Fund Friday: Top fundraising news in private equity

KKR has closed its North America Fund XIV at $23bn, as the private equity firm secures its largest fund dedicated to the region amid continued investor demand.

The fund will pursue opportunistic private equity investments across North America, building on KKR’s long-standing presence in the market and its operational value creation approach.

“Raising our largest fund in this environment reflects the consistency of our approach and the work our teams are doing inside our portfolio companies every day,” said Pete Stavros and Nate Taylor, Global Co-Heads of Private Equity at KKR.

Ares has raised more than $9.8bn for its Opportunistic Credit strategy, capitalising on growing demand for flexible capital solutions in volatile markets.

The fundraise includes the final close of Ares Special Opportunities Fund III, which secured over $8.3bn in equity commitments, exceeding its target and surpassing its predecessor vehicle.

The strategy is designed to provide a broad range of financing solutions to middle-market companies, spanning private debt, equity, and hybrid capital, while also investing opportunistically in stressed public credit.

Blackstone has closed its Life Sciences VI fund at $6.3bn, marking the largest private fund dedicated to life sciences and underscoring strong investor appetite for the sector.

The fund reached its hard cap and was oversubscribed, coming in nearly 40% larger than its predecessor vehicle, as the firm continues to scale its healthcare and life sciences strategy.

“We are grateful to the BXLS VI investors for their strong support of our strategies and the firm’s enduring conviction in the life sciences,” said Nicholas Galakatos, Global Head of Blackstone Life Sciences.