KKR has secured an additional $548 million for its third pan-Asia infrastructure fund in the fourth quarter of last year, highlighting robust investor demand for the asset class, which drove its rapid fundraising pace in Oct-December 2025.
Asia Pacific Infrastructure Investors III, which is reportedly targeting a corpus of over $9 billion, has now secured $3.5 billion in total commitments after the US-based megafund disclosed the fund’s capital-raising progress for the first time in the previous quarter.
KKR’s latest infra fund has yet to start deploying capital, while the previous vintage, which closed at $6.4 billion in 2024, still has around $3.3 billion in uncalled commitments, according to its Q4 2025 earnings release on Thursday (Feb 5).
The first instalment in the same fund series, which closed at $3.9 billion in 2021 and had passed its investment period in 2022, now has more than $2.2 billion in realised investment.
The Employees Retirement System of Texas contributed $40 million to the third infrastructure fund, returning as an LP after investing in the second instalment, DealStreetAsia reported in September.
KKR’s real assets AUM globally grew 3% quarter-on-quarter and 16% year-on-year to $192 billion in Q4 2025, with $10 billion in organic capital raised in the fourth quarter and $34 billion raised in the entire 2025. The inflow was driven by infrastructure strategies globally, such as Global Infrastructure V, Asia Infrastructure III, and K-Series Infrastructure, while Global Atlantic contributions lifted AUM across real estate and infrastructure.
KKR’s Asia infrastructure franchise, which drove the carried interest in the period alongside its global infrastructure fund, returned to the fundraising market just over a year after the firm closed its second fund at $6.4 billion. The second instalment became the largest of its kind at the time, underscoring the proliferation of deal flow for brownfield assets in the region and demand from limited partners.
KKR also made headlines last week after buying the remaining 82% stake in ST Telemedia Global Data Centres for S$6.6 billion (about $5.1 billion) through a consortium with Singtel. The purchase valued the data centre firm at around $10.9 billion, including leverage and capital expenditure for committed projects, making it the largest private equity-backed data centre transaction in Southeast Asia to close this year.
After completion, KKR, which largely invested through its Asia infrastructure platform, and Singtel will own 75% and 25% of the data centre operator, respectively, after taking into account the conversion of existing redeemable preference shares held by both investors.
