KKR agreed to buy Gen II Fund Services from Hg, General Atlantic and minority holders at an enterprise value of $5.1bn, announced Oct 5.
Why KKR is buying Gen II Fund Services
Gen II provides fund administration, tax and compliance services to more than 275 private-markets managers overseeing over $2tn. KKR plans to expand it internationally and invest in AI-enabled tools.
Deal terms and financing
KKR is investing through its Core Private Equity strategy and plans a broad-based employee ownership programme.
Regulatory approvals and timing
Closing is expected in 2027 subject to regulatory approvals.
Market context
Services for the fast-growing private-capital industry have become a hot area for sponsors. Hg and General Atlantic invested in 2020 and saw revenue and EBITDA quadruple.
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