KKR Eyes $7B Raise for Climate Strategy

Global investment firm KKR is reportedly targeting $7 billion for its first global climate fund, which will invest in energy transition opportunities.

The fund will focus on environmentally friendly technologies such as energy storage, battery-related transportation, and decarbonization of existing assets like conventional power and infrastructure according to Reuters.

The firm plans to deploy capital early next year and will spend between $300 million and $750 million in opportunities across the United States, Europe, and Asia Pacific, the report said.

KKR is also bolstering its global climate strategy by hiring Charlie Gailliot, a former Goldman Sachs energy transition lead, who will work alongside other co-heads Emmanuel Lagarrigue and Neil Arora.

Since 2010, the company has committed more than $30 billion in climate and environmental sustainability investments, totaling more than $40 billion.

The fund is part of a growing trend of new investment vehicles announced last week at the COP28 climate summit in Dubai. TPG is aiming to raise $10 billion over two funds to aid the global energy transformation, and Copenhagen Infrastructure Partners is looking to raise $3 billion for greenfield infrastructure projects.