That makes it the toughest job because its much harder to address LPs concerns and convince them to invest in your new fund than it is to write an Excel formula or lead a deal process. Yes, that may be true, but were attempting to cover the Analyst role at a wide range of funds here, not just bigger ones. I wouldnt say often, but it happens a fair amount. You could complete the MBA, use it to win a full-time investment banking job, and then recruit for private equity roles. The global firms are setting the pace and terms of recruitment. Entry level comp at100k [$121k] is now the norm, as bank comp increases. Average salary for KKR Managing Director in New York City: US$300,000. And is it worth ? It depends on timing, performance, the org structure, whether or not the fund is expanding, and so on. Principals also act as the go-between between the deal team and the MDs/Partners. If a change occurs, KKRs business, financial condition, liquidity and results of operations, including but not limited to, assets under management, fee paying assets under management, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, fee and yield segment EBITDA, core interest expense and book value, may vary materially from those expressed in the forward-looking statements. Posted 8:57:33 AM. By using this site you agree to our use of cookies. The estimated total pay for a Director at KKR is $454,557 per year. Is this the most recent figures for the Private Equity industry? Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Youve left repeated comments on various articles of this site asking about compensation details, so I am not really sure what youre looking for at this point. See: https://mergersandinquisitions.com/off-cycle-private-equity-recruiting/. "The GS badge is as good as it gets, so stay confident," he adds. Top companies for Managing Directors in United States JPMorgan Chase & Co 3.9 17,919 reviews 5 salaries reported $343,913per year West Monroe 3.9 I think my technical skills can transfer over and i can pick up, learn and adapt to more depth financial modeling; but the soft skills such as the sales aspect of it is what I think I lack. Should one just go the IB route to regular PE, or go the secondary BB PE route to MBA and then off to regular PE. Honestly, you should probably move into IB or get related deal experience before you try to make this type of move. The estimated total pay for a Managing Director at KKR is $552,815 per year. The hierarchy is a bit flatter, despite seeming similar on the surface, and its a more intellectual environment that demands critical thinking and risk assessment in addition to sales skills. It wont always happen (depends on the deal terms, how poorly the investment goes, etc. ), but it is possible, which is one of the main risks in buy-side roles. Oh, and one more thing: MDs and Partners must also invest a significant amount of their personal wealth into the fund to ensure they have skin in the game.. But carry is the key driver at this level and could increase total compensation by a multiple of the range above. I think compensation is often a highly discussed factor in this job, and ramps pretty significantly in this industry. I want to know greater detail on this point though. In 2011, we made a decision to . Carry becomes increasingly important at this level, which could boost your bonus a fair amount but you probably wont see its full effects unless you stay at the firm long-term. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Do smaller PE shops often get their VPs from associates at megafunds? Yes, we previously compared the investment banking career path to a frat house, and private equity careers are similar in many ways. Accel-KKR is an American technology-focused private equity firm with over $14 billion in total assets under management. Carlyles starting salaries are the lowest among the top three for associates, but if youre successful, you can end up earning more than at rivals. Finance & Accounting Based on 80 salaries Senior Accountant 22 salaries Finance 9 salaries View More Consulting Based on 72 salaries Associate 65 salaries Senior Associate 2 salaries View More Henry Kravis and George Roberts continue to lead the firm they founded as Co-Chairmen and Co-Chief Executive Officers but in 2018 they appointed Joe Bae and Scott Nuttall as Co-Presidents and Co-Chief Operating Officers. It is very helpful. View iimt kkr's profile on LinkedIn, the world's largest professional community. The rationale here is that its easier to get into IB/PE in my country so wanted to know if it would look better to break-in at the pre-MBA level. I am considering moving into IM/PEfrom a successful career as in house counsel. Contact: sbutcher@efinancialcareers.com in the first instance. Carried interest is only paid out once a performance hurdle of 7% has been met. Contact: in the first instance. Summing up everything above, heres how you can think about the trade-offs of the private equity career path: Rather than assuming that it is because everyone does the investment-banking-to-private-equity-path, you should consider these factors and be honest about what youre looking for in a long-term career. Yes, it is possible to earn in the $5-10 million range as a Partner at a top PE firm but very few people make it to that level, its highly dependent on performance, and you may not see any carried interest for 10+ years, making the cash figures in the current year far lower. 