US private capital firm KKR has deployed over $20bn in Europe so far this year, marking a record for the firm as it ramps up activity across private equity, infrastructure, credit, and real estate, according to a report by the Financial Times.

The report cites unnamed sources as highlighting that the total excludes external debt used to acquire assets.

More than $10bn came from KKR’s buyout arm alone, according to Philipp Freise, co-head of European private equity. He described Europe as being at a “pivotal moment,” noting growing investment opportunities amid reforms and increasing policy support from European governments.

Freise highlighted structural gaps in digital infrastructure, energy transition, and defence, saying private capital partnerships with governments and entrepreneurs could address the continent’s underinvestment. He also noted that capital flows previously destined for the US are increasingly being reallocated to Europe, driven by regulatory changes and geopolitical shifts.

KKR’s deployment comes as the firm competes for high-profile assets across the region, including UK scientific instruments maker Spectris, while rival Blackstone plans to commit $500bn to Europe over the next decade.