KKR raises $8.3bn for flagship North American fund


dollar_money_bag_170sqPrivate equity major KKR has raised $8.3bn for its flagship North American fund, which is ahead of its fundraising target range of $7bn to $8bn.

North American XI has received commitments of $800m from LPs since the end of June this year, the firm’s head of global capital Scott Nuttall said during a conference call.

He added that the firm expects to secure “a handful of final commitments” before the end of the year and that KKR currently has more than $17bn of dry powder.

The call followed the release of the firm’s third quarter results, which showed a significant increase in earnings.

Economic net income for the September quarter reached $613.7m, an increase from $509.9m in the equivalent period of 2012.

KKR said the increase in ENI was due to higher investment income earned from its principal investments and to a lesser extent a higher level of net carried interest earned from its private equity funds.

The firm’s fundraising activities accounted for most of the $5.2bn increase in its assets under management in the private markets segment, which stood at $59.7bn at the end of September

Copyright © 2013 AltAssets