George Fisher, a senior adviser at Kohlberg Kravis & Roberts, spoke at Columbia Business School recently and made clear that the on-going economic crunch is affecting the business, reports TheDeal.com. Exits are a clear example. "On average we hold a company for seven years. The current credit crisis will likely add a year to that..." 

Frankly, it could be even longer if the economy doesn't start cooperating. Still, KKR is confident it can add value to its portfolio companies. It would have been nice if he had addressed some of the financing issues involved, notably the apparent desire by KKR and others to by-pass top Wall Street firms and go directly to investors. Is a KKR investment bank really in the works? If so, what will it look like? 

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