KKR nears $1.9bn for second impact fund

KKR has raised $1.88 billion for its impact strategy since launching Global Impact II. The second impact fund has reached $1.34 billion, with a further $545 million in capital raised through “parallel vehicles”, according to a filing seen by New Private Markets.

Launched in June 2021, Global Impact II is a growth strategy seeking social and environmental impact alongside above-market rate returns. KKR has not disclosed the target, but aims to reach a final close in Spring 2023, a source familiar with the strategy told New Private Markets earlier this month. KKR declined to comment on fundraising plans or progress.

The fund’s predecessor, Global Impact I, closed at $1.3 billion in February 2020 after launching in August 2018. Global Impact I has been outperforming all of the firm’s other live private equity funds, generating a gross IRR of 39 percent as of 30 June 2022, KKR reported in a recent investor presentation seen by New Private Markets. KKR’s $13.9 billion 12th North America fund had a 32 percent gross IRR and the $9.3 billion third Asia fund had a 38 percent gross IRR as of 30 June 2022, according to the investor presentation.

KKR’s impact team has 18 members, led by global co-heads Robert Antablin and Ken Mehlman. The strategy’s former EMEA head Stanislas de Joussineau, a 13-year KKR veteran, departed the firm in January. He was replaced by Rami Bibi, who leads the strategy’s four-person Europe team.