Parthenon Looks to Keep KBRA With $1.7 Billion Continuation Fund

Parthenon Capital Partners is pitching investors on a secondary transaction that will allow it to hold on to credit grader Kroll Bond Rating Agency for longer, according to people with knowledge of the matter.

The single-asset continuation fund for KBRA could top $1.7 billion, including $800 million to $900 million of new capital, said the people, who asked not to be identified discussing private information. Lazard Inc. is advising Parthenon on the transaction, the people said.