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.

The vehicle attracted capital from a diversified global investor base, including pension funds, sovereign wealth funds, insurance companies, endowments, family offices, and private wealth platforms.

KKR highlighted its strong track record in North America, delivering a gross IRR of 23% and a 2.1x multiple across its three predecessor funds.

The firm now manages approximately $229bn in private equity assets globally, reflecting significant growth in recent years.

The fund will continue KKR’s focus on operational improvement and long-term value creation, including initiatives to expand employee ownership within portfolio companies.

Since 2011, KKR has implemented equity participation programmes across 85 portfolio companies, distributing billions of dollars in equity to more than 200,000 employees.

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