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KKR, aka Kohlberg Kravis Roberts, the US-listed investment house, yesterday said it has held the final closing of its KKR North America Fund XIII. The $19 billion fund, which was oversubscribed, concentrates on opportunistic private equity investments in North America. 

The firm said it will put in $2.0 billion of its own capital into the fund alongside investors through the firm’s balance sheet, affiliates, and employee commitments. Among external investors into the fund were family offices, private wealth platforms, high net worth individuals, endowments and foundations.

“Particularly at a time of continued volatility, we believe we are entering a macroeconomic environment that is tailor-made for private equity and for KKR specifically, and are grateful to have the support of our investors and their confidence in our team,” Pete Stavros and Nate Taylor, co-heads of the Americas Private Equity platform at KKR, said.

Over the past decade and across NAX3’s two predecessor funds, KKR North America Fund XI and KKR Americas XII Fund, have delivered an average gross internal rate of return of 30.1 per cent and a gross multiple on invested capital of 2.6 times. The firm said that in comparison with the S&P 500 index of US listed equities, this has resulted in net outperformance of more than 850 basis points.

The KKR Americas XII Fund, which began investing in 2017, is now fully deployed.