KKR to acquire Gen II Fund Services for $5.1 billion

KKR has agreed to acquire Gen II Fund Services for a total enterprise value of $5.1 billion, including debt. The acquisition will be executed through KKR’s Core Private Equity strategy, purchasing the fund administrator from Hg, General Atlantic, and other minority investors.

Gen II provides tax, compliance, treasury, and technology services to more than 275 investment firms, which represent over $2 trillion in private-fund capital. The deal is intended to bolster KKR’s presence in the infrastructure supporting private-market investors, shifting focus toward the services and operational tools used by alternative asset managers.

Following the acquisition, Gen II co-founder and CEO Steven Millner will continue to lead the company. KKR plans to support Gen II’s expansion in the U.S. and internationally, while investing in proprietary technology and AI-enabled solutions. The transaction is expected to close in 2027, subject to required regulatory and closing processes.