Herald Chen, who co-led technology investments with Kerko, and Richard Sarnoff, who headed media and communications, will be co-heads of the new technology, media and telecom group.
"We believe this realignment reflects the convergence of the internet, technology, media and communications industries, with end markets and investment opportunities increasingly defined in digital terms," Alexander Navab, head of Americas private equity, and Suzanne Donohoe, global head of KKR's client and partner group, wrote in the memo.
Nathaniel Taylor, who currently leads KKR's retail investments, will be the head of the combined consumer and retail group. KKR said in the memo that, as more retailers develop their own consumer brands and product companies seek to reach consumers directly, organizational integration was becoming more important.
Brown and Kerko are the latest in a string of KKR private equity team heads in the United States who have left the New York-based firm since its latest $9 billion North American private equity fund, NAXI, started investing in November 2012.
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They include Michael Calbert, the previous head of retail investing, Adam Clammer, the previous head of technology investing, and Thomas Uger, the former head of media and communications investing.
There was also change at the top. Navab himself became the sole head of KKR's Americas private equity business last year when his co-head Michael Michelson decided to stand down to return to full-time investing at KKR.
To be sure, KKR's recent private equity fund performance has been strong. NAXI was valued at 1.3 times its investors' money net of fees as of the end of March, equating to a net internal rate of return of 21 percent, according to the memo.