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KKR Closes $739M European Fund


PERE giant KKR has closed its first Europe-focused real estate fund, KKR Real Estate Partners Europe, with $739M in capital raised. It got commitments from institutional investors like public pension plans, private banking platforms and high-net-worth individuals.

The close puts KKR (co-founders Henry Kravis and George Roberts, pictured) in a select group of first-time fund managers to reach a final closing for a real estate opportunistic fund since the financial crisis, Private Equity Real Estate News reports.

KKR has completed $1.3B in European deals since 2013, and is also expanding into Europe through its Pillarstone business, which opened last year and advises banks in managing non-core and under-performing assets.

Pillarstone just scored a victory by snagging Barclays restructuring banker Jonathan Conway to help expand the company, which plans to take advantage of the $2.2 trillion of unwanted or under-performing assets on European lenders’ balance sheets. [PERE]