KKR to Acquire Fund Administrator Gen II for About $5 Billion

KKR said on October 5, 2026, that it agreed to acquire Gen II, a New York-based fund administrator, in a deal valuing the company at roughly $5 billion including debt. The seller is an investor consortium led by buyout firm Hg and General Atlantic, which first invested in Gen II in 2020, according to The Wall Street Journal. Gen II provides tax filings, regulatory compliance and other back-office services to private-capital funds, serving more than 12,000 entities across private equity, private credit, infrastructure and real estate. Fund administrators attract private-equity buyers for reliable, growing fee income. KKR manages about $796 billion in assets, including $255 billion in private equity, and already holds financial-services investments in wealth management and insurance.