KKR plans to buy Gen II Fund Services for $5.1 billion to boost its private market investments.

Oct 6, 2026, 6:06 AM ETDealRead the original at Benzinga

Good for KKR

Gen II serves more than 275 investment managers, and its revenue and EBITDA have quadrupled since 2020, giving KKR a growing service business to expand. The purchase price is close to KKR’s reported cash and short-term investments, and approvals are still needed, but Gen II’s growth supports a positive read.

KKR · KKR & Co. Inc.

AI read · Good for KKR

The AI's read

Gen II adds a business that handles fund records, taxes, compliance, and treasury for more than 275 investment managers. Its revenue and EBITDA grew fourfold since 2020, giving KKR an established service business to expand. The $5.1 billion price is close to KKR’s reported $5.3 billion in cash and short-term investments. The source does not say how KKR will pay, so that comparison raises a cost concern but does not show KKR will use all its cash. Approval is still needed, and the deal is expected to close in 2027.

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