KKR has launched an equipment finance platform, Akrapoint Commercial Capital, backed by $350m (£262m).

The platform will focus on financing mid-ticket equipment, such as vocational assets, speciality trailers and industrial equipment, for small and middle-market businesses across a broad range of US industries, including manufacturing, energy and transportation.

KKR said funds managed by the firm will commit $350m to support the launch of the platform through its asset-based finance (ABF) strategy.

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Akrapoint Commercial Capital will be led by chief executive Nate Smith, who previously worked at Trans Lease, a US commercial equipment leasing and finance company. Smith will be supported by Gary Shivers, who will chair Akrapoint’s board of directors, alongside a management team.

“Demand for vocational, speciality trailer and industrial equipment is growing fast, and the operators who run that equipment need a financing partner who understands their business,” said Smith.

“Akrapoint was built to meet this growing need, pairing disciplined underwriting with KKR’s long-term capital so mid-ticket equipment operators have a financing partner they can count on through every cycle.”

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The platform builds on KKR’s ABF strategy, which was established in 2016 and has more than $91bn in assets under management. The firm’s portfolio focuses on four key themes: consumer/mortgage finance, commercial finance, hard assets and contractual cash flows.

Nomura Securities International served as financial adviser in connection with the transaction, while Kirkland & Ellis served as legal counsel to KKR.

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