KKR Group's investment operation procedures can usually be divided into four stages: raising funds. First of all, the acquisition team led by the company's senior management and/or acquisition experts set up a shell company to acquire with a small amount of capital. They provide about 10% of the total acquisition funds as the equity basis of the new company, and 50% ~ 60% of the required funds apply to the bank for secured acquisition loans with the assets of the target company as collateral.

Loans are generally provided by loans composed of several commercial banks (which is conducive to dispersing and controlling risks), and can also be provided by insurance companies or limited liability partnerships specializing in venture capital and leveraged buyouts. Other funds are formed by various levels of inferior bonds and raised through private placement (for pension funds, insurance companies, venture capital enterprises, etc.). ) or publicly issue high-yield bonds (junk bonds).

In the 1990s, due to the notorious junk bonds, this part of the funds was mainly provided by the investment bank bridge loan (these loans were usually replaced by long-term bonds issued by companies in the following years). If the adjusted company can become stronger and the target of the acquisition group has been achieved, then the group may make the company become a listed company again (that is, reverse leveraged buyout), thus reducing the excessive financial leverage ratio of the company and cashing in the interests of the acquirer.