# EDGAR Filing Document

**Accession Number:** 0001948056
**File Stem:** 0000000000-23-001646
**Filing Date:** 2023-2
**Character Count:** 12448
**Document Hash:** 37d248f867824abea2b198fb146aa2d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001646.hdr.sgml**: 20230616

**ACCESSION NUMBER**: 0000000000-23-001646

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230217

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Infrastructure Conglomerate LLC
- **CENTRAL INDEX KEY:** 0001948056
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTORS, NEC [6799]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-750-8300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001140361-22-035451

## Text-Extract

```

United States securities and exchange commission logo

                             February 17, 2023

       Jason Carss
       General Counsel and Secretary
       KKR Infrastructure Conglomerate LLC
       30 Hudson Yards
       New York, NY 10001

                                                        Re: KKR Infrastructure
Conglomerate LLC
                                                            Amendment No. 3 to
Registration Statement on Form 10-12G
                                                            Filed February 3,
2023
                                                            Response Letters
dated December 30, 2022 and February 3, 2023
                                                            File No. 000-56484

       Dear Jason Carss:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Amendment to Form 10-12G filed February 3, 2023

       Share Repurchases, page 14

   1.                                                   We note your intention
to conduct recurring tender offers and to apply the Early
                                                        Repurchase Fee to
shares tendered by certain security holders. Please provide us your
                                                        analysis of your
ability to comply with Rules 14e-5 and 13e-4(f)(8)(ii) while conducting
                                                        the tender offers
described in your disclosure.
   2.                                                   Regarding your
statement that the amount of "Excess Shares" the Manager may
                                                        recommend the company
offer to purchase will depend upon, among other things, the
                                                        amount of subscriptions
received by the company during the month prior to the expiration
                                                        of the tender offer.
Please elaborate on how subscriptions received would impact the
                                                        amount of Excess
Shares.
 Jason Carss
FirstName LastNameJason   Carss LLC
KKR Infrastructure Conglomerate
Comapany17,
February   NameKKR
            2023     Infrastructure Conglomerate LLC
February
Page 2 17, 2023 Page 2
FirstName LastName
We would not be able to operate our business according to our business plans if
we are required
to register as an investment company . . . , page 47

3.       We have reviewed the response to comment 1 in your letter dated
December 30, 2022.
         We have the following additional questions, to be answered
supplementally:

                The response notes that Holdings I may have Joint Ventures with
two general
              partners. Please describe the type of entity that would hold such
other general
              partnership interest and how the other general partner is related
to the Company   s
              general partner ownership interest. Will such other general
partner ever be
              unaffiliated with the Company? Would the Company   s GP Entity
hold a majority
              interest? Would it ever be less than a majority? Please also
discuss the nature of
              each of the Company's GP entity and the other general partner   s
involvement in
              management of the Holdings I Joint Venture. Would such general
partner ever
              jointly manage and, if so, how does that affect your analysis
under Howey and
              Williamson? Page 9 of your response states that    [w]here the
Form JV Agreement
              contemplates two general partners, those two general partners
will be in parity,
              ensuring that there is no circumstance in which the Company would
have limited
              authority in comparison to the other general partner.    Please
explain in further detail
              what that means and how much authority each of the Company's GP
entity and other
              general partner would have.

                Please provide us with more information about the Manager,
including whether the
              Manager will render advice as to securities, its involvement vis
a vis the Joint
              Venture, and, if so, whether the Manager can be replaced or
removed, the applicable
              authority for that to happen, and prerequisites for that to
happen.

                Which entity will hold the Capital Preservation assets?

                In the formulas listed on pages 13-14 of the response, please
note and confirm that
              the second reference to    Cash Equivalents    should be    cash
items    as used in the
