KKR’s latest US real estate fund has secured a $40m (€34m) commitment from San Diego City Employees’ Retirement System (SDCERS).
SDCERS has committed the capital to KKR Real Estate Partners Americas (REPA) IV, the pension fund’s real estate consultant Meketa Investment disclosed in a meeting document.
According to the pension fund, REPA IV’s fundraising is nearing its $3.5bn target.
KKR, which reported in its 2026 first quarter earnings that the fund has secured $2.3bn to date, declined a request for comment.
KKR has committed approximately $800m of equity across 13 transactions for REPA IV, representing a gross asset value of roughly $2.2bn. This capital is allocated to closed deals or assets under contract or exclusivity.
The portfolio is primarily focused on senior housing at 51% and industrial assets at 40%, with the remaining 9% allocated to rental housing across the multifamily and single-family sectors. The fund also targets student housing, data centres and opportunistic or distressed situations.
REPA IV aims for a net internal rate of return in the range of 12% to 15%, with planned aggregate portfolio leverage of 70% and a single-investment cap of 80%.
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