𝗞𝗞𝗥 𝘁𝗼 𝗔𝗰𝗾𝘂𝗶𝗿𝗲 𝗚𝗲𝗻 𝗜𝗜 𝗙𝘂𝗻𝗱 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 $𝟱.𝟭 𝗕𝗶𝗹𝗹𝗶𝗼𝗻
KKR has agreed to acquire Gen II Fund Services, a technology-enabled fund administrator for private capital managers, from Hg, General Atlantic and other minority investors at an enterprise value of $5.1 billion. The investment will be made through KKR's Core Private Equity strategy, and the transaction is expected to close in 2027. Gen II co-founder and CEO, Steven Millner, will continue to lead the company.
Founded in 2009 by Steven Millner, Steven Alecia and Norman Leben, Gen II provides fund administration, tax, compliance, treasury and technology solutions to more than 275 investment managers and oversees more than $2 trillion of private fund capital across the U.S. and Europe. Since Hg and General Atlantic co-led an investment in 2020, the company has quadrupled revenue and EBITDA through organic growth and four acquisitions. Morgan Stanley, Robert W. Baird and UBS Investment Bank advised the sellers, with Kirkland & Ellis as legal counsel, while Simpson Thacher & Bartlett advised KKR.
The deal shows how valuable the operating infrastructure behind private markets has become. As platforms and advisors expand access to private funds, administrators that handle reporting, tax and compliance are a critical link in delivering those investments at scale. KKR plans to support Gen II's global expansion, broaden its capabilities across asset classes, invest in proprietary technology and AI, and introduce broad-based employee ownership.
