KKR Taps World’s ‘Largest Pool of Liquid Capital’ for New Bets

Amid the roster of banks and brokerages helping KKR & Co. raise money for some of its newest infrastructure investments, two names stand out: Fidelityand Charles Schwab Corp.

Both are known for serving individuals, not the pension funds and endowments that typically invest in multibillion-dollar investment partnerships such as KKR’s. But money from these big institutions is drying up because many of them gorged on private equity to chase returns when interest rates were near zero, and now they’re too heavily invested in the asset class.

Individual investors, by contrast, represent a deep reservoir of untapped riches. They had ...