KKR sold its entire stake in First Gen, one of the Philippines' largest power producers, for $411m, walking away from the investment just weeks after its bid to take the company private was rejected. The disposal marks a clean exit from a holding the private equity firm had built up over six years.

In August, First Gen's parent company First Philippine Holdings turned down a non-binding proposal from KKR to buy an additional 8.43% stake and launch a voluntary tender offer for the company's public float at ₱35 per share. First Philippine Holdings, controlled by the Lopez family, said the price did not represent First Gen's "true value."

Rather than return with a higher offer, KKR chose to cash out of its existing position altogether.