# Kkr Asia Pacific Infrastructure Investors
KKR Asia Pacific Infrastructure Investors is a family of [Luxembourg](https://www.edgepedia.org/luxembourg) private-equity infrastructure funds (KKR Asia Pacific Infrastructure Investors SCSp, its II and III successors) raised and managed by KKR & Co. from New York to invest in infrastructure assets across the Asia-Pacific region. The funds are organized as Luxembourg special limited partnerships (SCSp) rather than a standalone firm; the manager of record in their Form D filings is [Kohlberg Kravis Roberts](https://www.edgepedia.org/kohlberg-kravis-roberts) & Co. L.P., [30 Hudson Yards](https://www.edgepedia.org/30-hudson-yards), New York.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) • [2](https://www.sec.gov/Archives/edgar/data/1923685/0001923685-23-000003.txt) The three funds' Form D filings between 2019 and 2026 reported US$3,297,645,000, US$5,719,501,000, and US$5,798,000,000 sold respectively.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) • [2](https://www.sec.gov/Archives/edgar/data/1923685/0001923685-23-000003.txt) • [3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp)
| Key fact | Detail |
|---|---|
| Structure | Luxembourg SCSp fund family under KKR & Co.; exempt under Investment Company Act 3(c)(6)/3(c)(7)[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) |
| Fund I | US$3,297,645,000 sold to 35 investors per amended Form D; US$3.9 billion final close at hard cap, January 2021[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) • [4](https://www.nasdaq.com/press-release/kkr-closes-inaugural-asia-pacific-infrastructure-fund-at-us$3.9-billion-cap-2021-01) |
| Fund II | US$5,719,501,000 sold to 67 investors per Form D; US$6.4 billion final close announced January 2024[2](https://www.sec.gov/Archives/edgar/data/1923685/0001923685-23-000003.txt) • [5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund) |
| Fund III | US$5,798,000,000 sold per June 2026 Form D amendment, against a target of more than US$7 billion[3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp) • [6](https://realassets.ipe.com/news/kkr-targets-7bn-for-third-asia-pacific-infrastructure-fund/10137266.article) |
| Mandate | Renewables, power and utilities, water and wastewater, digital infrastructure, transportation across Asia Pacific[5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund) |
| Platform scale | ~US$13 billion AUM at January 2024, within KKR's ~US$107 billion global infrastructure platform as of March 31, 2026[5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund) • [7](https://www.kkr.com/invest/infrastructure) |
## Structure and relationship to KKR
Each fund is a separate Luxembourg special limited partnership. Fund I's filing places it under general-partner entities KKR Associates AP Infrastructure SCSp and KKR AP Infrastructure S.à r.l., with KKR & Co. L.P. in New York as the related manager; Fund III uses the analogous III chains (KKR AP Infrastructure III S.à r.l. and KKR Associates AP Infrastructure III SCSp).[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) • [3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp) The vehicles are registered under exemptions for institutions and qualified purchasers, so their investors are institutions rather than retail holders.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt)
## History and leadership
KKR launched the strategy in 2019 with Fund I's initial Form D filing on November 15, 2019.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) Jason Carss signed Fund I's amendment and Fund II's Form D as manager of the general partner, and is named on Fund III's filings, making him the one executive recorded across all three funds.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) • [2](https://www.sec.gov/Archives/edgar/data/1923685/0001923685-23-000003.txt) • [3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp) Fund I's filing also names Terence Gallagher, William J. Janetschek, Stefan Lambert, and Wolfgang Zettel; Fund III's filings name Joanne Casey, Helen Koo, Jennifer McGroarty, Nina Scheid, and Thomas Weber alongside Carss.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) • [3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp) The filings record names and roles only; the sources do not provide the executives' biographies.
## Strategy and mandate
The funds invest in critical infrastructure across Asia Pacific in five sectors: renewables, power and utilities, water and wastewater, digital infrastructure, and transportation. KKR describes the strategy as targeting assets with low volatility and downside protection, seeking value creation.[5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund) • [7](https://www.kkr.com/invest/infrastructure) The sources do not detail how the Asia-Pacific mandate differs operationally from KKR's Global Infrastructure Investors funds.
## Funds raised, by the numbers
**Fund I (2019–2021).** The amended Form D reported US$3,297,645,000 sold to 35 investors.[1](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt) KKR announced a final close at its US$3.9 billion hard cap in January 2021, which it called at that time the largest pan-regional infrastructure fund raised for Asia Pacific, with about US$300 million of KKR balance-sheet and employee capital alongside external investors.[4](https://www.nasdaq.com/press-release/kkr-closes-inaugural-asia-pacific-infrastructure-fund-at-us$3.9-billion-cap-2021-01) The US$3.3 billion "amount sold" in the filing and the US$3.9 billion "capital commitments" in the announcement measure different things and were reported at different dates; the sources do not reconcile them.
**Fund II (2022–2024).** The Form D dated April 28, 2023 reported US$5,719,501,000 sold to 67 investors, including the general partner's commitment.[2](https://www.sec.gov/Archives/edgar/data/1923685/0001923685-23-000003.txt) In January 2024 KKR announced a US$6.4 billion final close, again described as the largest pan-regional infrastructure fund for Asia Pacific at that time.[5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund) • [8](https://www.reuters.com/business/finance/kkr-raises-64-bln-its-asian-infrastructure-fund-2024-02-01/) As with Fund I, the Form D amount sold and the announced commitment total differ in measure and date.
