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KKR’s latest US real estate fund has received additional capital contributions worth $300 million (€275.5 million) from two US pension funds.
KKR Real Estate Partners Americas IV received $250 million from the New York State Common Retirement Fund and $50 million from the Alaska State Retirement Board, the pension fund said.
As previously reported, KKR aims to raise $4 billion for the fund, which will primarily target industrial, rental housing, and self-storage assets across the United States.
New York Common told IPE Real Assets: “KKR has sufficient resources and relationships that enable us to source attractive investments and identify themes with a focus on broad long-term trends.” he said.
New York Common said the fund will primarily target markets in sectors where consumer behavior, democratic change and corporate strategy are likely to drive long-term long-term demand.
The fund targets transactions such as combining individual assets, building structured platforms, and investing in real estate companies, and targets a net internal rate of return of 12% to 15%.
As previously reported, the Oklahoma Teachers Retirement System and the Arkansas Teachers Retirement System contributed $100 million and $50 million, respectively, to the fund. The New Mexico Investment Council also committed $100 million to the fund.
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