SINGAPORE (Dec 13): KKR & Co. is buying a stake of as much as $45 million in Barghest Building Performance, a Singapore provider of energy saving solutions, in the private equity firm’s first impact investment globally.

It’s investing as part of a Series B fundraising for BBP, which helps companies throughout Asia reduce electricity consumption. The company plans to use the funds to grow its business in the region, invest in new technology and hire more staff, BBP Chief Executive Officer Poyan Rajamand said in an interview this week.

Global private private equity firms including KKR, TPG and Bain Capital LP have been pushing into impact investing, the idea of seeking both financial return and social benefit. KKR is currently raising funds for investments with this purpose as well as several other strategies, it said on its October earnings call.

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