Kohlberg Kravis Roberts, the US private equity firm, has buckled under pressure from investors to alter the structure of a controversial loan backing a Dutch acquisition in the latest sign of a growing backlash against aggressive deal structures.

KKR, which owns Dutch DIY retailer Maxeda with sponsors Permira and Cinven, had tried to push through a so-called "covenant-lite" loan to finance the near €1.1bn ($1.5bn) buyout of the company.