The fund oversubscribed on its $4.6 billion hard-cap, head of investor relations Craig Larson said, putting KKR in 'a pretty advantageous spot at the moment.'
Fundraising commenced last year and was essentially finished around year-end but stayed open to allow in last-minute investors.
With the raise, the flagship is the biggest in Platinum’s 29-year history, exceeding by 26% its 2019-vintage predecessor.
In a recent Probitas Partners survey, 75% of 69 institutional investor respondents said they were interested in exploring new firm spin-outs. Only 2% of respondents had no interest in first-time funds.
With its quiet close, the firm joins the small handful of new managers that have raised capital in the tough fundraising market.
Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.
'Certain LPs see an opportunity to reset certain terms and they are taking advantage.'
LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.
Fundraising has recovered in terms of the amount raised, but capital is mostly flowing to top firms, to the detriment of everyone else.
Some LPs have been frustrated by what they describe as a loophole in the GPs’ ostensible 80-100% management fee offset.