KKR to acquire Gen II Fund Services for $5.1 billion

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Summary · why it matters

KKR said on Tuesday it agreed to acquire Gen II Fund Services for an enterprise value of $5.1 billion, expanding its exposure to the growing private-markets infrastructure business. KKR will buy Gen II from Hg, General Atlantic and other minority investors through its Core Private Equity strategy, while Gen II CEO and co-founder Steven Millner and the existing leadership team will remain in place. The deal is expected to close in 2027, subject to regulatory approvals and customary conditions. Gen II provides fund administration and related tax, compliance, treasury and technology services to more than 275 investment managers representing over $2 trillion in assets. The company was founded in 2009 and has expanded its U.S. and European footprint since Hg and General Atlantic invested in 2020, with revenue and EBITDA both quadrupling over that period. KKR said it plans to support Gen II's expansion in the U.S. and internationally, broaden its services across asset classes, invest further in proprietary technology and AI-enabled solutions, and introduce a broad-based employee ownership program.

Impact on assets 2

Aging Population▲
KKR & Co. Inc.
KKR
▲ PositiveCapitalrelevance

KKR agreed to acquire Gen II Fund Services for $5.1 billion via its Core Private Equity strategy, expanding its private-markets infrastructure exposure.

Others▲

Off-coverage companies 1

Gen II Fund Servicesi
Private▲ PositiveCapitalrelevance

Gen II is being acquired by KKR at a $5.1 billion enterprise value, with leadership retained and plans for expansion and employee ownership.