People familiar with the matter said North America Fund XIV could reach its $22bn hard cap when it holds a final close in the first quarter, following about 18 months in market. If achieved, the fund would represent a record for KKR's Americas private equity strategy. The firm raised $19bn for the previous vintage. KKR began marketing the vehicle in June 2024, at a time when higher interest rates and slower exits weighed on investor appetite for large buyout funds. Despite those headwinds, the firm's private equity unit has remained a core earnings driver. As of September 30, KKR's private equity business generated a trailing 12-month return of 10%, making it the firm's top-performing segment after infrastructure. Realised carried interest rose 50% in the nine months to September, co-chief executive Scott Nuttall said at a financial services conference in December. 'We keep reading all these headlines about how it's really hard to raise money, and we're having a record fundraising...
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