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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

Mike Allen, author of AM
1 hour ago - Politics & Policy

Biden's "overwhelming force" doctrine

President-elect Biden arrives to introduce his science team in Wilmington yesterday. Photo: Kevin Lamarque/Reuters

President-elect Biden has ordered up a shock-and-awe campaign for his first days in office to signal, as dramatically as possible, the radical shift coming to America and global affairs, his advisers tell us. 

The plan, Part 1 ... Biden, as detailed in a "First Ten Days" memo from incoming chief of staff Ron Klain, plans to unleash executive orders, federal powers and speeches to shift to a stark, national plan for "100 million shots" in three months.

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear. Read episode 1.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.