KKR has announced that it has raised $17 billion for its KKR Global Infrastructure Investors IV fund.

KKR says the fund focuses on infrastructure investments in North America and Western Europe with low volatility and strong downside protection. Investors include public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, private wealth platforms, family offices and high-net-worth individual investors. KKR will also be investing $1 billion of capital in the fund.

“Global demand for building and upgrading critical infrastructure, as well as supporting responsible energy transition and growing broadband access, requires funding far in excess of public sources, which provides a big opportunity for private capital,” said Brandon Freiman, Head of North American Infrastructure at KKR.

“At more than double the size of its predecessor, the success of KKR Global Infrastructure Investors IV speaks to the robust opportunities that we see in this asset class and to the confidence that our investors continue to place in our infrastructure team and our ability to deliver compelling risk-adjusted returns across a variety of market conditions,” said Alisa Amarosa Wood, Global Head of Private Markets and Real Assets Product Strategies at KKR.