced selling," companies hit by the coronavirus pandemic, and debt backed by property or other assets, according to the report.

KKR's head of leveraged credit, Chris Sheldon, is the portfolio manager instead of Nat Zilkha, the report noted, adding that KKR will keep 15% of profits in carried interest once the investment vehicle clears a 6% return threshold.

The fund has deployed over $200 million in "highly attractive credit assets," with part of the investment going to sectors impacted by the pandemic, the report added, citing the pitch book.

A KKR spokeswoman declined to comment on the matter, Bloomberg added.

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