KKR has agreed to acquire Gen II Fund Services from Hg and General Atlantic in a deal valued at approximately $5.1 billion. The sale concludes a six-year holding period for the sellers, during which Gen II quadrupled both revenue and EBITDA through strong organic growth and strategic acquisitions. The company now serves over 275 investment managers with more than $2 trillion in combined assets.
Chris Harrington of KKR stated the firm looks for sophisticated sector leaders with exceptional client relationships. Under KKR's ownership, Gen II plans to expand in the US and internationally, broaden service capabilities, and invest in proprietary technology and AI. The acquisition includes plans for a broad-based employee ownership program, giving every employee a stake in the company's future.
Justin von Simson and Stefanie Raiola of Hg noted the firm's support of Gen II's commercial strategy and Digital Solutions suite, including the Gen Vül client portal. General Atlantic highlighted its role in extending Gen II's international reach through acquisitions and technology investments. Steven Millner, who co-founded Gen II in 2009, will continue as CEO alongside the existing management team.
The transaction marks a significant exit for Hg and General Atlantic's enterprise technology and financial services investments.
Source: PE Insights · Summarized by HeadlinesBriefing