Mumbai, May 27 -- Private equity giant Kohlberg Kravis Roberts (KKR) is raising its third and largest-ever Asia infrastructure fund that could top $9 billion, said three people familiar with the matter, with a large share going to India's expanding road and energy to logistics networks. "The firm has already secured commitments for a first close for the new fund from its limited partners and is expected to announce it soon," said the first of the three people, who spoke on the condition of anonymity. "While the final fund size is yet to be confirmed as fundraising continues, it remains in the $9 billion range, with India a key market, consistent with the previous funds." The fund surpasses the debut $3.9 billion one and the $6.4 billion fund II that closed last year. As much as 30% of the corpus could be allocated to Indian infrastructure, the people said. India accounted for 25-30% of KKR's first two Asia funds. KKR is not alone. Rival global investors like Blackstone and Brookfield have also ramped up bets on Indian highways to renewable energy plants as the country expanded and upgraded its core infrastructure base over the past decade, driven by public and private capital. Morgan Stanley expects overall spending on the sector to rise steadily from 5.3% of the GDP in FY24 to 6.5% by FY29. A combination of factors-government initiatives, rising urbanization, population growth, and increasing foreign investment-have served as key growth drivers for the infrastructure industry, encouraging innovation and strengthening value chains along the way, according to Vipin Singhal, director, Anand Rathi Investment Banking. "As a result, India is being viewed as a strategic anchor for Asia-Pacific infrastructure portfolios, especially as investors diversify away from China due to ongoing geopolitical tensions." KKR's new fund is expected to focus on roads and highways, energy transition plays, besides renewables, while retaining flexibility to pursue other infrastructure-linked assets, the third person quoted above said. KKR declined to comment onMint's queries. KKR's Asia infrastructure strategy is led by Hardik Shah, who joined the firm in 2018. In 2021, it hired Ami Momaya from the National Investment and Infrastructure Fund (NIIF); she was promoted to managing director for infrastructure, Mumbai in January 2025. Over the past few years, KKR has stepped up its India play through investments in power transmission via India Grid Trust (Indigrid), renewable energy ventures like Virescent Infrastructure and Hero Future Energies, highway assets under Highway Infrastructure Trust, decarbonization efforts through Serentica Renewables and warehousing with Leap India....