KKR to buy fund administrator Gen II in $5.1 billion deal including debt

Oct 5 — 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.

Here are ⁠some of the details.

• 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.

(Reporting ​by Rishabh Jaiswal in Bengaluru; Editing by Subhranshu ​Sahu)

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