KKR is overpaying to buy a bond fund that it already controls.
FORTUNE -- Buyout firms appear to be running out of things to buy out. And so they are buying themselves.
Late on Monday KKR & Co. (KKR) announced it was acquiring KKR Financial Holdings (KFN). KFN is technically a separate company, a bond fund manager that is publicly traded, but it's really just a division of the giant private equity MORE