KKR & Co closed its latest flagship North America opportunistic buyout fund $19 billion KKR North America Fund XIII, with a record $19 billion, spokeswoman Cara Major said in an email.
The fund is the largest in KKR's history, Ms. Major said.
The private equity fund, which was oversubscribed, reached its $17 billion hard cap for third-party capital, she said. The fund's total commitments includes a $2 billion combined commitment from KKR's balance sheet, affiliates and employees.
North America Fund XIII, dubbed NAX3, is 37% larger than its predecessor, the $13.9 billion KKR Americas XII Fund, which closed in 2017.
KKR executives plan to implement KKR's broad-based employee ownership program, which provides employee equity plans for rank and file workers at NAX3 portfolio companies in which it takes a majority stake.
Investors in the fund include the $463.9 billion California Public Employees' Retirement System, Sacramento; $193.8 billion Washington State Investment Board, Olympia; $100.6 billion Michigan Retirement Systems, East Lansing; $95.2 billion Oregon Public Employees Retirement System, Tigard; $54.7 billion Illinois Municipal Retirement Fund, Oak Brook; $18.7 billion Maine Public Employees Retirement System, Augusta; $13.9 billion Louisiana State Employees' Retirement System, Baton Rouge; and $1.1 billion Louisiana State Police Retirement System, Baton Rouge.
