When the name KKR is mentioned, many would immediately think about big deals like the RJR Nabisco buyout back in the 1980s. But in recent years, KKR has evolved and has developed other parts of its business, including a credit arm.

It currently manages $36 billion of capital in credit; $19 billion is invested in leveraged credit, $8.5 billion in private credit and another $8 billion in special situations. The firm aims to double the size of its credit business in the next five years. But as competition is becoming increasingly fierce - private debt funds are sitting on a whopping $186.5 billion of unspent capital according to Preqin - the firm is increasingly looking for creative deals.