KKR to Acquire Gen II Fund Services for More Than $5 Billion from Hg and General Atlantic

Chris Harrington, Partner at KKR

“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”

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.”

Steven Millner, Co-Founder and CEO of Gen II

“At Gen II, our mission is to provide private markets managers with industry-leading fund administration delivered with unmatched client service and responsiveness”

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 at Hg

“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.”

Stefanie Raiola, Director at Hg

“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 at General Atlantic

“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.”

Caroline Woodworth, Managing Director, Head of Financial Services for EMEA at General Atlantic

“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.”