KKR has agreed to sell USI Insurance Services to Aon for 17 billion dollars, creating one of the largest gains ever earned by a public private equity firm on a single deal. KKR will receive 3.3 billion dollars in after-tax cash from the sale, making a gain of about 3.4 times on the almost 1 billion dollars it invested in USI from 2017. This windfall is expected to boost KKR’s adjusted net income by 2 billion dollars, or about 2 per share, supporting its strategy of investing its own cash into deals rather than relying solely on external investor funds.

This approach, pioneered by co-founders Henry Kravis and George Roberts, allows KKR to supplement its fee-based earnings. The sale reflects a broader trend where KKR and peers like Advent International and Blackstone are achieving large gains despite industry malaise, with investors holding a record 4 trillion dollars in ageing deals. KKR’s strategic holdings unit, which includes USI and other stakes like 1-800 Contacts and Arnott’s Biscuits, generated 231 million dollars in operating earnings in 2025 and is forecast to reach 1 billion dollars by 2030.

The firm has also agreed to sell stakes in Atlantic Aviation and Viridor for two-fold gains as it recycles capital from mature investments.