KKR’s latest US real estate fund has received $300m (€275.5m) worth of capital commitments from two more US pension funds.
The KKR Real Estate Partners Americas IV has received $250m from the New York State Common Retirement Fund and $50m from the Alaska Retirement Management Board, according to the pension funds.
As previously reported, KKR is seeking to raise $4bn for the fund expected to mainly target industrial, rental housing and self-storage assets across the US
New York Common told IPE Real Assets that: “KKR has substantial resources and relationships that have allowed it to source attractive investments and identify thematic themes by focusing on broad secular trends.”
According to New York Common, the fund will mainly target markets with sectors with long-term secular demand driven by consumer behaviour, democratic shifts, and corporate strategy.
The fund targets a 12% to 15% net internal rate of return as it targets deals including a combination of individual assets, creating structured platforms and investing in real estate companies.
As previously reported, Oklahoma Teachers’ Retirement System and Arkansas Teacher Retirement System made a $100m and $50m commitment respectively to the fund. New Mexico State Investment Council also backed the fund with a $100m commitment.
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