Private equity group KKR, listed on the Amsterdam stock exchange since May, has 3.5 billion dollars stashed away for new takeovers, newspaper De Volkskrant reported on Thursday. KKR raised 4.8 billion euros to set up a new buyout fund in May, without identifying possible targets.

Since then the group has bought an 80% stake in Philip’s chip division and has invested in the French Yellow Pages (Pages Jaunes) and a US hospital chain. KKR’s share price has fallen by 9% since the launch.