Global investment firm KKR said on Monday it had agreed to buy private capital fund administrator Gen II Fund Services in a $5.1 billion deal including debt, gaining exposure to infrastructure supporting private markets.
KKR will buy Gen II from Hg, General Atlantic and other minority investors. Hg and General Atlantic invested in Gen II in 2020.
Gen II provides tax, compliance, treasury and technology services to private equity, private credit and other private-market managers.
The company serves more than 275 investment firms representing more than $2 trillion in private-fund capital.
Gen II’s co-founder and CEO Steven Millner will continue to lead the company, KKR said.
The transaction is expected to close in 2027.
The deal further expands KKR’s presence in businesses that underpin private markets.
In May, KKR acquired Arctos, an investment firm that provides capital solutions to alternative asset managers and invests in sports franchises, in a deal initially valued at about $1.4 billion.
Reuters
