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 & Co. (NYSE:KKR) priced its previously announced offering of $2.25B (45M shares) of its 6.25% series D mandatory convertible preferred stock at a price to the public and liquidation preference of $50.

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.