              Investment Company Act of 1940.

                In the analysis of the Company   s status as a special
situation investment company,
              please discuss the Company   s plans for disposing of
infrastructure assets and how
              those plans differ from those of a special situation investment
company. Please
              explain how long the Company, through its subsidiaries and Joint
Ventures, will
              typically hold infrastructure assets.

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

         You may contact Howard Efron at (202) 551-3439 or Kristina Marrone at
(202) 551-
 Jason Carss
KKR Infrastructure Conglomerate LLC
February 17, 2023
Page 3

3429 if you have questions regarding comments on the financial statements and
related
matters. Please contact Pamela Long at (202) 551-3765 with any other questions.

                                                          Sincerely,
FirstName LastNameJason Carss
                                                          Division of
Corporation Finance
Comapany NameKKR Infrastructure Conglomerate LLC
                                                          Office of Real Estate
& Construction
February 17, 2023 Page 3
cc:       Mark Brod
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 17, 2023

Jason Carss
General Counsel and Secretary
KKR Infrastructure Conglomerate LLC
30 Hudson Yards
New York, NY 10001

**Re: KKR Infrastructure Conglomerate LLC**
**Amendment No. 3 to Registration Statement on Form 10-12G**
**Filed February 3, 2023**
**Response Letters dated December 30, 2022 and February 3, 2023**
**File No. 000-56484**

Dear Jason Carss:

We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Amendment to Form 10-12G filed February 3, 2023

Share Repurchases, page 14

1. We note your intention to conduct recurring tender offers and to apply the Early Repurchase Fee to shares tendered by certain security holders. Please provide us your analysis of your ability to comply with Rules 14e-5 and 13e-4(f)(8)(ii) while conducting the tender offers described in your disclosure.
2. Regarding your statement that the amount of "Excess Shares" the Manager may recommend the company offer to purchase will depend upon, among other things, the amount of subscriptions received by the company during the month prior to the expiration of the tender offer. Please elaborate on how subscriptions received would impact the amount of Excess Shares.

Jason Carss
KKR Infrastructure Conglomerate LLC
February 17, 2023
Page 2

We would not be able to operate our business according to our business plans if we are required to register as an investment company . . . , page 47

3. We have reviewed the response to comment 1 in your letter dated December 30, 2022. We have the following additional questions, to be answered supplementally:

- The response notes that Holdings I may have Joint Ventures with two general partners. Please describe the type of entity that would hold such other general partnership interest and how the other general partner is related to the Company's general partner ownership interest. Will such other general partner ever be unaffiliated with the Company? Would the Company's GP Entity hold a majority interest? Would it ever be less than a majority? Please also discuss the nature of each of the Company's GP entity and the other general partner's involvement in management of the Holdings I Joint Venture. Would such general partner ever jointly manage and, if so, how does that affect your analysis under *Howey* and *Williamson*? Page 9 of your response states that "[w]here the Form JV Agreement contemplates two general partners, those two general partners will be in parity, ensuring that there is no circumstance in which the Company would have limited authority in comparison to the other general partner." Please explain in further detail what that means and how much authority each of the Company's GP entity and other general partner would have.

- Please provide us with more information about the Manager, including whether the Manager will render advice as to securities, its involvement vis a vis the Joint Venture, and, if so, whether the Manager can be replaced or removed, the applicable authority for that to happen, and prerequisites for that to happen.

- Which entity will hold the Capital Preservation assets?

- In the formulas listed on pages 13-14 of the response, please note and confirm that the second reference to "Cash Equivalents" should be "cash items" as used in the Investment Company Act of 1940.

- In the analysis of the Company's status as a special situation investment company, please discuss the Company's plans for disposing of infrastructure assets and how those plans differ from those of a special situation investment company. Please explain how long the Company, through its subsidiaries and Joint Ventures, will typically hold infrastructure assets.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

You may contact Howard Efron at (202) 551-3439 or Kristina Marrone at (202) 551-

Jason Carss
KKR Infrastructure Conglomerate LLC
February 17, 2023
Page 3

3429 if you have questions regarding comments on the financial statements and related matters. Please contact Pamela Long at (202) 551-3765 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Real Estate & Construction

cc: Mark Brod