KKR is aiming to close its fifth flagship infrastructure fund towards the end of the second quarter this year at around its USD 20bn target, sources said, potentially making it a fundraise of around 30 months.

The KKR Global Infrastructure Investors V fund, a closed-end vehicle targeting value-add infrastructure assets, had raised around USD 18bn by mid-December, one source said, up from approximately USD 15bn in September, public documents show.

Two of the sources said the manager hopes to close the fund in June this year, making the total fundraise period in the order of 31 months, given it began raising capital for the fund in November 2023.

In comparison, its fourth flagship infrastructure fund, which raised USD 17bn, took 17 months – from November 2020 to March 2022 – to reach final close, almost half the time the fifth is expected to take.

But the longer fundraising for KKR’s fifth fund is in line with the average fundraising period in 2025 of 29 months. This compares with about 30 months in 2024 and around 24 months in 2023, according to Infralogic data.

GIP’s fifth flagship fund registered in July 2022 and began fundraising soon afterwards, but did not close until June last year, meaning it also took in excess of 30 months to wrap up fundraising.

EQT’s sixth flagship was set up in September 2022, according to Infralogic data, and the fund did not reach final close until March 2025, also requiring around 30 months to complete fundraising.

KKR’s latest flagship fund, which has a 12-year term and a six-year investment period, has picked up some chunky commitments, including a USD 750m investment from Canada Pension Plan Investment Board, while California Public Employees’ Retirement System and Japan’s Government Pension Investment Fund each committed USD 500m.

KKR declined to comment.