KKR closed direct lending fund KKR Lending Partners II at $1.34 billion, bumping up against its fundraising hard cap, said Erik Falk, member and co-portfolio manager of the fund for alternative investment manager KKR & Co.
KKR’s direct lending business is part of the firm’s $26.9 billion credit business. With leverage, the fund has $3 billion in lending capacity. It will invest in privately negotiated secured loans that are at the top of the capital structure. KKR executives began investing fund capital after the fund’s first close in June.
Investors in the fund include the $29.2 billion South Carolina Retirement System Investment Commission, Columbia; Alaska Retirement Management Board, Juneau, which oversees more than $27 billion in retirement assets; and the $14.6 billion Ohio Police & Fire Pension Fund, Columbus.