KKR's Global Climate Fund Passes $3.5 Billion Toward $7 Billion Target

KKR has raised more than $3.5 billion for its climate-focused investment strategy, with the firm aiming to raise $7 billion for the strategy, according to New Private Markets. The fundraise builds on KKR's earlier climate vehicle, which the firm brought to market in 2023 and which had previously passed $2.7 billion toward a similar target range.

 

KKR's broader climate strategy, launched to invest in assets central to the functioning of the economy, spanning sectors such as renewables and storage, electrification, energy efficiency, sustainable fuels, waste, and circular economy solutions. The firm brings substantial infrastructure investing experience to the strategy, with more than 15 years of experience in global infrastructure investing and $100 billion in infrastructure assets under management, and has invested more than $44 billion in climate and environmental sustainability since 2011.

 

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The climate strategy has drawn institutional backing from sovereign-linked investors, including a commitment from ALTÉRRA, described as one of the world's largest private investment vehicles for climate finance, which was launched at COP28 with a $30 billion commitment from the UAE and aims to mobilize $250 billion globally by 2030 to finance the new climate economy. The strategy is co-led by partners Emmanuel Lagarrigue, formerly of Schneider Electric, and Charlie Gailliot, formerly head of energy transition at Goldman Sachs.

 

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KKR's climate fundraising sits alongside the firm's broader infrastructure business, which recently closed its largest-ever infrastructure fund at $19.2 billion, though that vehicle is a diversified infrastructure fund rather than a dedicated climate strategy. Whether KKR reaches its $7 billion target for the climate-specific fund, and how the capital raised is ultimately deployed across renewables, storage and decarbonisation investments, will become clearer as the fundraise progresses toward a final close.