The private-equity and investment company said Tuesday that it has begun an offering of 30 million shares of its series D mandatory convertible preferred stock to raise an initial $1.5 billion. KKR also gave its underwriters an option to purchase up to an additional 4.

KKR intends to use the net proceeds from the offering for the acquisition of additional equity interests in core private equity portfolio companies reported in its Strategic Holdings segment and for other general corporate purposes.