Jan 22 (Reuters) - Global investment firm KKR is

combining its infrastructure and real estate assets under a

single leader, a person familiar with the matter said on

Wednesday.

The combined unit, whose assets will come to $157 billion,

will be headed by Raj Agrawal, who was previously the head of

global infrastructure, the source added.

The move will combine some of the best performing areas of

investments - infrastructure with real estate, which has shown a

relatively slower growth in recent times.

KKR's infrastructure portfolio generated a gross return of

18% in the 12 months ended Sept. 30 2024, compared to a 3%

return in the opportunistic real estate portfolio in the same

period.

Agrawal, speaking at a Barclays Global Financial

Services Conference last year, had predicted that industrial

infrastructure was an area of high-growth in the days to come.

Global head of real estate, Ralph Rosenberg, will be the

chairman of the combined business - real assets, the source

said, adding that the announcement of the combination was made

internally.

KKR's total assets under management stood at $624 billion on

Sept. 30, up 18% from the levels at the end of September 2023.

The investment firm, which is scheduled to post its

fourth-quarter results early next month, saw a nearly 79% jump

in its shares in 2024.