KKR to acquire Gen II Fund Services for $5.1 billion
KKR announced a $5.1 billion acquisition of Gen II Fund Services, a private capital fund administrator, from Hg, General Atlantic and other minority investors. The deal is part of KKR's Core Private Equity strategy and CEO Steven Millner will remain in charge of the company. Gen II serves over 275 investment managers with assets worth more than $2 trillion.
Founded in 2009, the company has expanded its presence in the U.S. and Europe, quadrupling revenue and EBITDA through organic growth and four acquisitions. KKR sees Gen II as a sophisticated sector leader with outstanding client relationships and a unique service model. The company plans to support Gen II's growth, expand its capabilities, invest in technology and AI, and implement an employee ownership program.
The transaction, subject to regulatory approvals, is expected to close in 2027. Legal advisors for KKR included Simpson Thacher & Bartlett LLP, while Morgan Stanley & Co. LLC, Robert W. Baird and UBS Investment Bank represented the sellers, with Kirkland & Ellis LLP as the legal advisor for Gen II.
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