Global investors with heavy US exposure are steadily shifting more capital to Asia as the dollar loses steam and the region’s fundamentals shine, according to the co-chief executive officer of KKR & Co.

While the rebalancing doesn’t amount to a US retreat, global investors are channeling their “incremental dollar” to Asia, where capital raising and data-center infrastructure are emerging as major themes, Joe Bae said. The region’s institutions remain underweight in alternative investments, and its vast household savings offer a major source of capital, he said.