KKR to buy fund administrator Gen II for more than $5B from Hg and General Atlantic

KKR agreed to acquire Gen II Fund Services, a global leader in private capital fund administration, at a total enterprise value of $5.1 billion. The firm is buying Gen II from Hg, General Atlantic and other minority investors through its Core Private Equity strategy. CEO Steven Millner and the existing leadership team will continue to run the business.

Why it matters: KKR is buying the plumbing of the private capital industry itself, a long-duration asset squarely in line with its Core PE hold-forever strategy.