KKR Founders Help Drive Its Quest to Become a ‘Mini Berkshire’

KKR & Co.’s plan to break from the traditional buyout model and hold some bets on its own books for decades is being directed by a tight-knit group, including co-founders Henry Kravis and George Roberts.

The alternative asset manager’s Strategic Holdings unit, launched a little over a year ago, is a key part of KKR’s plan to more than quadruple earnings per share over the next decade. The firm sees a chance to build a portfolio that kicks off more than $1 billion a year in dividends.

What the firm is trying to create “is in some ways ...