KKR to Acquire Gen II Fund Services for $5.1 Billion

The transaction is expected to finalize in 2027, pending regulatory approvals. Gen II, founded in 2009 and currently led by chief executive Steven Millner, serves over 275 investment managers. KKR plans to implement a broad-based employee ownership program at the firm while supporting its ongoing international expansion.

Since receiving investment from Hg and General Atlantic in 2020, Gen II has quadrupled its earnings through organic growth and four strategic acquisitions, including the recent purchase of Crestbridge. KKR partner Chris Harrington described the firm as a sector leader with a differentiated service model, noting its importance as private markets continue to grow structurally. Hg partners highlighted their role in digitizing the business, specifically pointing to the launch of the GenV client portal and the integration of AI tools for onboarding and bank reconciliations.