KKR announced the final closing of its North America Fund XIV (NAX4) on April 2, 2026, raising $23 billion in commitments from a broad mix of institutional investors, including pension plans, sovereign wealth funds, insurance companies and family offices. The fund is the largest private‑equity vehicle KKR has ever raised for a single region.
The closing brings the total capital raised across KKR’s most recent North America funds to $46 billion. Prior North American funds delivered a gross internal rate of return of 23 % (19 % net) and a gross multiple on invested capital of 2.1× (1.8 × net) as of December 31, 2025, underscoring the track record that attracted investors in a market where private‑equity fundraising has slowed and higher interest rates have tightened liquidity.
"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," said Pete Stavros and Nate Taylor, Global Co‑Heads of Private Equity at KKR. They added, "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."
The new capital will reinforce KKR’s disciplined investment strategy, which focuses on fundamentally strong companies and close collaboration with management to create value. The fund also highlights KKR’s model of combining asset‑management fees, insurance‑derived capital and strategic holdings to generate durable earnings streams, and it supports the firm’s long‑standing commitment to employee‑ownership programs, which have awarded equity to more than 200,000 employees since 2011.
KKR’s broader financial context reinforces the significance of the fundraise. In Q4 2025 the firm reported an adjusted earnings per share of $1.12 versus an estimate of $1.11, a modest beat, while revenue missed consensus estimates and fee‑related earnings fell short of expectations. Despite these short‑term headwinds, KKR’s assets under management grew to $744 billion by the end of 2025, and the firm’s record annual figures for 2025 demonstrate resilience in a challenging fundraising environment.
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