According to a source familiar with the matter at hand, KKR & Co Inc has collected $18.5 billion for its latest flagship North America private equity fund, in what is slated to be its biggest-ever fund in less than five months.
The fundraising was wrapped up relatively quickly by industry standards, and came at a time when travel was limited due to the Coronavirus-induced COVID-19 pandemic underscoring investor demand for private-equity funds that promise to outperform the booming stock market.
According to sources, KKR has raised nearly $17 billion for KKR North America Fund XIII from investors including family offices, sovereign wealth funds, and public and private pension funds. Further, an additional $1.5 billion has been committed to the fund by KKR and its employees, said sources.
While the fund attracted $24 billion in commitments from investors, KKR decided to scale it back in order to deploy the capital selectively over the next few years, said sources.
A spokeswoman for KKR declined comment.
Led by co-founders Henry Kravis and George Roberts, KKR had $349 billion in assets under management as of April 2021, including the portfolio of annuities and life insurance provider Global Atlantic Financial Group Ltd.