Capital Group and KKR announced an expanded partnership (previous deal announcement) to develop new integrated retirement and wealth management offerings, building on a series of public-private investment strategies launched earlier in 2025. The enhanced collaboration introduces two new products designed to broaden access to private markets for retirement savers and wealth clients.
The firms will jointly develop a target-date fund solution for defined contribution plans that combines public-market strategies from Capital Group with private-market strategies managed by KKR. They will also introduce public-private model portfolios integrating public and private market investments into diversified wealth portfolios.
The expansion reflects growing demand from advisors and clients for broader access to private market exposure. The companies emphasized that the collaboration is intended to remove friction for advisors seeking to blend public and private market components in client portfolios. Capital Group and KKR plan to continue building educational resources and advisor support to guide the adoption of these solutions.
The strategic relationship between the firms has already led to the joint development of public-private products. This includes Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ credit strategies. A public-private equity fund, Capital Group KKR U.S. Equity+, has been filed with regulators and is anticipated to launch in early 2026, pending SEC approval. A real asset public-private strategy is targeted for release in late 2026.
The expanded partnership also extends into insurance asset management. Capital Group’s fixed-income capabilities will be used to manage portions of Global Atlantic’s investment portfolio, KKR’s insurance subsidiary.
Capital Group currently manages $3.2 trillion in assets and serves millions of institutional and wealth clients globally. KKR continues to expand its presence across private equity, credit, infrastructure, insurance, and other alternative investment areas.
KEY QUOTES:
“Our goal is to redefine what’s possible for investors through best-in-class strategies that combine the strengths of both public and private markets. Solving the challenges investors and their advisors face when incorporating private markets into their portfolios requires true collaborative partnership. 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.”
Mike Gitlin, President and CEO of Capital Group, and Scott Nuttall, Co-CEO of KKR
“At a pivotal moment for wealth management and retirement markets, investors are seeking more holistic solutions and greater choice. Capital Group and KKR are committed to leading this transformation, passionately focusing on education, transparency, and innovative products that empower financial advisors and their clients.”
Matt O’Connor, CEO of Capital Group’s Client Group
“Our expanded partnership reflects a shared belief that more investors deserve access to high-quality private investments. By combining Capital Group’s public markets investment rigor with KKR’s private market depth, we’re redefining what’s possible for financial professionals and their clients. Defined contribution plans and IRAs can benefit from the diversification of private markets, just like defined benefit plans do today.”
Eric Mogelof, Global Head of Client Solutions, KKR
