KKR's New Public, Private Equity Fund

KKR (Kohlberg, Kravis Roberts & Company) yesterday floated on the Amsterdam stock market a new publicly traded company, KKR Private Equity Investors, that will invest in the private equity markets.  The new company sold $5 billion shares for $25.  We watched it close the day down a bit on the Euronext, the pan-European stock exchange.  What is wrong with this picture??  KK&R, a high-profile American company, is using a European stock exchange to avoid the heavy disclosure rules of American exchanges and federal securities legislation and rules.  The new companies will enjoy the tax benefits of of the United Kingdom and other countries in Europe that apply to public companies that are primarily investment trusts.  KKR's new venture is yet another indication that the United States has legal rules that discourage domestic investment.