**Fund III (2025– ).** Trade press reported a target of more than US$7 billion, with US$4.5 billion in commitments secured per KKR's Q1 2025 earnings reporting cited in Sacramento County Employees' Retirement System documents; SCERS itself planned a US$55 million commitment.[6](https://realassets.ipe.com/news/kkr-targets-7bn-for-third-asia-pacific-infrastructure-fund/10137266.article) A Form D filed June 27, 2025 initially showed nothing sold; an amendment dated June 26, 2026 reported US$5,798,000,000 sold.[3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp) The fund's investment period commenced in December 2025 and runs to the end of 2031, with no capital called to date as reported.[6](https://realassets.ipe.com/news/kkr-targets-7bn-for-third-asia-pacific-infrastructure-fund/10137266.article)
## Portfolio and exits
At Fund I's January 2021 close, KKR had committed US$1.8 billion across six Asia-Pacific infrastructure investments: India Grid Trust (an Indian infrastructure investment trust), Virescent Infrastructure (Indian renewables), Eco Solutions Group (South Korean environmental services), First Gen (Philippine power), TSK Corporation, and Pinnacle Towers.[4](https://www.nasdaq.com/press-release/kkr-closes-inaugural-asia-pacific-infrastructure-fund-at-us$3.9-billion-cap-2021-01) By Fund II's close, more than half of that fund's capital was invested or committed across roughly ten investments, and the platform had grown to about US$13 billion in assets under management since 2019.[5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund)
Fund II's disclosed deals include a 20% stake in Singtel's regional data center business for S$1.1 billion (about US$821.6 million) and a US$400 million investment in Malaysian subsea cable provider OMS Group.[8](https://www.reuters.com/business/finance/kkr-raises-64-bln-its-asian-infrastructure-fund-2024-02-01/)
**First Gen exit.** In September 2026, KKR sold its entire 19.9% stake in First Gen, about 25.77 billion pesos (roughly US$410 million), through vehicle Valorous Asia Holdings, ending a six-year investment.[9](https://www.reuters.com/legal/transactional/kkr-sells-entire-stake-philippines-based-first-gen-411-million-2026-09-14/) The sale came weeks after First Gen's parent, First Philippine Holdings, rejected KKR's attempt to buy an additional 8.43% stake, a proposal that would have included a potential mandatory tender offer for the company's 11.67% public float.[9](https://www.reuters.com/legal/transactional/kkr-sells-entire-stake-philippines-based-first-gen-411-million-2026-09-14/)
## Recent developments
Three developments mark the period. First, Fund II closed at US$6.4 billion in January 2024, a record for pan-regional Asia-Pacific infrastructure fundraising at the time.[5](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund) Second, Fund III moved from a June 2025 filing with nothing sold to US$5.798 billion sold by its June 2026 amendment, with an investment period running from December 2025 to end-2031.[3](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp) • [6](https://realassets.ipe.com/news/kkr-targets-7bn-for-third-asia-pacific-infrastructure-fund/10137266.article) Third, the platform sold its First Gen stake in September 2026 after a rejected stake-increase attempt.[9](https://www.reuters.com/legal/transactional/kkr-sells-entire-stake-philippines-based-first-gen-411-million-2026-09-14/) KKR's global infrastructure platform, which houses the strategy, reported about US$107 billion in assets under management and roughly 160 dedicated infrastructure executives as of March 31, 2026, per KKR's own site.[7](https://www.kkr.com/invest/infrastructure)
## References
1. [SEC Form D, KKR Asia Pacific Infrastructure Investors SCSp (Fund I), amended 2020-11-16](https://www.sec.gov/Archives/edgar/data/1791920/0001791920-20-000002.txt)
2. [SEC Form D, KKR Asia Pacific Infrastructure Investors II SCSp, 2023-04-28](https://www.sec.gov/Archives/edgar/data/1923685/0001923685-23-000003.txt)
3. [KKR Asia Pacific Infrastructure Investors III SCSp, Form D filing record (FormDs aggregator of SEC data)](https://www.formds.com/issuers/kkr-asia-pacific-infrastructure-investors-iii-scsp)
4. [KKR Closes Inaugural Asia Pacific Infrastructure Fund at US$3.9 billion Cap (Business Wire via Nasdaq, January 2021)](https://www.nasdaq.com/press-release/kkr-closes-inaugural-asia-pacific-infrastructure-fund-at-us$3.9-billion-cap-2021-01)
5. [KKR Closes US$6.4 Billion Asia Pacific Infrastructure Investors II Fund (Business Wire, 2024-01-31)](https://www.businesswire.com/news/home/20240131782646/en/KKR-Closes-US%246.4-Billion-Asia-Pacific-Infrastructure-Investors-II-Fund)
6. [KKR targets $7bn for third Asia-Pacific infrastructure fund (IPE Real Assets)](https://realassets.ipe.com/news/kkr-targets-7bn-for-third-asia-pacific-infrastructure-fund/10137266.article)
7. [KKR Infrastructure (KKR official site)](https://www.kkr.com/invest/infrastructure)
8. [KKR raises $6.4 bln for biggest Asia Pacific infrastructure fund (Reuters, 2024-02-01)](https://www.reuters.com/business/finance/kkr-raises-64-bln-its-asian-infrastructure-fund-2024-02-01/)
9. [KKR sells entire stake in Philippines-based First Gen for $411 million (Reuters, 2026-09-14)](https://www.reuters.com/legal/transactional/kkr-sells-entire-stake-philippines-based-first-gen-411-million-2026-09-14/)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Infrastructure and real assets*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license