KKR Private Equity Conglomerate Lifts Share Values as Net Assets Reach $13.27 Billion

Cash on hand rose to $2.66 billion, and the manager cut the valuation weight given to transaction prices and other methods to 5.0% from 10.3%.

October 21, 2026

KKR Private Equity Conglomerate LLC raised the transactional net asset value of all ten of its outstanding share classes as of September 30, 2026. Transactional NAV is the price at which the vehicle sells and repurchases its shares, and total transactional NAV reached $13.27 billion, up from $12.20 billion at June 30. Shares outstanding grew to about 366.1 million from 345.5 million over the quarter, and the vehicle took in $268.2 million in its September subscription round.

Per-Share Values

• Class I-Series 1: $36.69, up from $35.72
• Class R-I: $36.67, up from $35.67
• Class R-D: $36.39, up from $35.43
• Class D: $36.37, up from $35.43
• Class S: $35.97, up from $35.09
• Class U: $35.96, up from $35.08
• Class R-U: $35.66, up from $34.77
• Class F, Class G and Class H: $39.36 each, up from $38.01

Class I-Series 1 is the redesignated original Class I tranche, created when the vehicle restructured its Class I offering into a four-series framework in July. No Class I-Series 2, 3 or 4 shares were outstanding at quarter end, and Class I-Series 3 shares carry a $25.00 issuance price.

Balance Sheet

Investments carried at fair value totaled $10.87 billion against a cost basis of $8.33 billion. Cash and cash equivalents rose to $2.66 billion from $1.88 billion. The accrued performance participation allocation increased to $218.8 million from $158.3 million, and management fees payable stood at $35.6 million, compared with $11.6 million at June 30.

GAAP net asset value came to $12.78 billion. The gap to transactional NAV reflects $379.7 million of shareholder servicing and distribution fees, which GAAP accrues upfront for the expected life of the shares, and $104.4 million of deferred tax liabilities at certain taxable subsidiaries that the company does not expect to recognize.

Valuation Inputs

The manager's valuation mix shifted toward market comparables, which carried a 48.0% weighted average weight, up from 44.7%. Discounted cash flow analysis carried 47.0%, up from 45.0%, while transaction price and other methods fell to 5.0% from 10.3%.

The weighted average forward EBITDA multiple edged up to 14.2x from 14.1x, and the forward revenue multiple rose to 8.7x from 8.2x. The weighted average cost of capital used in discounted cash flow models increased to 14.5% from 14.1%. By the vehicle's own sensitivity estimate, a 0.25% decrease in that rate would lift portfolio company values by 0.78%, and an equal increase would reduce them by 0.75%. An independent valuation advisor reviews the manager's assumptions.