KKR Closes Record $23 Billion North America Private-Equity Fund, Its Largest Ever
The closing comes even as private equity endures its worst fundraising environment in nearly a decade. Thoughts?
While KKR has had some obvious missteps (Envision...), they've also been able to continue producing overall good returns with high MOIC exits (CHI Overhead Doors, AppLovin) at scale. It doesn't seem too surprising that they were able to raise the fund at a slight step-up to NAX3 at ~$19bn
It’s a proven franchise that didn’t raise as much as its biggest peers last cycle. From what I understand Blackstone is more in the camp of raise as much as you can. It seems like KKR is more thoughtful on not over raising which is why last time they were a relatively smaller fund than peers. This cycle the may be closer to the top. Henry and George are still involved and Joe and Scott are hitting their strides in terms of leadership of the firm into a new generation.
Also this is a firm that has shown they can make money in a non-zirp environment which may have given investors comfort to give them a new high mandate for their NA fund. Obviously it’s now up to the firm to perform and generate returns but congrats to them, not too surprised. Good luck
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