KKR & Co raised $4.6 billion for its first fund focused on mid-sized companies in North America, despite a challenging fundraising environment caused by high interest rates, which reduced investors’ appetite for leveraged buyouts.

The funds were raised under difficult market conditions, but the fund exceeded its initial targets. Pete Stavros, KKR’s global co-head of private equity, noted that the company could have raised even more capital if not for the established cap.

The fund, launched in 2022, received support from a range of investors, including public pension funds, family offices, and insurance companies.