KKR Targest Up to $10 Billion For New Fund

Private equity shop Kohlberg Kravis Roberts & Co. is targeting between $8 billion and $10 billion for its new fund, and has already sealed a $525 million commitment from the Oregon Investment Council, Reuters reported. The new fund is expected to focus on North America.

(Reuters) – Kohlberg Kravis Roberts & Co’s new buyout fund has a target size of $8 billion-$10 billion and has won a commitment of $525 million from the Oregon Investment Council, the investment council said on Wednesday.

KKR said in November it expected to start raising money for its next private equity fund, which will focus on North America, in the coming quarters. The firm has not disclosed a target size for how much it wants to raise.

In a document on Oregon State Treasury’s website dated on Wednesday, the Oregon Investment Council said its staff was recommending a commitment to the fund, KKR North American XI Fund, which it said has a target of $8 billion – $10 billion.

A spokesman for the Oregon State Treasury said in an email that its investment council committed $525 million to the new fund.

KKR said in an emailed statement: “It’s our policy not to comment on specific private fundraising activities, and any official comment would generally be made, if at all, through an official forum, like a press release, earnings call or SEC filing.”

Investors have been anticipating a new KKR fund for more than a year, but did not expect it to be close to the size of the global $18 billion buyout fund it raised in 2006.

Bloomberg earlier reported the Oregon committment. (Editing by David Gregorio)