How much is too much?
KKR had received commitments of $6.2 billion for its 11th North American fund as of the end of September. The vehicle, which entered the market in early 2011, has attracted about $700 million from LPs in the last six months and questions are being asked as to if and how soon the $8 billion target can be reached. By contrast, the private equity firm’s second Asia fund, launched earlier this year, is by most accounts sprinting its way towards $6 billion.
This says a lot about LPs' current preferences. US buyout strategies are being reconsidered and, for some, the sweet spot has moved down to funds with a corpus of $500 million to $1.5 billion, ideally...
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