KKR to Acquire Gen II Fund Services for $5.1B, Expanding Private Capital Administration
KKR is trading near its 52-week low of $82.67 (8.8% above the low).
Summary
KKR is acquiring Gen II Fund Services, a leading private capital fund administrator, for $5.1 billion in enterprise value from Hg, General Atlantic and other minority investors. Led by CEO Steven Millner, Gen II has built a leadership team that will continue to lead the company. The deal, executed through KKR's Core Private Equity strategy, adds a platform overseeing over $2 trillion in private fund assets across 275+ investment managers. Gen II has quadrupled revenue and EBITDA since 2020, and KKR plans to expand its global footprint, invest in AI-enabled technology, and implement broad-based employee ownership. Gen II also offers tax, compliance, treasury and technology services. The transaction is expected to close in 2027, subject to regulatory approvals. This follows KKR's recent $5.75 billion DCC Energy acquisition and $9 billion UGI take-private offer, reinforcing its aggressive expansion in financial services and infrastructure. KKR shares closed Monday at $89.96, down 0.37%.
Updated with a Benzinga report · What changed
Updates
· Benzinga — KKR shares closed Monday at $89.96, down 0.37%.
- Gen II also offers tax, compliance, treasury and technology services.
At the time of this announcement, KKR was trading at $89.96 on NYSE in the Finance sector, with a market capitalization of approximately $80.8B. The 52-week trading range was $82.67 to $144.84. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.