KKR has agreed to sell USI Insurance Services to Aon for $17bn, creating one of the largest gains ever earned by a public private equity firm on a single deal. KKR will receive $3.3bn in after-tax cash from the sale, making a gain of about 3.4 times on the almost $1bn it invested in USI from 2017. The windfall is expected to boost KKR’s adjusted net income by $2bn, 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 $4tn in ageing deals. KKR’s strategic holdings unit, which includes USI and other stakes like 1-800 Contacts and Arnott’s Biscuits, generated $231mn in operating earnings in 2025 and is forecast to reach $1bn 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.