The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise
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Jun 30, 2025 
Philip Freise, Co-Head of European Private Equity at KKR, shares insights into managing Europe's largest private fund with a whopping $8 billion. He recounts the $500 million loss in Turkey and the lessons learned, alongside a candid discussion on KKR's bold COVID investments. Freise challenges conventional wisdom, questioning if AI could impact the private equity model, and explores the looming $3 trillion liquidity crisis. He also predicts how KKR may dramatically expand its European presence and unpacks the evolving landscape of deep tech investments.
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Overcome Failure Bias With Analysis
- Always apply rigorous analysis and gather diverse perspectives to avoid letting past failures bias future investment decisions.
- Use failures as valuable learning experiences to improve as an investor or founder.
KKR's $500M Turkish Loss
- KKR lost around $500M investing in a Turkish logistics company due to underestimating political and rule-of-law risks.
- This painful lesson led KKR to avoid similar emerging market risks in the future.
Invest Boldly In Crises
- Invest boldly during crises focusing on what you can control instead of freezing capital.
- COVID taught KKR to deploy 40% of their fund confidently despite market uncertainty.