FS Investments completed two transactions, with each deal creating a large combined entity in the business development corporation (BDC) space. First, FS and KKR closed their previously announced agreement to create FS/KKR Advisor, LLC. With $18 billion in combined assets under management, the new entity will become the market's largest BDC platform and will serve as the investment adviser to six BDCs. Separately, FS and EIG Global Energy Partners closed their transaction to manage FS Energy and Power Fund (FSEP), the largest energy-focused BDC in the marketplace with $4.3 billion in assets under management. The jointly owned partnership will provide investment advisory services to FSEP, which can participate in the same transactions alongside EIG's other institutional funds and accounts.
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