KKR closes biggest-ever infrastructure fund at $19.2B

What's the deal? KKR & Co. has raised $19.2 billion for KKR Global Infrastructure Investors V, its largest-ever infrastructure fund. The vehicle will invest mainly in North America and Western Europe, the firm said Monday.

Why now? KKR is targeting data centers and related assets as demand for computing infrastructure climbs. The fund has already committed more than $9 billion of the total.

What's the endgame? The close signals confidence in a market some managers have found tough. "We could not be more pleased with the fund close in a fundraising environment where oftentimes people hear capital allocations are tight, managers are struggling," said Raj Agrawal, KKR's global head of real assets.

The signal: Big infrastructure raises point to sustained investor appetite for the physical backbone of the digital economy — data centers chief among them.

Read more: news.bloomberglaw.com

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