Matt Salem of KKR Matt Salem is co-head of KKR’s Real estate Credit unit.

NEW YORK CITY—KKR, which has stepped up its game in real estate investing over the past two years, said Tuesday afternoon it had closed on KKR Real Estate Credit Opportunity Partners at $1.1 billion. RECOP exceeded its target capital raise and received strong backing from a diverse group of global investors, including public pensions, insurance companies, and family offices. The fund is geared toward generating attractive risk-adjusted returns for investors through the purchase of junior tranches of CMBS.