KKR agrees $5.1bn deal to buy private-markets administrator Gen II

KKR has agreed to buy Gen II Fund Services, a private capital fund administrator, in a deal valued at $5.1 billion including debt, the investment firm said on Monday (https://www.reuters.com/legal/transactional/kkr-buy-fund-administrator-gen-ii-51-billion-deal-including-debt-2026-10-06/).

KKR will acquire Gen II from Hg, General Atlantic and other minority investors through its Core Private Equity strategy, according to dpa-AFX (https://www.tradingview.com/news/dpa_afx:8a26425dc7c65:0-kkr-agrees-to-buy-gen-ii-fund-services-from-hg-and-general-atlantic-for-5-1-bln/). Hg and General Atlantic invested in Gen II in 2020. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in 2027.

Gen II provides tax, compliance, treasury and technology services to private equity, private credit and other private-market managers, serving more than 275 investment firms representing over $2 trillion in private-fund capital, Reuters reported. Co-founder and chief executive Steven Millner will continue to lead the company.

The deal extends KKR’s push into the infrastructure underpinning private markets. In May, KKR acquired Arctos, an investment firm serving alternative asset managers, in a deal initially valued at about $1.4 billion, Reuters reported. KKR said it plans to introduce a broad-based employee ownership programme at Gen II, according to the company’s announcement carried by Morningstar (https://www.morningstar.com/news/business-wire/20261004447451/kkr-to-acquire-gen-ii-fund-services-for-more-than-5-billion-from-hg-and-general-atlantic).