The fund statement added that it continues to hold about 6 per cent in the company now down from 10.3 per cent earlier.
"We are deeply saddened by the developments and our thoughts are with his family at this time. We believe in VG Siddhartha and had invested in the company about nine years ago," KKR
said in a statement.
It can be noted that generally, private equity funds have a shorter investment horizon of say one to seven years wherein they help an invested company grow and exit.
The 57-year-old Siddhartha, the son-in-law of former Union minister SM Krishna, has also blamed pressure from lenders and the tax department in the letter and has even named a director-level income tax officer in his apparent suicide note.
Meanwhile, mortgage major HDFC
denied it has any exposure to any of the companies
associated with Siddhartha.
had disbursed lease rental discounting loans to Tanglin Developments (CCD) for its project Global Village Tech Park in Bangalore. The entire loan was repaid in January 2019 and has no exposure to the Coffee Day Enterprises group as on date," an HDFC