Real estate M&A is about to get a fresh boost as KKR closes a $4.3 billion fund aimed at the U.S. market. The fund more than doubles the haul from its previous incarnation, and comes only a few weeks after KKR’s Americas opportunistic fund acquired five self-storage facilities near urban areas for $92 million.

Covid-induced quarantines have created opportunities for funds looking in areas poised to see a rebound in occupancy as firms continue the shift back to in-person work. And e-commerce is driving a surge in last-mile industrial real estate to improve delivery times. Last-mile is the last leg of the delivery process where the products reach their final destinations. The trends have coalesced in a market that’s opened its coffers to private equity at record levels.

KKR Real Estate Partners Americas III is no outlier. In March, Cerberus Capital Management LP raised $2.8 billion for its flagship global opportunistic real estate strategy fund. Cerberus Institutional Real Estate Partners V LP closed with more than $2.5 billion in commitments with an additional $300 million committed to a dedicated investor fund for the strategy.

While it’s unclear whether investor interest in real estate will continue to climb, the amount of capital chasing deals tells a familiar story to those looking in other corners of the market: the need to deploy funds creates a powerful short term tailwind.