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The decision to increase small/medium buyouts’ portfolio share falls in line with other large public LPs.

With the raise, the flagship is the biggest in Platinum’s 29-year history, exceeding by 26% its 2019-vintage predecessor.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

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.'

The firm is targeting more than $300bn of new capital across strategies over the next two years, including its 14th North America flagship, debut US mid-market vehicle and latest global infra offering.

Barnes & Thornburg study finds that investors are pressuring GPs on succession planning and AI, but fund managers are not buckling.

Fundraising commenced last year and was essentially finished around year-end but stayed open to allow in last-minute investors.

With its quiet close, the firm joins the small handful of new managers that have raised capital in the tough fundraising market.

While fundraising timelines have stretched, the percentage of funds to have exceeded their target at final close is at its highest level since 2008.

Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.