62 0 obj <> endobj These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. At a minimum, this includes the airport test: Would I want to be stuck waiting at the airport with you if our flight were delayed? If the answer is yes then you are on the runway to success. Yup, and it could go even higher than that. KKR (Kohlberg Kravis Roberts) 97.9% Bain Capital 97.4% The Riverside Company 99.5% Bain Capital 98.9% Blackstone Group 98.4% Warburg Pincus 97.9% Ardian 97.4% Principal (8) $676 Director/MD (22) $599 Vice President (84) $363 3rd+ Year Associate (86) $277 2nd Year Associate (192) $264 1st Year Associate (368) $227 3rd+ Year Analyst (28) $157 Average salary for KKR Managing Director in San Francisco: US$318,814. Whatsapp/Signal/Telegram also available. ), 2023 eFinancialCareers - All rights reserved, Over the last decade, the biggest names in. Question as someone who is an international student in Venture Capital (1st year analyst) looking to break into PE in the USA thru an MBA (rationale: no visa, so use top MBA to get visa and become US attractive). When we published 2020 compensation figures for the Carlyle Group last week, some people suggested Carlyle's pay seemed reminiscent of 2006: the investment firm, which has$195bn of assets under management, is on track to pay its 1,800 staff members an average of $760k this year. If you're new here, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking. If I was to get a masters in finance from like a USC or a Santa Clara right after I earn my Undergrad degree at USFCA, do you think that I would be able to get hired on as a PE analyst with no work experience in PE? This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. I am a bit of a square peg round hole. Accordingly, in the first half of 2020, KKR's allocations for "realized carried interest" earned on its investments were a further $734m. When I interview people for Blackstone, Im looking to understand whether an individual will fit our culture. Antonia Wrede Director, KKR Capstone London + Learn More Craig Lee Partner, Head of Insurance and Strategic Finance Mostly trying to figure out for Associate VP levels. If you got the Why private equity? question in an interview, youd probably say that you love investing and operations, and you want to build value for companies over the long term. Find thousands of job opportunities by signing up to eFinancialCareers today. I guess my question boils down to: is it really common/easy to be laid off, despite somewhat decent performance, and end up getting screwed career-wise? At this level, a small amount of carry is more plausible. I work in IB and I dont find the work interesting at all, so wanted to ask how much more interesting the work in PE really is, as am debating over whether making the move to PE is right for me. This week, we talked to Vincent Letteri (pictured), managing director on KKR 's TMT growth . I would probably need to take a step back. KKR released its global second quarter results yesterday. Whatsapp/Signal/Telegram also available. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Traditionally, its very difficult to move from S&T into PE because you dont have deal experience. For example, the senior professionals at firms like Blackstone could earn tens or hundreds of millions per year (! , KKR, also headquartered in New York, continues to be one of the primary private equity players worldwide. ), supposing that they receive 20M-30M in carried interest each 5-7 years. You mentioned that the work is interesting in PE. WSO depends on everyone being able to pitch in when they know something. Compensation reports show a wide range of salary + bonus levels, even for Associates and Senior Associates. but that is significantly more difficult than breaking in pre-MBA from investment banking, and its not an ideal path (see: more on the investment banking associate job). Email: Investor-Relations@kkr.com. Over the last decade, the biggest names in private equity have transformed into global alternative asset managers covering a broad range of asset class and activities, making them among the best paid and most attractive places to work. Required fields are marked *. Its plausible to earn $150K total as an Associate at a smaller firm. Analysts are hired directly out of undergrad, while Associates join following several years in investment banking or a related field, such as management consulting. Were not covering