KKR Closes $23 Billion North America Private Equity Fund

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gross irr financial

Gross IRR (internal rate of return) is the annualized percentage return on an investment before deducting fees, expenses or carried interest; it shows how fast invested capital would have grown based solely on cash flows and final value. Investors use it like a speedometer for performance—higher gross IRR means the underlying investment generated stronger raw returns, but it can overstate what investors actually receive once costs and manager fees are taken out.

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Multiple on invested capital (MOIC) is a simple ratio that shows how many times an investor’s original money has grown, calculated by dividing the current or returned value by the amount originally invested. Think of it like buying a fruit tree: if you paid $100 and later get $300 in fruit value, the multiple is 3x. Investors use it to quickly compare the raw profit of investments, separate from time-based measures like annual returns.

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Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

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04/02/2026 - 07:00 AM

Builds on Commitment to Supporting Shared Ownership Programs in Majority-Owned Investments

NEW YORK--(BUSINESS WIRE)-- KKR, a leading global investment firm, today announced the final closing of KKR North America Fund XIV (“NAX4” or the “Fund”), an approximately $23 billion fund focused on pursuing opportunistic private equity investments in North America through a disciplined and consistent investment approach. NAX4 is the largest private equity fund raised that focuses on investing solely in North America.

“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. “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.”

KKR has a nearly 50-year track record of investing in North America. Over the past decade, across NAX4’s three predecessor funds—KKR North America Fund XI, KKR Americas Fund XII, and KKR North America Fund XIII—KKR has delivered a gross IRR of 23% (19% net) and a gross multiple on invested capital of 2.1x (1.8x net) as of December 31, 2025. KKR’s private equity assets under management have doubled since 2020 and today, KKR manages approximately $229 billion in assets across flagship regional, growth and core investment vehicles.¹ The close of NAX4 brings the total amount of capital raised across the most recent vintages of KKR’s flagship regional funds to $46 billion.

NAX4 received strong support from a diverse global group of both new and existing investors, including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, private wealth platforms, family offices, high-net-worth individual investors and other institutional investors.

The Fund intends to build on its predecessor’s commitment to supporting majority owned companies in implementing broad-based employee ownership programs. KKR focuses on employee engagement and broad-based equity participation as a key driver in building stronger companies and expanding financial opportunity. Since 2011, 85 KKR portfolio companies have awarded billions of dollars in equity to more than 200,000 non-senior management employees globally.

Debevoise & Plimpton LLP represented KKR as primary fund counsel for this fundraise.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

¹ Includes PE SMAs, Strategic, and Structured vehicles.