KKR has raised a record $6.4bn for its latest Asian infrastructure fund, capping a month of frenzied investment activity in the sector at a time when broader private equity fundraising has slowed.
With the addition of a second fund, the New York-listed private equity group’s Asian infrastructure business now has $13bn in assets under management, though its bet has largely avoided China, the region’s largest economy, instead focusing on other markets including India and south-east Asia.
Private equity has rushed into infrastructure in recent months, raising funds to invest in the energy transition and digitalisation, while investors have flocked to the long-term, stable returns the asset class offers at a time of greater global volatility.