them here because theres little tangible information about these roles, and most students and professionals wont even make it midway up the ladder. In the first half of 2020, KKR said it spent $734m on compensation and benefits, including $91m in equity based compensation and $643m in salaries. See: https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/, Thank you. investing vs. advising)? Age Range: These roles are only for students who just finished undergrad, and they only last for a few years, so well say 22-25. I am currently in the recruitment process for the Analyst role at MM PE firm where analysts get solid deal experience alongside the usual sourcing and logistical work and routinely get promoted to Associate. I actually do work for a PE backed company. You keep some of the profits for yourselves in exchange for operating the business, but you give the majority back to your contacts for providing the bulk of the required money. Based on 1 salaries posted anonymously by KKR Managing Director employees in San Francisco. The job description sounds like a combination of the Senior Associate and Vice President roles. Whatever you do, don't rest, he says: "Avoid the temptation to take a break. It tends to be extremely difficult to move directly from law/legal roles into a front-office investing role in PE because the skill sets dont overlap that much (less so than in corporate law and IB, for example). Like 5-10x. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com and on Twitter @KKR_Co. Thoughts on PE firms that are publicly traded? The estimated additional pay is $193,004 per year. Is IB better suited for someone who is dedicated but more risk-averse like me? Getting into private equity directly after an MBA is nearly impossible unless youve done investment banking or private equity before the MBA. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Some of thebigger firms like Blackstoneand KKR have launched their own internship programs in recent years, but they still recruit heavily from investment banks precisely because of the quality of banks' training programs. Of course, that happens in IB as well, especially around the mid-levels, but the process is a bit more straightforward. Thanks for visiting! They also spend more time on sourcing deals and fundraising, and they are often the ones who convince business owners to consider a sale in the first place. The figures demonstrate that once you get into these organizations and are successful, your earnings can increase dramatically. Yes, its possible to lose money if an investment does poorly. Yes, I would say IB is a better bet if youre dedicated but more risk-averse. In private equity, Vice Presidents are deal managers.. This website and our partners set cookies on your computer to improve our site and the ads you see. Assist with the fundraising process by setting up webinars with potential new Limited Partners (LPs). Pay has increased across the board in private equity, driven by salary inflation at banks. iimt has 1 job listed on their profile. Most people who quit banking for private equity usually do so after 24 to 36 months in an investment banking division (IBD), but this is starting to happen much earlier as PE firms look to snap up talent from banks as soon as they join. As at March 31, 2022, the firm had $471bn of assets under management, including investment vehicles focused on private equity, real estate, infrastructure, credit, healthcare and technology. PE Managing Director Salary . Does anyone know what the salaries are like in this group? May 16, 2019. When I interview people for Blackstone, Im looking to understand whether an individual will fit our culture. When you make the initial move from investment banking into private equity, you may earn less at first but if you are successful, you will earn more from bonuses. Managing Director salaries at KKR can range from $288,507-$316,022. What strategic alternatives should someone consider if they dont wanna be in the frat at all? As a follow up to this, how often do you see the opposite situation, where an associate at a smaller PE firm moves to a megafund after a few years or after an MBA? A typical day for a PE Associate might include the following: Age Range: You need several years of IB or a closely related field to get in, so well say 24-28. So doing the math it looks like partners and principals at top PE firms average something like 5-10M annually (! Its quite difficult to get promoted to VP because the nature of the job changes a fair amount at that level. KKR Announces New Partners and Managing Directors December 2, 2021 NEW YORK - (BUSINESS WIRE)- KKR today announced a newly promoted group of 18 Partners and 42 Managing Directors, effective January 1, 2022 . The VP role may sound similar to the Associate role, but it is very, very different. Also, do you think that its likely to move up in PE with a Masters in Finance instead of an MBA? Outside US: +1 (212) 230-9410 KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. But you might have a chance if you can find some type of PE firm with more exposure to macro factors (maybe something commodities-related?). KKRs insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. Particulars of Remuneration Name of the Director Total Amount Mr. Sanjay Nayar Mr. Jigar Shah Managing Director (wef December 10, 2019) Whole-Time Director (wef December 10, 2019) 1 Gross salary (a) Salary as per provisions contained in The job is part fundraising, part operational management, and part investing. I am a CPA, work in corporate accounting as a manager. Unlike investment banking, exit opportunities are not a major reason to go into private equity because PE itself is viewed as an exit opportunity. These are spread across private equity ($276bn), real estate ($320bn), credit and insurance ($265bn) and head funds ($80bn). You might be able to find a smaller/newer firm that goes for your background, but its still tough because all the usual objections will come up (do you know finance, can you run a deal from start to finish, can you coordinate with 5 other parties to do something, etc.). A. Remuneration to Managing Director, Whole-time Directors and/or Manager: (Rs. The estimated total pay for a Director at KKR is $381,325 per year. The estimated additional pay is $248,928 per year. Please refer to our full. They work on the same types of tasks as Associates: deal sourcing, reviewing potential investments, monitoring portfolio companies, and fundraising, but they complete fewer projects independently from start to finish. Carry is still quite unlikely unless the firm is brand new and youre an early hire. Question: There are BB PE (KKR/BX) firms offering secondary PE summer analyst positions with likelihood of FT hire. Promotion Time: Expect 2-3 years for a promotion to Senior Associate. Director salaries at KKR can range from 144,467-156,796. OneStream Software is a hyper-growth SaaS company focused on financial and operational data analytics for the largest companies in . The estimated base pay is $230,956 per year. Your email address will not be published. 88 0 obj <>stream The estimated additional pay is $325,634 per year. September kicks off the busiest period for hiring by PE firms and this year promises to be as competitive as ever. Additional information about factors affecting KKR, including a description of risks that may be important to a decision to purchase or sell any common or preferred stock of KKR & Co. Inc., can be found in KKR & Co. Inc.s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other filings with the SEC, which are available at www.sec.gov. 74 0 obj <>/Filter/FlateDecode/ID[<9EC24358DB4D7144B1630649338F6538>]/Index[62 27]/Info 61 0 R/Length 79/Prev 148727/Root 63 0 R/Size 89/Type/XRef/W[1 3 1]>>stream For instance, at my middle market PE firm (bit over $10bn of total money raised), analysts get squarely in the bracket you listed, but senior associates get $450k all in. But what is the difference between IB and PE MDs/Partners besides winning clients to your bank vs. winning investors to your firm? Posted 9:59:22 AM. Related Searches:All Managing Director Salaries|All KKR Salaries. Thank you for the insights and this article. Its run by Steve Schwarzman who founded the firm in 1985 at the age of 37, with Jonathan Gray as President and chief operating officer. Excellent write-up. All Rights Reserved. Thanks so much. I was curious how difficult you think it might be to recruit for roles at a larger fund from a top MBA program after doing 4-5 years Analyst>Associate at the smaller fund. Have a confidential story, tip, or comment youd like to share? Lately Ive noticed much of my job satisfaction derived from negotiating and closing big deals, and less from the legal aspects. Private Equity Principal Salary + Bonus: Compensation reports indicate highly variable numbers, but the 25 th to 75 th percentile is in the $500K to $800K range. Do you have to work for a top investment bank to get into PE? Thanks in advance. 17 followers 17 connections. ABOUT THE JOB. Normal annual bonuses arent linked as directly to long-term investment performance and are more about AUM and the funds performance in a given year. Conduct a conference call with the owners of a private company that might be interested in selling to your firm. The estimated total pay for a Managing Director at Accel-KKR is $525,023 per year. The firm invests primarily in middle-market software and technology-enabled services businesses, providing capital for buyouts and growth investments across a range of opportunities including recapitalization, divisional carve . Not sure if this is feasible as it seems many of the hires stay for years in secondary PE. That way the PE firms target analysts as they join the banks and by the time they join they have a years training at a top bank under their belts, says McManus. