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KKR set to acquire Gen II
09 October 2026 US
Image: Achirawee/stock.adobe.com
KKR has agreed to acquire Gen II Fund Services for a total enterprise value of US$5.1 billion.
KKR is acquiring Gen II from Hg, General Atlantic, and other minority investors through its Core Private Equity strategy.
Gen II says that the partnership is intended to support its next phase of growth as private market managers increasingly seek scaled, technology-enabled solutions to navigate more complex fund structures, investor needs, and regulatory requirements.
KKR plans to work alongside Gen II’s management team to support the company’s continued expansion in the US and internationally, broaden its capabilities across asset classes, and services and invest further in proprietary technology and AI-enabled solutions.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in 2027.
Chris Harrington, partner at KKR, says: “Gen II is exactly the type of financial services business we look for — a sophisticated sector leader with exceptional client relationships and a differentiated service model.
“The company has become the gold standard in fund administration through its white-glove service model and founder-led culture and is well positioned to benefit from the structural growth of private markets. We see significant opportunity to support the team as they expand globally and deepen their capabilities.”
Steven Millner, co-founder and CEO of Gen II, adds: “At Gen II, our mission is to provide private markets managers with industry-leading fund administration delivered with unmatched client service and responsiveness.
“KKR's ownership culture and long-term approach align perfectly with our vision for the future. Their resources and expertise will help our exceptional team capture the significant opportunities ahead to accelerate growth and continue to be at the forefront of our industry to serve our clients.”
KKR is acquiring Gen II from Hg, General Atlantic, and other minority investors through its Core Private Equity strategy.
Gen II says that the partnership is intended to support its next phase of growth as private market managers increasingly seek scaled, technology-enabled solutions to navigate more complex fund structures, investor needs, and regulatory requirements.
KKR plans to work alongside Gen II’s management team to support the company’s continued expansion in the US and internationally, broaden its capabilities across asset classes, and services and invest further in proprietary technology and AI-enabled solutions.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in 2027.
Chris Harrington, partner at KKR, says: “Gen II is exactly the type of financial services business we look for — a sophisticated sector leader with exceptional client relationships and a differentiated service model.
“The company has become the gold standard in fund administration through its white-glove service model and founder-led culture and is well positioned to benefit from the structural growth of private markets. We see significant opportunity to support the team as they expand globally and deepen their capabilities.”
Steven Millner, co-founder and CEO of Gen II, adds: “At Gen II, our mission is to provide private markets managers with industry-leading fund administration delivered with unmatched client service and responsiveness.
“KKR's ownership culture and long-term approach align perfectly with our vision for the future. Their resources and expertise will help our exceptional team capture the significant opportunities ahead to accelerate growth and continue to be at the forefront of our industry to serve our clients.”
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