Dennis Van Tine/STAR MAX

Private equity giant KKR announced Monday that it has closed its twelfth North American fund with $13.9 billion in capital commitments. The total includes nearly $1.4 billion in capital from the firm's balance sheet and employees (no specific breakdown was offered). It is KKR's second-largest North American fund, easily topping Fund XI ($9 billion closed in 2014) but short of Fund X ($17.6 billion in 2008).

Why it matters: This is the first domino in what is expected to be a series of mega-buyout funds raised in 2017. Apollo, Carlyle Group, Vista and Silver Lake are among the others either in market, or expected to arrive shortly. It's a reflection that PE bigs aren't scared off of record-high public equity prices, or at least that they believe a correction is around the corner.

Bottom line: "We're not going to be putting all the money to work in the next one to two years. We do think there is going to be some correction over the next six years, which is our timeframe for the fund, so we'll be well-positioned to capitalize when that correction comes. We also believe that, while general valuations are on the higher side right now, it's very much industry by industry. Healthcare, for example, has already had something of a correction and valuations are pretty cheap." ― Alisa Wood, KKR's head of private market products, speaking this morning with Axios.

Go deeper

1 hour ago - Podcasts

Inside Joe Biden's economic plan

Joe Biden on Thursday returned to his hometown of Scranton, Pennsylvania, to give his first major speech on economic policy since becoming the Democratic Party’s presumptive presidential nominee.

Axios Re:Cap digs into Biden's plans, how they developed and how they may change, with former U.S. Commerce secretary and campaign surrogate Penny Pritzker.

1 hour ago - World

Countries grapple with whether to lock back down as hotspots emerge

Tokyo in the time of coronavirus. Photo: Charly Triballeau/AFP via Getty

Many politicians and public health officials sounded a similar lockdown refrain in the spring: let’s do this right so we only have to do it once.

Reality check: While some countries have thus far managed to keep cases under control after opening up, dozens of countries that had initially turned a corner are now seeing a worrying rebound. They have to decide if and how to return to lockdown — and whether their populations will stand for it.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 12,128,406 — Total deaths: 551,552 — Total recoveries — 6,650,675Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 3,088,913 — Total deaths: 132,934 — Total recoveries: 953,420 — Total tested: 36,979,745Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.