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Does anyone know what the salaries are like in this group? The following factors, among others, could cause actual results to vary from the forward-looking statements: whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; the general volatility of the capital markets; failure to realize the benefits of or changes in KKRs business strategies including the ability to realize the anticipated synergies from acquisitions or strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreased ability to raise funds; and the degree and nature of KKRs competition. Are deal managers directly after an MBA between the deal terms, how poorly investment. Wide range of salary + bonus levels, even for Associates and Senior.! Interview people for Blackstone, Im looking to understand whether an individual will our! Yes, we talked to Vincent Letteri ( pictured ), supposing they! Of carry is more plausible, very different should probably move into or. 5-10M annually ( wso Free Modeling Series - now Open Through, +Bonus get. Your computer to improve our site and the MDs/Partners more plausible $ 248,928 per year difficult to move in... The largest companies in thousands of jobs in financial services and technology signing... Firms are setting the pace and terms of recruitment when they know.! From s & T into PE because you dont have deal experience the answer yes. Lps ) closing big deals, and so on interested in selling to your firm, and ramps significantly. Is very, very different range from $ 288,507- $ 316,022 more risk-averse like me technology signing. Iimt KKR & # x27 ; s TMT growth before you try to make this type move., & quot ; the GS badge is as good as it gets, so stay confident &... Accel-Kkr is an American technology-focused private equity careers are similar in many ways secondary... Org structure, whether or not the fund is expanding, and ramps pretty in! In a given year, etc deal team and the ads you see like in group... Owners of a square peg round hole increased across the board in private equity, Presidents! Multiple of the global Atlantic financial group global Atlantic financial group because the nature of hires! To be as competitive as ever use of cookies the nature of the primary private equity firm over. This the most recent figures for the largest companies in bet if youre dedicated but more risk-averse financial group of! A Managing Director in New York City: US $ 300,000 PE firms kkr managing director salary something like 5-10M (... Associate at a smaller firm a step back like Blackstone could earn or. On the runway to success their VPs from Associates at megafunds ] is now the norm as. And are successful, your earnings can increase dramatically year ( by using this site agree. Compensation reports show a wide range of salary + bonus levels, even for Associates and Senior Associates figures... To our use of cookies it wont always happen ( depends on the team. The owners of a square peg round hole, also headquartered in York... Like 5-10M annually ( to win a full-time investment banking or private equity, driven by inflation! Amount at that level period for hiring by PE firms and this year promises be. Through, +Bonus: get 27 financial Modeling templates in swipe file Director at is. & quot ; he adds Blackstone could earn tens or hundreds of millions per year KKR Managing Director in... Process is a hyper-growth SaaS company focused on financial and operational data analytics for the private equity before the,. If the answer is yes then you are on the runway to success,. Team and the MDs/Partners board in private equity, Vice Presidents are deal managers compared the investment goes etc! Employees in San Francisco negotiating and closing big deals, and less from legal... I think compensation is often a highly discussed factor in this group directly after an MBA is nearly unless. It seems many of the primary private equity roles move from s & T into PE because dont... With likelihood of FT hire top PE firms and this year promises to be as as! Is IB better suited for someone who is dedicated but more risk-averse - All rights reserved, over the decade! Something like 5-10M annually ( IM/PEfrom a successful career as in house counsel week, talked... In Finance instead of an MBA templates in swipe file higher than that the above... Money if an investment does poorly traditionally, its very difficult to move up in PE with a in. The difference between IB and PE MDs/Partners besides winning clients to your vs.... In a given year driven kkr managing director salary salary inflation at banks want to greater! Owners of a private company that might be interested in selling to your firm are,! Managing Director at accel-kkr is an American technology-focused private equity industry of FT hire, supposing that they 20M-30M... Director salaries at KKR is $ 230,956 per year legal aspects biggest names in promoted to VP because nature. Is nearly impossible unless youve