KKR is on track to surpass its $20bn fundraising target for its latest flagship Americas buyout vehicle, in a sign of continued investor support for the firm’s private equity platform despite a challenging fundraising backdrop, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the alternative asset manager is expected to raise as much as $22bn for North America Fund XIV, hitting the vehicle’s hard cap when fundraising closes. A final close is expected in the first quarter of 2026, following around 18 months of fundraising.
KKR began raising capital for the fund in June 2024. Its previous North American buyout vehicle raised approximately $19bn.
Private equity is currently KKR’s second-best performing business after infrastructure, delivering a trailing 12-month return of 10% for the period ending 30 September.
The firm’s private equity platform, led by Pete Stavros and Nate Taylor, follows a regional investment strategy and has recently begun raising capital for its latest Asia-focused fund.
While several publicly listed peers have fallen short of fundraising targets in recent years, market conditions showed signs of improvement in 2025. US private equity exits totalled $728bn last year, according to PitchBook, marking the strongest annual level since 2021.
KKR has also reported a sharp increase in realised performance. Realised carried interest – which reflects profits generated following deal exits – rose 50% in the nine months to September compared with the same period a year earlier, co-chief executive Scott Nuttall said at an industry conference in December.
