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<i xmlns="http://www.w3.org/1999/xhtml">Builds on Commitment to Supporting Shared Ownership Programs in Majority-Owned Investments</i>

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KKR, a leading global investment firm, today announced the final closing of KKR North America Fund XIV ("NAX4" or the "Fund"), an approximately $23 billion fund focused on pursuing opportunistic private equity investments in North America through a disciplined and consistent investment approach. NAX4 is the largest private equity fund raised that focuses on investing solely in North America.

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"We are grateful for the support we received for NAX4 and for the trust our investors continue to place in us. Raising our largest fund in this environment reflects the consistency of our approach and the work our teams are doing inside our portfolio companies every day," said Pete Stavros and Nate Taylor, Global Co-Heads of Private Equity at KKR. "Our approach is straightforward. We look for fundamentally good companies and work alongside management teams to make them better—operationally and culturally. We've built a platform designed to support that work, and we see a strong pipeline of opportunities ahead."

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KKR has a nearly 50-year track record of investing in North America. Over the past decade, across NAX4's three predecessor funds—KKR North America Fund XI, KKR Americas Fund XII, and KKR North America Fund XIII—KKR has delivered a gross IRR of 23% (19% net) and a gross multiple on invested capital of 2.1x (1.8x net) as of December 31, 2025. KKR's private equity assets under management have doubled since 2020 and today, KKR manages approximately $229 billion in assets across flagship regional, growth and core investment vehicles.<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> The close of NAX4 brings the total amount of capital raised across the most recent vintages of KKR's flagship regional funds to $46 billion.

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NAX4 received strong support from a diverse global group of both new and existing investors, including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, private wealth platforms, family offices, high-net-worth individual investors and other institutional investors.

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The Fund intends to build on its predecessor's commitment to supporting majority owned companies in implementing broad-based employee ownership programs. KKR focuses on employee engagement and broad-based equity participation as a key driver in building stronger companies and expanding financial opportunity. Since 2011, 85 KKR portfolio companies have awarded billions of dollars in equity to more than 200,000 non-senior management employees globally.

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

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<b xmlns="http://www.w3.org/1999/xhtml">About KKR
<br xmlns="http://www.w3.org/1999/xhtml"></br></b>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 &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KKR">KKR</a>), please visit KKR's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.kkr.com&amp;esheet=54477360&amp;newsitemid=20260402033814&amp;lan=en-US&amp;anchor=www.kkr.com&amp;index=1&amp;md5=a666db086a66ba5bbae6da577d498655" shape="rect">www.kkr.com</a>. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.globalatlantic.com&amp;esheet=54477360&amp;newsitemid=20260402033814&amp;lan=en-US&amp;anchor=www.globalatlantic.com&amp;index=2&amp;md5=2370e8b10965d14c0a98b05811dd557b" shape="rect">www.globalatlantic.com</a>.

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<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Includes PE SMAs, Strategic, and Structured vehicles.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260402033814r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260402033814/en/" rel="nofollow">https://www.businesswire.com/news/home/20260402033814/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact: 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Julia Kosygina
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:media@kkr.com" shape="rect">media@kkr.com</a>

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KKR Closes $23 Billion North America Private Equity Fund

KKR Closes Record $23 Billion North America Fund XIV

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>KKR has successfully closed its North America Fund XIV with $23 billion, marking it as the largest private equity fund focusing solely on North America. This robust fundraising reflects KKR&#039;s disciplined investment strategy and strong performance, likely positioning the firm for continued growth and increased portfolio value in the coming years.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>KKR closed its North America Fund XIV with $23 billion in commitments.</li><li>NAX4 is the largest PE fund dedicated to North America.</li><li>KKR has delivered 23% gross IRR over the last decade.</li><li>Total capital raised for recent funds is $46 billion.</li><li>85 portfolio companies awarded equity to over 200,000 non-senior employees.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Global Atlantic Financial Group (Not publicly traded)</strong>: KKR&#039;s insurance subsidiary influences its revenue diversification.</li><li><strong>Debevoise &amp; Plimpton LLP (Not publicly traded)</strong>: Legal representation showcases KKR&#039;s compliance diligence in fundraises.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>The news falls under &#039;Corporate Developments&#039; as it marks a significant step in KKR&#039;s investment strategy, positioning the firm for future growth and operational improvements within its portfolio companies.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>NAX4&#039;s closure strengthens KKR&#039;s asset management profile and investor credibility.</li><li>Strong investor support indicates confidence in KKR&#039;s future growth trajectory.</li><li>Strong historical IRR could attract further institutional investment.</li><li>Commitment to employee ownership may enhance company performance and engagement.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>NAX4 raised $23 billion, the largest for North America-focused PE.</li><li>KKR&#039;s gross IRR is 23% as of the last decade.</li><li>NAX4 raised $46 billion across KKR&#039;s recent fund vintages.</li><li>KKR manages approximately $229 billion in assets as of now.</li><li>85 portfolio companies engaged with over 200,000 employees in equity programs.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>KKR looks poised for strong performance; consider buying KKR shares over the next 6-12 months.</p>
  </section>
</section>