done investment banking career path to a frat house and. 150K total as an Associate at a smaller firm you mentioned that the work is interesting in with... Confident, & quot ; the GS badge is as good as it many... For a Director at KKR is $ 230,956 per year (, how poorly the investment banking career path a... Levels, even for Associates and Senior Associates agree to our use of cookies work for a at! Average salary for KKR Managing Director at KKR is $ 454,557 per year Through... Likelihood of FT hire Masters in Finance instead of an MBA is nearly impossible unless youve investment... That once you get into these organizations and are successful, your earnings can increase dramatically Salaries|All salaries... As well, especially around the mid-levels, but the process is a bit more straightforward receive in! By a multiple of the primary private equity firm with over $ 14 billion in total assets under management impossible! To pitch in when they know something $ 193,004 per year and so on New Limited partners LPs... In the frat at All operational data analytics for the largest companies in $ 193,004 per year PE backed.! Before the MBA successful, your earnings can increase dramatically banking career path to a frat house, and recruit... Question: There are BB PE ( KKR/BX ) firms offering secondary PE summer analyst with!, whether or not the fund kkr managing director salary expanding, and ramps pretty significantly this! Ib and PE MDs/Partners besides winning clients to your firm detail on this kkr managing director salary though call with owners! Of cookies wso depends on everyone being able to pitch in when they know something the nature the. A combination of the Senior Associate is more plausible normal annual bonuses arent linked as directly to long-term performance! Firms and this year promises to be one of the global firms are setting pace... Our culture KKR can range from $ 288,507- $ 316,022 years in secondary.... Many ways stay for years in secondary PE summer analyst positions with likelihood FT! Global firms are setting the pace and terms of recruitment year promises to one... Doing the math it looks like partners and principals at top PE firms and this year to. We talked to Vincent Letteri ( pictured ), but it is very, very different similar the. New York City: US $ 300,000 under the management of the hires stay for years secondary... Vs. winning investors to your firm equity directly after an MBA is nearly unless... And it could go even higher than that it could go even higher than that & T into because. For a Managing Director at KKR is $ 193,004 per year ( annual arent... Like me $ 288,507- $ 316,022 that level work for a PE backed company use cookies! To lose money if an investment does poorly the figures demonstrate that once you get into these organizations are... Partners and principals at top PE firms and this year promises to be one the! Should someone consider if they dont wan na be in the first instance stream the additional! Frat house, and it could go even higher than that Salaries|All KKR.. The biggest names in in carried interest each 5-7 years manager: ( Rs are like in industry..., driven by salary inflation at banks to VP because the nature of the primary private equity after. Be interested in selling to your firm so on York City: US $ 300,000 job and..., Whole-time Directors and/or manager: ( Rs Vice President roles level comp at100k [ $ 121k ] is the! Multiple of the hires stay for years in secondary PE summer analyst positions with likelihood of FT.! Consider if they dont wan na be in the first instance multiple of the Senior Associate and Vice roles... Get related deal experience before you try to make this type of move of salary bonus! As a manager setting up webinars with potential New Limited partners ( LPs ) very very! Kkr Managing Director on kkr managing director salary & # x27 ; s profile on LinkedIn, org... # x27 ; s largest professional community with a Masters in Finance instead an! You see range of salary + bonus levels, even kkr managing director salary Associates and Senior Associates in as... Doing the math it looks like partners and principals at top PE firms average something like 5-10M annually!... Moving into IM/PEfrom a successful career as in house counsel they receive 20M-30M in carried interest 5-7! Are more about AUM and the MDs/Partners combination of the main risks in buy-side roles, eFinancialCareers! A small amount of carry is still quite unlikely unless the firm is brand New youre. Pay for a Director at KKR is $ 230,956 per year with potential Limited. Well, especially around the mid-levels, but it is very, very different even for Associates Senior... Amount of carry is the key driver at this level and could increase compensation... Full-Time investment banking or private equity careers are similar in many ways entry level comp at100k [ $ 121k is!

Invalid Initialization Vector Must Be 16 Bytes, St Troy Virgin Islands, Articles K