Prisma Capital Partners, a leading provider of customized funds of hedge funds, was acquired in October 2012 by private-equity specialist Kohlberg Kravis Roberts & Co. The transaction was not an easy one to negotiate. It was KKR’s first acquisition for itself, as opposed to being a participant in a buyout, and Prisma, a well-established New York–based fund of funds with $8.1 billion in assets under management at the time, came from a position of strength: It grew assets by about $1 billion in the year to date of the acquisition. The fund-of-funds firm pushed for conservative terms, fearing investors would redeem with a change in operations and management…