KKR to acquire Gen II Fund Services for $5.1 billion

KKR announced an agreement on October 5, 2026, to acquire Gen II Fund Services for a total enterprise value of $5.1 billion. The investment firm is purchasing the private capital fund administrator from Hg, General Atlantic, and other minority investors through its Core Private Equity strategy.

Gen II was founded in 2009 by Steven Millner, Steven Alecia, and Norman Leben. Led by CEO Steven Millner, who will remain in his role alongside the leadership team, the company administers services for more than 275 investment managers representing over $2 trillion in assets. General Atlantic and Hg co-led an investment in Gen II in 2020, and the business has since completed four strategic acquisitions while quadrupling its revenue and EBITDA.

KKR plans to support Gen II's expansion in the United States and internationally, invest in proprietary technology and artificial intelligence solutions, and introduce a broad-based employee ownership program across the company.

The transaction is subject to customary closing conditions and regulatory approvals, with completion expected in 2027. Simpson Thacher & Bartlett served as legal advisor to KKR, while Morgan Stanley, Robert W. Baird, and UBS Investment Bank served as financial advisors to the sellers.