KKR announced the final close of its North America Fund XIV at approximately $23 billion, marking the firm’s largest private equity fund dedicated exclusively to the region. The fund will pursue opportunistic investments across North America using KKR’s established, disciplined investment strategy.
The vehicle attracted commitments from a broad base of global investors, including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, private wealth platforms, family offices, and high-net-worth individuals.
KKR highlighted its long-standing presence in North America, with nearly 50 years of investment experience in the region. Over the past decade, its three predecessor funds delivered a gross internal rate of return of 23% and a 2.1x gross multiple on invested capital as of December 31, 2025.
The firm’s private equity assets under management have doubled since 2020, reaching approximately $229 billion across its flagship regional, growth, and core strategies. The close of Fund XIV brings total capital raised across KKR’s most recent flagship regional funds to $46 billion.
The new fund will continue KKR’s emphasis on operational improvement and long-term value creation, including expanding employee ownership programs within portfolio companies. Since 2011, 85 KKR portfolio companies have awarded billions of dollars in equity to more than 200,000 non-senior management employees globally.
Support: Debevoise & Plimpton LLP served as primary fund counsel for the fundraising.
KEY QUOTES
“We are grateful for the support we received for NAX4 and for the trust our investors continue to place in us. 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. Our approach is straightforward. We look for fundamentally good companies and work alongside management teams to make them better, operationally and culturally. We’ve built a platform designed to support that work, and we see a strong pipeline of opportunities ahead.”
Pete Stavros and Nate Taylor, Global Co-Heads of Private Equity at KKR
