(Bloomberg) -- KKR & Co. exceeded the $1 billion fundraising goal for its first Global Impact Fund, according to a person with knowledge of the matter.
The fund, aimed at addressing social and environmental problems with private capital, hasn't closed and is still raising money from investors, said the person, who asked not to be identified because the information isn't public.
Co-led by KKR executives Ken Mehlman and Robert Antablin, the fund has been gathering commitments since early 2018. The billion-dollar mark makes it one of the largest impact pools, as private equity firms look to play a bigger role in the fast-growing socially responsible investing area.
TPG's $2 billion Rise Fund is the largest impact investing pool, though the firm is targeting at least $3 billion for the second version. Bain Capital raised $390 million in 2017 for its fund focusing on mission-oriented companies, and Partners Group closed a $210 million impact fund this year. Blackstone Group Inc. and Carlyle Group LP recently hired executives to build out their impact strategies, as pension funds and the wealthy increasingly embrace the trend.
KKR's Global Impact Fund has already made two investments, acquiring stakes in Indian recycling firm Ramky Enviro Engineers Ltd. and Singapore-based energy-efficiency company Barghest Building Performance.
To contact the reporter on this story: Emily Chasan in New York at echasan1@bloomberg.net
To contact the editors responsible for this story: Janet Paskin at jpaskin@bloomberg.net, Josh Friedman, Dan Reichl
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