(Bloomberg) -- KKR & Co. raised $11 billion for its latest global infrastructure fund, more than half of its target, according to a person with knowledge of the matter.

The alternative-asset manager began fundraising for KKR Global Infrastructure Investors V in November with a goal of $20 billion, said the person, who asked not to be identified discussing confidential information. The firm hasn’t yet held a first close on the fund.

A spokeswoman for New York-based KKR declined to comment.

The first global infrastructure fund delivered a gross internal rate of return of 17.6% and the second has so far generated a gross IRR of 19.7%, Raj Agrawal, KKR’s global head of infrastructure, said at the firm’s investor day earlier this month. Its third fund, which has had fewer exits, is trending to be within the same range as its predecessors, Agrawal said. The fourth infrastructure vehicle closed in 2022 with $17 billion.

KKR’s infrastructure business has grown to $59 billion from about $13 billion in 2018, Co-Chief Executive Officer Joe Bae said at the investor day event. 

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