KKR has raised the largest infrastructure fund in its history, driven by rising demand for critical infrastructure across North America and Europe

The fund contributes to the roughly $45 billion raised across KKR’s latest global infrastructure vintages.

KKR, one of the world’s leading investment firms, today announced the final closing of KKR Global Infrastructure Investors V (“Fund V” or the “Fund”), a $19.2 billion Core+ fund designed to invest in essential infrastructure assets and companies, primarily in North America and Western Europe. The fifth generation of its Global Infrastructure strategy, Fund V is the largest infrastructure fund ever raised by KKR. It brings to more than $45 billion the total capital raised globally for its most recent infrastructure fund vintages.

Founded in 2008, KKR’s infrastructure business has grown into one of the sector’s leading global platforms. It now manages nearly $120 billion of infrastructure equity investments, up from just $13 billion in 2019. Since inception, the business has completed more than 100 investments and built a global team of around 160 infrastructure professionals. That team brings together investment and value-creation specialists.

“ When we launched KKR’s Infrastructure business in 2008, we believed there was a different way to invest in infrastructure, applying our investment discipline, operating expertise and value-creation culture to the assets that keep economies and communities functioning around the world ,” said Raj Agrawal, Global Head of Real Assets at KKR. “ Nearly twenty years later, Fund V marks an important milestone. It reflects the confidence our investors place in our team, the strength of the global platform we have built together and our belief that the opportunity set in infrastructure has never been broader. ”

Fund V will draw on KKR’s extensive expertise in investing across infrastructure sectors and through varied market environments, focusing on diversified infrastructure opportunities that deliver essential services, benefit from high barriers to entry and are expected to generate resilient cash flows over time. The Fund has already committed more than $9 billion to a range of investments reflecting this approach, including Altitude III, EDF power solutions North America, Enilive, FiberCop, Global Technical Realty, Gulf Data Hub, Metronet, Sempra Infrastructure and The Parking Spot. To date, KKR has invested more than $70 billion of equity capital under its infrastructure strategy globally, across North America and Europe.

“ Demand for infrastructure investment continues to accelerate across North America as digitisation, electrification and industrial growth reshape the economy ,” said Brandon Freiman, Head of North America Infrastructure at KKR. “ Meeting that demand will require significant long-term capital, and we believe KKR is uniquely positioned to partner with companies and asset owners investing in the infrastructure that will support the next phase of economic growth. ”

“ Europe is entering a period in which investment in essential infrastructure will play an increasingly important role in supporting competitiveness, energy security and economic resilience ,” said Vincent Policard, Co-Head of Europe Infrastructure at KKR. “ As long-time investors in the region, we believe our local presence, global network and long-term approach uniquely position us to work alongside companies, communities and public-sector stakeholders as these needs continue to grow. ”

The Fund was backed by a broad base of new and existing international investors, including pension funds, sovereign wealth funds, insurance companies, asset managers, private wealth platforms and family offices.

“ We are grateful for the strong support from both long-standing clients who have partnered with us across multiple vintages and new investors from around the world. We believe this outcome reflects our differentiated investment approach and the growing recognition of infrastructure as a major long-term asset class ,” said Brandon Donnenfeld, Managing Director and Chief Development Officer of KKR’s infrastructure business. ”

Debevoise & Plimpton LLP serves as KKR’s lead legal counsel on the fundraise.

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