KKR Closes $17.6 Billion Fund

Kohlberg Kravis Roberts & Co. has closed its latest mega-buyout fund with $17.6 billion. That’s a bit short of its $18 billion hard target, but nearly triple the $6 billion it raised for its previous effort in 2003. Much of it has already been invested.

PrivateEquityOnline first reported the news (sub req), and we’ve since confirmed it with a KKR spokesman. KKR also is in the process of raising €8 billion for its third dedicated European fund. Most of the new fund — called KKR 2006 Fund Private Investors — is earmarked for North American investments, but some will be opportunistically disbursed elsewhere.

For more information on KKR and the fund, here’s a backgrounder from one of its limited partners: KKR2006.pdf.

As a sidenote, buyout and mezzanine funds have now raised over $60 billion in 2008.