<article>
    <header>
        <h2>KKR Closes $23 Billion North America Private Equity Fund</h2>
        <p><em>Builds on Commitment to Supporting Shared Ownership Programs in Majority-Owned Investments</em></p>
    </header>
    <section>
        <h3>Overview of KKR's Latest Fund</h3>
        <p>KKR (NYSE: KKR), a prominent global investment firm, has successfully closed the KKR North America Fund XIV ("NAX4"), raising approximately <strong>$23 billion</strong>. This fund is strategically designed to pursue opportunistic private equity investments across North America, marking it as the largest private equity fund focused solely on this region.</p>
    </section>
    <section>
        <h3>Reaction from KKR Executives</h3>
        <p>Pete Stavros and Nate Taylor, Global Co-Heads of Private Equity at KKR, expressed gratitude for the support and trust from investors. “Raising our largest fund in this environment reflects the consistency of our approach and the work our teams are doing inside our portfolio companies every day,” they stated. The duo emphasized their focus on identifying fundamentally sound companies and enhancing them operationally and culturally.</p>
    </section>
    <section>
        <h3>Historical Performance and Assets Under Management</h3>
        <p>With nearly 50 years of investment expertise in North America, KKR has demonstrated impressive returns. Over the last decade, NAX4's three predecessor funds achieved a <strong>gross internal rate of return (IRR) of 23%</strong> (19% net) and a gross multiple on invested capital of <strong>2.1x</strong> (1.8x net) as of December 31, 2025. KKR's private equity assets under management have doubled since 2020, reaching approximately <strong>$229 billion</strong> across various investment vehicles.</p>
    </section>
    <section>
        <h3>Diverse Investor Support</h3>
        <p>The NAX4 fund garnered robust backing from a wide array of investors, including:</p>
        <ul>
            <li>Public and private pension plans</li>
            <li>Sovereign wealth funds</li>
            <li>Insurance companies</li>
            <li>Endowments and foundations</li>
            <li>Private wealth platforms</li>
            <li>Family offices and high-net-worth individual investors</li>
            <li>Other institutional investors</li>
        </ul>
    </section>
    <section>
        <h3>Commitment to Employee Ownership</h3>
        <p>NAX4 intends to continue its predecessor's commitment to supporting majority-owned companies in implementing broad-based employee ownership programs. KKR highlights the importance of employee engagement and equity participation as critical factors in strengthening companies and expanding financial opportunities. Since 2011, <strong>85 KKR portfolio companies</strong> have distributed billions of dollars worth of equity to over <strong>200,000 non-senior management employees globally</strong>.</p>
    </section>
    <section>
        <h3>Legal Counsel Representation</h3>
        <p>Debevoise & Plimpton LLP acted as primary fund counsel for KKR during this fundraise.</p>
    </section>
    <section>
        <h3>About KKR</h3>
        <p>KKR is a leading global investment firm offering diverse alternative asset management solutions, along with capital markets and insurance services. KKR aims for attractive investment returns through a disciplined investment strategy while supporting the growth of its portfolio companies and communities. For more insights about KKR & Co. Inc. (NYSE: KKR), please visit <a href="https://www.kkr.com" rel="nofollow">www.kkr.com</a>.</p>
    </section>
    <footer>
        <p><strong>Media Contact:</strong> Julia Kosygina | <a href="mailto:media@kkr.com">media@kkr.com</a></p>
        <p><a href="https://www.businesswire.com/news/home/20260402033814/en/" rel="nofollow">View source version on businesswire.com</a></p>
    </footer>
</article>

KKR has successfully closed its North America Fund XIV with $23 billion, marking it as the largest private equity fund focusing solely on North America. This robust fundraising reflects KKR's disciplined investment strategy and strong performance, likely positioning the firm for continued growth and increased portfolio value in the coming years.

KKR Closes $23 Billion North America Private Equity Fund

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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