KKR raises $1.1bn

The global investment firm’s real estate credit business closes latest fund above target.

KKR has raised $1.1 billion at final close for its KKR Real Estate Credit Opportunity Partners fund. The vehicle, which exceeded its target size, invests in the junior tranches of commercial mortgage-backed securities (CMBS).

RECOP was backed by a global investor base that included public pension funds, insurance companies and family offices.