KKR and Capital Group announced an expansion of their partnership to deliver integrated retirement and wealth solutions, building on the successful launch of public‑private investment strategies earlier in 2025. The new collaboration will combine KKR’s alternative‑asset expertise with Capital Group’s extensive retirement‑plan distribution network to create customized investment products for defined‑contribution plans and individual investors.
The expanded partnership introduces a Target Date Fund Solution and Public‑Private Model Portfolios that blend KKR’s private‑equity, credit, and infrastructure strategies with Capital Group’s fixed‑income and equity capabilities. In addition, the firms plan to launch a public‑private equity fund in early 2026, pending regulatory approval, and a public‑private real‑asset strategy in late 2026, expanding the range of alternative‑investment options available to retirement investors.
Strategically, the deal leverages KKR’s three‑pillar model—asset management, insurance, and strategic holdings—to provide higher‑yield, lower‑volatility alternatives that are not available through traditional mutual‑fund offerings. By tapping Capital Group’s distribution network, KKR gains access to the 95% of Americans who have historically lacked exposure to private markets, while Capital Group gains deep alternative‑asset expertise that would otherwise take decades to build. The partnership also includes a collaboration on insurance asset management, with KKR’s Global Atlantic partnering with Capital Group’s fixed‑income team to enhance portfolio diversification for insurance‑fund clients.
"Our goal is to redefine what’s possible for investors by combining the strengths of public and private markets," said Mike Gitlin, President and CEO of Capital Group. "By expanding this partnership, we’re building a platform that brings the diversification benefits of private markets to more investors— from wealth portfolios to defined‑contribution plans— in ways neither firm could achieve alone," added Scott Nuttall, Co‑CEO of KKR.
KKR’s Q3 2025 earnings, which beat analyst expectations with an EPS of $1.41 versus $1.24, demonstrate the firm’s ability to generate strong returns even amid a 20% decline in revenue over the past year. The partnership is positioned to offset these headwinds by expanding fee income through new retirement products and broadening KKR’s distribution channels. The collaboration also supports KKR’s long‑term goal of reaching $1 trillion in assets by 2030 and aligns with Capital Group’s strategic shift toward alternative assets.
Together, the expanded partnership positions both firms to capture the growing demand for alternative investments in retirement portfolios, offering investors diversified, higher‑yield solutions while strengthening each company’s competitive edge in the alternative‑asset space.
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