Global investment firm KKR and China-focused private equity firm CDH Investments have agreed to exit their stake in China-based milk producer China Modern Dairy Holdings (CMD) to China Mengniu Dairy for HKD1.87 billion (approximately US$241 million). Mengniu will acquire 965.5 million shares from the private equity firms for HKD1.94 (approximately US$1.25) per share and has offered to acquire all additional outstanding shares in CMD not controlled by it or its partners. The transaction is subject to customary closing conditions. Separately, KKR has completed a first close for its India-focused credit fund with INR11 billion (approximately US$161 million) in commitments. Investors in the fund include domestic institutions, high-net worth individuals and family offices. KKR reportedly expects to complete a final close for the fund in the next few months.