KKR strikes $5.1B deal for fund administrator Gen II
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- KKR (KKR) to acquire Gen II Fund Services from Hg, General Atlantic and other minority investors through a core private equity strategy for a total enterprise value of $5.1B.
- Gen II is a private-capital fund administrator and provides fund administration, tax, compliance, treasury, and technology-enabled services to more than 275 investment managers representing over $2T in private-fund capital.
- It has expanded U.S. and European operations and broadened its services since Hg and General Atlantic invested in the company in 2020.
- KKR (KKR) said Gen II has quadrupled revenue and EBITDA over that period through organic growth and four strategic acquisitions.
- Gen II CEO and co-founder Steven Millner will continue to lead the company. KKR plans to support Gen II’s global expansion and invest in technology and AI capabilities.
- The transaction is expected to close in 2027.
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