KKR to acquire Gen II Fund Services for $5.1B

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KKR has agreed to acquire Gen II Fund Services from Hg, General Atlantic and other minority investors through a core private equity strategy at a total enterprise value of $5.1B. Gen II is a private-capital fund administrator serving more than 275 investment managers that represent over $2T in private-fund capital, providing fund administration, tax, compliance, treasury, and technology-enabled services. Since Hg and General Atlantic invested in the company in 2020, Gen II has expanded its U.S. and European operations and broadened its services, quadrupling 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, and KKR plans to support its global expansion and invest in technology and AI capabilities. The transaction is expected to close in 2027.

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