KKR completes record $19.2bn infrastructure fund focused on North America and Europe

KKR has reached the final close of its latest North America and Europe-focused infrastructure vehicle, securing $19.2bn in commitments and marking the largest infrastructure fund dedicated to the regions in the firm’s history, according to a report by Reuters.

The new fund, Global Infrastructure Investors V, will target essential infrastructure assets that provide critical services, benefit from significant barriers to entry, and are expected to deliver resilient, long-term cash flows. More than $9bn has already been committed to investments.

The close comes as institutional investors continue to increase allocations to infrastructure, driven by opportunities linked to the energy transition, digital infrastructure and the rapid expansion of AI-related data centre capacity.

KKR said the new vehicle forms part of approximately $45 billion the firm has raised across its most recent infrastructure fund vintages worldwide, underlining continued investor appetite for the asset class despite a more challenging fundraising environment across private markets.

The firm’s infrastructure platform has expanded significantly in recent years and now oversees approximately $120bn in infrastructure equity assets. Across its global infrastructure strategy, KKR has invested more than $70bn of equity into infrastructure projects throughout North America and Europe.

The infrastructure business also contributed to strong capital raising during the second quarter, with KKR reporting $34bn of inflows, largely driven by its real assets platform.

Vincent Policard, Co-Head of European Infrastructure at KKR, said Europe is entering a period in which investment in essential infrastructure will become increasingly important for strengthening competitiveness, improving energy security and enhancing economic resilience.