Private equity firm KKR & Co. LP (NYSE: KKR) has acquired an interest in Nephila Capital Ltd., a company that invests in reinsurance risk.

Nephila invests in insurance-linked securities, catastrophe bonds and weather derivatives to provide investors with access to returns that aren’t related to the global financial markets. KKR bought a 24.9 percent interest from Nephila’s management as well as a portion of the stake owned by hedge-fund manager Man Group plc (LON: EMG) for an undisclosed amount. 

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