The fund will target investments into developed economies in Western Europe, it said, adding that U.S. law firm Debevoise & Plimpton represented KKR as primary counsel for the fundraising. Private equity firms have been forced to write larger equity checks for their deals as debt financing for global mergers and acquisitions (M&A) dried up amid rising interest rates, high inflation and fears of a recession in major economies. Of the money raised for the fund from investors, $1 billion was committed by KKR from its balance sheet and employee commitments.
The firm said it is currently managing a little over $28 billion in assets on its European private equity platform.
"Raising this fund in the current market environment
demonstrates the strong investor confidence in our European team
and platform, and our long track record of delivering value and
outstanding results," Alisa Amarosa Wood, partner at KKR, said
in a statement.
(Reporting by Bharat Govind Gautam in Bengaluru; editing by
Jason Neely)
