KKR closes $23 billion North America private equity fund

KKR (NYSE: KKR) announced the final closing of KKR North America Fund XIV, raising approximately $23 billion for opportunistic private equity investments in North America. The fund represents KKR's largest private equity fund focused solely on North American investments.

The fundraising received support from a diverse group of global investors, including public and private pension plans, sovereign wealth funds, insurance companies, endowments, foundations, private wealth platforms, family offices and other institutional investors.

"We are grateful for the support we received for NAX4 and for the trust our investors continue to place in us," said Pete Stavros and Nate Taylor, Global Co-Heads of Private Equity at KKR.

Across the fund's three predecessor funds over the past decade, KKR delivered a gross internal rate of return of 23% and a gross multiple on invested capital of 2.1x as of December 31, 2025. The firm's private equity assets under management have doubled since 2020, and KKR now manages approximately $229 billion in assets across flagship regional, growth and core investment vehicles.

The new fund will continue KKR's employee ownership programs in majority-owned companies. Since 2011, 85 KKR portfolio companies have awarded equity to more than 200,000 non-senior management employees globally.

The close of NAX4 brings total capital raised across KKR's most recent flagship regional funds to $46 billion. Debevoise & Plimpton LLP served as primary fund counsel for the fundraise.

This information is based on a company press release.

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