Key facts
- KKR will acquire Gen II from Hg, General Atlantic, and other minority investors.
- Gen II provides tax, compliance, treasury, and technology services to private equity, private credit, and other private-market managers.
- The company serves over 275 investment firms representing more than $2 trillion in private-fund capital.
- Gen II CEO Steven Millner will continue to lead the company.
- The transaction is expected to close in 2027.
Global investment firm KKR has agreed to acquire Gen II Fund Services, a provider of services to private markets, for $5.1 billion including debt. The deal, which is expected to close in 2027, will expand KKR's presence in businesses that support private markets.
Gen II offers 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 over $2 trillion in private-fund capital. Gen II's co-founder and CEO, Steven Millner, will continue to lead the company following the acquisition. KKR is acquiring Gen II from Hg, General Atlantic, and other minority investors who had invested in Gen II in 2020.
This acquisition follows KKR's May purchase of Arctos, an investment firm focused on capital solutions for alternative asset managers and sports franchises, which was initially valued at approximately $1.4 billion.