KKR announced that it has reached an agreement to acquire Gen II Fund Services for $5.1 billion, including debt. According to Sina Finance, KKR will buy Gen II from Hg, General Atlantic, and other minority shareholders.

Gen II provides tax, compliance, treasury management, and technology services to private equity, private credit, and other private market investment managers. The company serves more than 275 investment firms and supports over $2 trillion in private capital. KKR said Gen II co-founder and CEO Steven Millner will continue to lead the company. The transaction is expected to close in 2027. In May, KKR acquired Arctos, an investment firm that provides capital solutions to alternative asset managers and invests in sports franchises, in a deal with an initial valuation of about $1.4 billion.