KKR has secured $3 billion in commitments for its third pan-Asia infrastructure fund as of Q3 2025, the firm said in its earnings call with analysts on Friday.
Asia Pacific Infrastructure Investors III, which is reportedly targeting over $9 billion, has received $40 million in commitments from the Employees Retirement System of Texas, DealStreetAsia reported in September.
KKR’s third infrastructure fund for the region, alongside Global Infrastructure V, K-Series Infrastructure, and Global Atlantic inflows, boosted the group’s real assets under management to $186 billion, per its earning release. This was 14% higher year-over-year, with $10 billion of organic new capital raised in the third quarter of 2025 and $24 billion as of Nov 7.
KKR’s Asia infrastructure franchise, which drove the carried interest in the period, is back in 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. The ERS of Texas was also an investor in KKR’s second infrastructure fund.
The close of Fund II was followed by a series of deployments from the fund soon after: In Australia, KKR bought chicken farm operator ProTen from Aware Super and power producer Zenith from a consortium that includes Pacific Equity Partners.
Other deals from the fund included a KKR-led consortium’s acquisition of a majority stake in Queensland Airports; and an investment in Pinnacle, a Filipino telecom tower operator, which also received backing from BCI this year.
Private equity players have been stepping up bets in Asia’s infrastructure sector. Stonepeak’s second Asia-focused fund is also currently in the fundraising market. The investor is seeking to amass as much as $4 billion for the fund and plans to raise $1 billion by the end of this month, Reuters had reported earlier.
Stonepeak’s second fund comes just a year after it closed its debut Asia-focused vehicle at $3.3 billion in March 2024—a sign of speedy capital deployment and healthy investor interest in the asset class.
