Roberts worked for
Bear Stearns in the late 1960s and early 1970s becoming a partner at the age of 29. By 1976, tensions had built up between Bear Stearns and the trio of Kohlberg, Kravis, and Roberts, leading to their departure and the formation of
Kohlberg Kravis Roberts that year. Notably, Bear Stearns executive
Cy Lewis had rejected repeated proposals to form a dedicated investment fund within Bear Stearns and Lewis took exception to the amount of time spent on outside activities. Early investors in KKR included
Henry Hillman. By 1978, with the revision of the ERISA regulations, the nascent KKR was successful in raising the first institutional fund with investor commitments. He had an estimated net worth of $5.9 billion . ==Personal life==