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Alternative Assets · Fundraising · KKR · Private Equity
KKR successfully closed its North America Fund XIV at approximately $23 billion, establishing it as the largest private equity fund exclusively focused on North American investments, attracting commitments from diverse institutional and private wealth investors.
This fund, known as NAX4, will pursue opportunistic private equity investments across North America. KKR's three predecessor North American funds delivered a gross internal rate of return of 23% and a net IRR of 19% as of December 31, 2025, with gross and net multiples on invested capital of 2.1x and 1.8x, respectively.
Despite this strong fund performance, KKR shares declined 26% over the past six months, trading at $91.36, and currently trade above InvestingPro's Fair Value estimate. The firm's private equity assets under management doubled since 2020, now managing approximately $229 billion across various investment vehicles.
NAX4 will continue KKR's commitment to broad-based employee ownership programs, having awarded equity to over 200,000 non-senior management employees globally since 2011. KKR also reported over $700 million in monetization income from January 1, 2026, and announced the sale of CoolIT Systems for $4.75 billion, while limiting redemptions in its non-traded business development company, KKR FS Income Trust, to 5% of outstanding shares after receiving 6.3% in requests.
KKR Closes Record $23 Billion North America PE Fund(current)
