KKR to Acquire Gen II Fund Services for $5.1 Billion as Hg Books 34% Uplift
Updated
Updated · TradingView · Oct 6
KKR to Acquire Gen II Fund Services for $5.1 Billion as Hg Books 34% Uplift
3 articles · Updated · TradingView · Oct 6
Summary
$5.1 billion is the agreed enterprise value for KKR’s purchase of Gen II Fund Services from Hg, General Atlantic and other minority investors, with closing expected in 2027 pending regulatory approvals.
Gen II serves more than 275 investment managers representing over $2 trillion in assets, making it a scaled bet on rising demand for technology-enabled private capital fund administration.
KKR said it will keep CEO Steven Millner and the existing leadership team, while backing U.S. and international expansion, broader services, more technology and AI investment, and an employee ownership program.
For HgCapital Trust, the sale values its Gen II stake at about £71 million, a £18 million uplift over carrying value, lifting pro-forma NAV to roughly £2.4 billion.