KKR raises $7.4bn

The global investment firm closes third global infrastructure fund above target.

KKR has held a final close of KKR Global Infrastructure Investors III at $7.4 billion, surpassing the initial target of $7 billion. The fund will pursue global infrastructure investment opportunities with a focus on OECD countries in North America and Western Europe in particular. The firm will also take a risk-based approach, investing in critical infrastructure with low volatility and strong downside protection.

Investors in the fund include the Minnesota State Board of Investment, the New York State Common Retirement Fund and the Alaska Permanent Fund.

KKR Global Infrastructure Investors II previously closed at less than half the amount raised for fund III, raising $3.1 billion in July 2015.