KKR agrees to buy Gen II for $5.1B

KKR agreed to acquire Gen II Fund Services from Hg, General Atlantic and other minority investors for an enterprise value of $5.1 billion. The transaction is expected to close in 2027, subject to regulatory approvals. Gen II serves more than 275 investment managers representing over $2 trillion in private-fund capital. Since Hg and General Atlantic invested in November 2020, revenue and EBITDA quadrupled through organic growth and four acquisitions. KKR is investing through its Core Private Equity strategy. CEO and co-founder Steven Millner will remain in charge. KKR plans support for expansion and technology and AI, plus an employee ownership program open to all Gen II employees. Chris Harrington of KKR said Gen II is positioned "to benefit from the structural growth of private markets." Millner said "KKR's ownership culture and long-term approach align perfectly with our vision for the future." Hg built out the Digital Solutions suite including the GenVū client portal and introduced AI and automation in onboarding and reconciliations. General Atlantic introduced managers from its network. Gen II made senior hires in 2026 including Leslie DeRoss, Beverly Shealy and Marcia Rothschild. No contested claims found. The deal awaits regulatory approvals for a 2027 close.