KKR Closes $19.2 Billion Infrastructure Fund

Largest Infrastructure Fund Ever Raised by KKR, Reflects Strong Demand for Critical Infrastructure across North America and Europe

Fund contributes to approximately $45 billion raised¹ across KKR’s latest infrastructure vehicle vintages globally

KKR, a leading global investment firm, today announced the final closing of KKR Global Infrastructure Investors V (“Fund V” or the “Fund”), a $19.2 billion Core+ fund focused on investing in critical infrastructure assets and businesses primarily in North America and Western Europe. Fund V, the fifth vintage in KKR’s Global Infrastructure Strategy, is KKR’s largest infrastructure fund raised to date. Fund V contributes to approximately $45 billion raised across KKR’s latest infrastructure vehicle vintages globally.

Founded in 2008, KKR’s infrastructure business has grown into one of the world’s leading platforms, managing approximately $120 billion in infrastructure equity today, up from just $13 billion in 2019. The business has completed more than 100 infrastructure investments and built a global team of approximately 160 dedicated infrastructure executives, including investment professionals and value creation resources.

“When we launched KKR’s infrastructure business in 2008, we believed there was an opportunity to do infrastructure investing differently, bringing a disciplined investment approach, operational expertise and heritage of value creation to the essential assets that power economies and communities around the world,” said Raj Agrawal, Global Head of Real Assets at KKR. “Nearly two decades later, Fund V marks an important milestone in that journey. It reflects the trust our investors have placed in our team, the strength of the global platform we’ve built together, and our conviction that the opportunity in infrastructure has never been greater.”

Fund V will build on KKR’s deep experience investing across infrastructure sectors and market environments, focusing on diversified infrastructure opportunities that provide critical services, benefit from high barriers to entry and are expected to generate resilient cash flows over time. The Fund has already committed over $9 billion across investments that reflect this approach including Altitude III, EDF power solutions North America, Enilive, FiberCop, Global Technical Realty, Gulf Data Hub, Metronet, Sempra Infrastructure and The Parking Spot. To date, KKR has committed over $70 billion of equity across global infrastructure strategy investments in North America and Europe.

“Demand for infrastructure investment across North America continues to accelerate as digitalization, electrification and industrial growth reshape the economy,” said Brandon Freiman, Head of North American Infrastructure at KKR. “Meeting that demand will require significant long-term capital, and we believe KKR is well positioned to partner with the businesses and asset owners investing in the infrastructure that will underpin the next phase of economic growth.”

“Europe is entering a period where investment in critical infrastructure will play an increasingly important role in supporting competitiveness, energy security and economic resilience,” said Vincent Policard, Co-Head of European Infrastructure at KKR. “Having invested across the region for many years, we believe our local presence, global network and long-term approach uniquely position us to work with businesses, communities and public-sector stakeholders as these needs continue to grow.”

The Fund was supported by a broad global investor base of new and existing investors spanning pension plans, sovereign wealth funds, insurance companies, asset managers, private wealth platforms, and family offices, among others.

“We are grateful to receive strong support from both longstanding clients who have partnered with us across multiple fund vintages and new investors from around the world. We believe this result speaks to our differentiated investment approach and the growing recognition of infrastructure as an essential long-term allocation,” said Brandon Donnenfeld, Managing Director and Chief Development Officer for KKR’s infrastructure business.

Debevoise & Plimpton LLP represented KKR as primary fund counsel for this fundraise.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.

¹ Reflects total capital committed to KKR’s infrastructure drawdown funds that are in their investment period as of June 30, 2026 plus KKR’s infrastructure perpetual vehicles as of the last twelve months.

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