Kohlberg Kravis Roberts, the US buy-out giant, will target $12bn (€9.9bn) for a new fund next year, double what it has ever raised before.

Bloomberg reports that Ronald Schmitz, director of investments at the Oregon State Treasury and one of KKR's biggest backers since 1981, confirmed in an interview that KKR has spent most of its $6bn millennium fund, raised in 2000, and that the firm will seek between $10bn and $12bn for its next fund.