KKR is nearing a final close of $7bn in investor cash for its third infrastructure fund, as the New York firm joins a flock of large sponsors taking advantage of investor interest in backing infrastructure projects.

The fund, KKR Global Infrastructure Investors III, began its investment period in June, and had $6.96bn in commitments as of the end of the second quarter, of which about 4% was a general partner commitment, KKR said in its quarterly earnings release on Thursday.