Spotlight: KKR and Its K-Series Evergreen Funds

KKR’s evergreen vehicles for individual investors held $42 billion as of June 30, 2026, and the firm has built a distinct advisor-facing platform around them.

August 17, 2026

KKR & Co. Inc. (NYSE: KKR) is a New York investment firm founded in 1976 that reported $796 billion in assets under management as of June 30, 2026, up 16 percent year over year. The part of that business an advisor is most likely to encounter is the K-Series, the set of evergreen vehicles KKR offers to eligible individual investors alongside its institutional funds. According to KKR’s second quarter 2026 earnings release, K-Series AUM totaled $42 billion across asset classes, against $25 billion a year prior.

Four vehicles, one per asset class

The K-Series mirrors KKR’s four private markets businesses: KKR Private Equity Conglomerate, KKR Infrastructure Conglomerate, KKR Real Estate Select Trust, and KKR FS Income Trust for credit. The individual vehicle pages sit behind an attestation wall, where the visitor confirms registered financial professional status, accredited investor clients, and that the inquiry is not being made at the request of a client of fewer than 30 days’ standing. Filings across those entities run through KKR’s SQX Alts directory listing, and KKR FS Income Trust Select crossed $1 billion in cumulative share sales in May.

KKR reports $334 billion of perpetual capital as of June 30, 2026, equal to 42 percent of AUM and 50 percent of fee-paying AUM, and its definition of that category explicitly includes the K-Series vehicles offered to individual investors. The firm notes the category is subject to material reduction through withdrawals, redemptions, and periodic distributions.

Beginning in the second quarter of 2026, KKR moved realized performance fees from its K-Series private equity vehicles into fee related performance revenues, reporting roughly $160 million there for the quarter against approximately $80 million a year earlier under the prior treatment. The firm says the change reflects how management currently runs the business and aligns its presentation with other listed alternative managers, and that prior periods were not recast. The share classes inside two of the conglomerate vehicles were restructured in July.

What the wealth platform actually offers advisors

KKR’s RIA Center carries a video series called Exchanging Notes, hosted by Matt Magill, head of RIAs and bank trust, whose first episode features Michael Dow of Beacon Pointe on how centralized research helps advisors scale. The firm published a 2025 RIA survey on how advisory firms are approaching private markets and has a 2026 edition slated for this fall. Its Alternatives Unlocked platform runs 101-level modules in each of the four asset classes, with continuing education credit available.

The firm also publishes a three-model asset allocation framework, each model targeting 30 percent private markets. The capital preservation model allocates 40 percent bonds, 30 percent equities, 12.5 percent private credit, 7.5 percent private infrastructure, and 5 percent each to private equity and private real estate, which KKR reports carried 310 basis points less historical volatility than a 60/40 portfolio. The income model shifts to 15 percent private credit for what the firm reports as 140 basis points more historical income; the growth model runs 15 percent private equity for 50 additional basis points of historical return. KKR presents the framework as an illustrative starting point rather than a prescriptive solution, and notes the target returns underlying its comparisons are hypothetical.

In April 2026 the firm named Lauren Goodwin, previously chief market strategist at New York Life Investments, managing director and chief investment strategist for global wealth solutions, with a remit to build portfolio tools for wirehouses, RIAs, private banks, and independent broker-dealers. That announcement placed the K-Series on more than 180 distribution platforms.

Separately, KKR and Capital Group announced a strategic partnership in May 2024 and have since launched two public-private funds in fixed income, with additional asset classes described as in development. KKR states the partnership targets the 95 percent of Americans who have not historically had access to private markets investments.