KKR, a leading global investment firm, today announced the agreement to acquire Gen II Fund Services, LLC (“Gen II”), a global leader in private capital fund administration, for a total enterprise value of $5.1 billion. KKR is acquiring Gen II from Hg, General Atlantic and other minority investors through its Core Private Equity strategy. Led by CEO Steven Millner, Gen II has built an experienced leadership team that will continue to lead the company.

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The strategic partnership with KKR is intended to support Gen II’s next phase of growth as private market managers increasingly seek scaled, technology-enabled solutions to navigate more complex fund structures, investor needs and regulatory requirements. KKR plans to work alongside Gen II’s management team to support the company’s continued expansion in the U.S. and internationally, broaden its capabilities across asset classes and services and invest further in proprietary technology and AI-enabled solutions. KKR also plans to help implement a broad-based employee ownership program, giving all Gen II employees the opportunity to participate in the company’s future growth.

Gen II is a leading fund administrator serving the private markets industry, providing fund administration services to more than 275 investment managers representing over $2 trillion in assets, alongside a growing suite of tax, compliance, treasury and technology-enabled solutions. Gen II was founded in 2009 by Steven Millner, Steven Alecia and Norman Leben, and has built a 17-year track record of service excellence and strong client retention.

General Atlantic and Hg co-led an investment in Gen II in 2020. Since then, the company has expanded its U.S. and European footprint, broadened its offerings and quadrupled revenue and EBITDA through strong organic growth and four strategic acquisitions.

“Gen II is exactly the type of financial services business we look for – a sophisticated sector leader with exceptional client relationships and a differentiated service model,” said Chris Harrington, Partner at KKR. “The company has become the gold standard in fund administration through its white-glove service model and founder-led culture and is well positioned to benefit from the structural growth of private markets. We see significant opportunity to support the team as they expand globally and deepen their capabilities.”

“At Gen II, our mission is to provide private markets managers with industry-leading fund administration delivered with unmatched client service and responsiveness,” said Steven Millner, Co-Founder and CEO of Gen II. “KKR's ownership culture and long-term approach align perfectly with our vision for the future. Their resources and expertise will help our exceptional team capture the significant opportunities ahead to accelerate growth and continue to be at the forefront of our industry to serve our clients.”

Justin von Simson, Partner and Stefanie Raiola, Director at Hg, said: "Gen II has become one of the most respected platforms in private capital administration, and we're proud of the role we've played alongside management and General Atlantic. Together we built a leadership team equipped to run a much larger, global business, and partnered on four acquisitions that took Gen II into new sectors, asset classes and services. Our value creation team worked closely with the business on its commercial strategy and the build-out of its Digital Solutions suite, including the launch of its GenVū client portal. We also drove AI and automation across client onboarding and bank reconciliations, capabilities now led by Gen II's own team. KKR is a natural home for Gen II's next chapter, and we wish the team every success."

Aaron Goldman, Managing Director, Global Head of Enterprise Technology and Caroline Woodworth, Managing Director, Head of Financial Services for EMEA at General Atlantic, said: “In Gen II, we saw a business with deep client relationships, an ambitious team and a culture of innovation and growth. Over the past six years, together with Hg, we have partnered closely with Steve and the management team to develop Gen II from a founder-led partnership into a true global platform. We have worked alongside the team on transformative strategic acquisitions that expanded Gen II’s international footprint and broadened its service offering, invested in product and technology advancements and opened our network to introduce new managers to the business. Today, Gen II is a trusted partner to many of the world’s largest GPs, and we look forward to seeing the team build on this progress as the company enters its next phase of growth with KKR.”

KKR has extensive experience investing in and growing leading financial services businesses, reflected most recently with USI Insurance Services, which KKR announced an agreement to sell subject to closing conditions, and Integrated Specialty Coverages (ISC), which KKR exited in 2025. The firm has followed the fund administration sector for years and sees strong cultural alignment with Gen II's entrepreneurial, growth-oriented approach.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in 2027.

Simpson Thacher & Bartlett LLP served as legal advisor to KKR. Morgan Stanley & Co. LLC, Robert W. Baird and UBS Investment Bank acted as financial advisors to the sellers, and Kirkland & Ellis LLP acted as legal advisor to the sellers.

About Gen II Fund Services
Gen II is a leading provider of tech-enabled fund administration for private capital asset managers and investors. Distinguished by its bespoke service offerings and robust technological infrastructure, the company has grown to become one of the largest independent private capital fund administrators since its inception in 2009, now overseeing $2 trillion+ of private fund capital.

Gen II serves a full spectrum of fund managers, from emerging managers to large funds operating across multinational jurisdictions. Its transatlantic operational reach redefines excellence in the fund administration sector, enabling unparalleled service capabilities to fund managers and investors globally. The company helps GPs navigate complex international markets and regulations while effectively managing their operational infrastructure, financial reporting, and investor communications. Gen II is powered by sophisticated proprietary technologies, including Sensr Solutions, a software suite designed to elevate fund management, analytics and investor experience. For more information, please visit gen2fund.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Hg
Hg is an investor in European and transatlantic technology and services businesses. We are an AI leader in private equity, helping to build sector-leading enterprises that supply critical applications or workflow services to deliver intelligent automation for their customers. We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to support entrepreneurial leaders looking to scale and drive AI transformation. With a vast European network and strong presence across North America, Hg has over $110 billion in assets under management and more than 400 employees. Our portfolio spans around 60 businesses worth over $190 billion in aggregate enterprise value, employing more than 140,000 people and consistently growing revenues at more than 16% annually.

About General Atlantic
General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 905 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create lasting value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Infrastructure, and Strategic Solutions. General Atlantic manages approximately $130 billion in assets under management, inclusive of all strategies, as of June 30, 2026, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit www.generalatlantic.com.

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