Oct 5 (Reuters) – Global investment firm KKR said on Monday it had agreed to buy private capital fund administrator Gen II Fund Services in a $5.1 billion deal including debt, gaining exposure to infrastructure supporting private markets.
Here are some of the details.
• KKR will buy Gen II from Hg, General Atlantic and other minority investors. Hg and General Atlantic invested in Gen II in 2020.
• Gen II provides tax, compliance, treasury and technology services to private equity, private credit and other private-market managers.
• The company serves more than 275 investment firms representing more than $2 trillion in private-fund capital.
• Gen II’s co-founder and CEO Steven Millner will continue to lead the company, KKR said.
• The transaction is expected to close in 2027.
• The deal further expands KKR’s presence in businesses that underpin private markets.
• In May, KKR acquired Arctos, an investment firm that provides capital solutions to alternative asset managers and invests in sports franchises, in a deal initially valued at about $1.4 billion.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Subhranshu Sahu)
