KKR is on track to surpass the $20bn target for its flagship North America buyout fund, underlining the firm’s fundraising strength as many peers struggle to hit goals, according to Bloomberg.

People familiar with the matter said North America Fund XIV could reach its $22bn hard cap when it holds a final close in the first quarter, following about 18 months in market. If achieved, the fund would represent a record for KKR’s Americas private equity strategy. The firm raised $19bn for the previous vintage.

KKR began marketing the vehicle in June 2024, at a time when higher interest rates and slower exits weighed on investor appetite for large buyout funds. Despite those headwinds, the firm’s private equity unit has remained a core earnings driver.

As of September 30, KKR’s private equity business generated a trailing 12-month return of 10%, making it the firm’s top-performing segment after infrastructure. Realised carried interest rose 50% in the nine months to September, co-chief executive Scott Nuttall said at a financial services conference in December.

“We keep reading all these headlines about how it’s really hard to raise money, and we’re having a record fundraising year,” Nuttall said. “What we’re reading about is not consistent with our actual results and our actual experience.”

The US buyout market showed signs of recovery in 2025, with PitchBook estimating $728bn of exits, the highest level since 2021. KKR’s fundraising momentum highlights how scale and performance continue to concentrate capital among the largest private equity platforms.

If you think we missed any important news, please do not hesitate to contact us at [email protected].

Can`t stop reading? Read more.