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KKR closes North America Fund XIII at record $19bn

KKR has held the final closing of KKR North America Fund XIII (NAX3) with a record $19 billion in capital commitments.

KKR has held the final closing of KKR North America Fund XIII (NAX3) with a record $19 billion in capital commitments.

KKR will be investing $2.0 billion of capital in the fund, which will focus on pursuing opportunistic private equity investments in North America, alongside investors through the firm’s balance sheet, affiliates, and employee commitments.

KKR has a more than 45 year track record investing in North America. Over the past decade and across NAX3’s two predecessor funds, KKR North America Fund XI and KKR Americas XII Fund, KKR has delivered an average gross IRR of 30.1% (25.1% net) and a gross multiple on invested capital of 2.6x (2.2x net). In comparison to the S&P 500, this has resulted in net outperformance of more than 850bps, against the backdrop of near-unprecedented performance of the index over that decade. KKR Americas XII Fund, which began investing in 2017, is now fully deployed. It has generated a gross IRR of 50.1% (41.9% net), with a gross multiple of 2.6x (net 2.2x), as of December 31, 2021. With the closing of NAX3, KKR’s Americas Private Equity platform has more than $90 billion in assets under management across flagship, growth and core investment vehicles.

NAX3 received strong support from a diverse group of both new and existing investors globally, including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, private wealth platforms, family offices, high-net-worth individual investors and other institutional investors.

The fund intends to implement KKR’s broad-based employee ownership program at majority-owned companies in which it invests. 

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