KKR Restructures Share Classes Across Two Conglomerate Vehicles In Coordinated Move

The infrastructure and private equity vehicles each introduced three new Class I series carrying higher investment minimums and tighter repurchase terms.

July 3, 2026

KKR moved in lockstep across two of its perpetual conglomerate vehicles on July 2, 2026, as KKR Infrastructure Conglomerate LLC and KKR Private Equity Conglomerate LLC each restructured their Class I share offerings to create a four-series framework aimed at accredited investors.

A Four-Series Class I Framework

Under the parallel changes, each company’s existing Class I shares were redesignated as Class I-Series 1 shares, and three additional series — Class I-Series 2, Series 3, and Series 4 — were designated for sale through each vehicle’s continuous private offering, conducted under the Section 4(a)(2) and Rule 506(b) exemptions. The new series carry substantially similar rights to the original Class I shares but come with:

• Higher minimum initial investments
• A minimum holding period
• The companies’ existing quarterly repurchase limitations, plus additional repurchase constraints beyond those baseline limits

Amended Management Agreements

To implement the framework, both companies entered into second amended and restated management agreements with KKR DAV Manager LLC, an affiliate. The amended agreements establish management fees for the new series that differ from the fee applicable to the original Class I shares, though specific fee levels were not disclosed in the summary.

Governance And Repurchase Plan Updates

Each vehicle also adopted an updated limited liability company agreement authorizing the issuance of multiple series within share classes — the Sixth Amended and Restated LLC Agreement for the infrastructure vehicle and the Seventh for the private equity vehicle. In both cases, KKR Group Assets Holdings III L.P., acting as sole Class G member, approved the changes by written consent. The boards of both companies additionally adopted revised share repurchase plans to fold the new Class I series into their existing repurchase programs.

The private equity vehicle took one further step, entering into an amended and restated dealer-manager agreement with affiliate KKR Capital Markets LLC. Under that arrangement, the dealer-manager will solicit sales of shares in accordance with the company’s private placement memorandum and provide administrative and shareholder services, receiving front-end sales charges, distribution fees, servicing fees, and other compensation as described in the offering documents.

Building Out The Conglomerate Platform

The coordinated restructuring builds out the share architecture of two vehicles that give qualified investors evergreen access to KKR’s infrastructure and private equity strategies. The private equity conglomerate recently reported updated transactional net asset values across ten share classes, with per-share values ranging from roughly $34 to nearly $37. The addition of series-level distinctions within Class I gives both vehicles a mechanism to offer differentiated fee and liquidity terms to investors committing larger amounts, while preserving a uniform underlying share class structure.

Both companies are Delaware entities headquartered at 30 Hudson Yards in New York, and neither has securities listed on a national exchange. The disclosures were signed by Sung Bum Cho, General Counsel and Secretary of both vehicles.