Global investment firm KKR & Co. has agreed to acquire Gen II Fund Services for an enterprise value of $5.1 billion. KKR will buy the private-capital fund administrator from its current owners, including private equity firms Hg and General Atlantic.
Gen II serves more than 275 investment managers. It represents more than $2 trillion in assets and is a leading administrator for the private markets industry.
The acquisition expands KKR’s presence in the infrastructure supporting private markets. KKR plans to support Gen II’s international growth, broaden its services, and invest in technology and AI-enabled solutions.
Gen II’s leadership team, including CEO and co-founder Steven Millner, will continue to lead the company. The transaction is expected to close in 2027, pending regulatory approvals.