Capital Group and KKR to Advance Strategic Partnership, with Innovation Across Retirement Solutions and Model Portfolios

Rhea-AI Summary

Capital Group and KKR (KKR) expanded their strategic partnership on Dec. 3, 2025 to deliver integrated retirement and wealth solutions combining public and private market strategies. The firms will exclusively develop a Target Date Fund Solution for defined contribution plans and Public-Private Model Portfolios for wealth clients.

The partners said a public-private equity fund has been filed and is expected to launch in early 2026 pending regulatory approval, with a public-private real asset strategy targeted for late 2026. The collaboration also extends to insurance asset management with KKR's Global Atlantic.

Positive

• Exclusive partnership to build combined public-private retirement products
• Target Date Fund Solution created for defined contribution plans
• Public-Private Model Portfolios for diversified wealth clients
• Public-private equity fund filed; launch expected early 2026
• Insurance asset management collaboration with Global Atlantic

Negative

• Public-private equity fund launch is pending regulatory approval, posing timing risk

Insights

Strategic Partnerships Analyst

Capital Group and KKR expand a strategic alliance to deliver integrated public-private retirement and wealth products, plus insurance asset collaboration.

The firms will combine Capital Group public-market strategies with KKR private-market capabilities to create a Target Date Fund Solution for defined contribution plans and Public-Private Model Portfolios for wealth accounts, building on 2025 public-private launches and planned new funds targeted for early 2026 and late 2026.

This structure leverages complementary strengths: long-only public management and private asset sourcing. Execution depends on product approval and operational integration, including regulatory clearance for the first public-private equity fund and the development of a public-private real asset strategy. Distribution and advisor education are explicit focus areas that will affect adoption speed.

Key items to watch include regulatory approval timing for the early 2026 equity fund, launch timelines for the real asset strategy in late 2026, and measurable advisor enablement outcomes; insurers’ asset-management allocations with Global Atlantic will signal scale. Over the next 12–24 months, monitor product filings, client adoption metrics, and any material regulatory conditions tied to the funds.

Firms will also partner on Insurance Asset Management

LOS ANGELES and NEW YORK, Dec. 3, 2025 /PRNewswire/ -- Capital Group and KKR today announced an expansion of their strategic partnership to deliver new, integrated retirement and wealth solutions. The collaboration builds on their successful launch of public-private investment strategies in 2025.

The firms will exclusively partner to develop two new offerings that broaden private market access for retirement savers:

• A Target Date Fund Solution for defined contribution plans that is uniquely constructed as a holistic portfolio featuring public market strategies managed by Capital Group and private market strategies managed by KKR.
• Public-Private Model Portfolios that integrate public market strategies managed by Capital Group and private market strategies managed by KKR within diversified wealth portfolios.

"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," said Mike Gitlin, President and CEO of Capital Group and Scott Nuttall, Co-CEO of KKR. "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."

Capital Group and KKR have already partnered on a series of public-private funds, including Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ credit strategies. The first public-private equity fund, Capital Group KKR U.S. Equity+, has been filed and is expected to launch in early 2026 pending regulatory approval. There is also a public-private real asset strategy in development, targeted for late 2026.

Driving Industry Change

The collaboration extends beyond investments to education and advisor enablement. Both firms are committed to equipping financial advisors with the knowledge and tools needed to integrate private market exposures into client portfolios responsibly and confidently.

"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," said Matt O'Connor, CEO of Capital Group's Client Group.

Eric Mogelof, KKR's Global Head of Client Solutions added, "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."

Extending Partnership into Insurance

The firms also plan to collaborate more broadly on insurance asset management, with Global Atlantic — KKR's insurance subsidiary — by leveraging Capital Group's fixed income experience to manage portions of its assets.

About Capital Group
As Capital Group approaches its 100^th anniversary in 2031, its long-term strategy remains firmly rooted in its mission to improve people's lives through successful investing. With over 9,000 associates and 33 offices around the world, Capital Group manages $3.2 trillion in assets for millions of wealth management and institutional clients around the world*. 

*As of September 30, 2025.

For more information, visit capitalgroup.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at https://kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at https://www.globalatlantic.com/.

KKR is not a sponsor, promoter, investment adviser, sub-adviser, underwriter or affiliate of Capital Group KKR U.S. Equity+.

The registration statement of Capital Group KKR U.S. Equity+ has been filed with the Securities and Exchange Commission and is available from the EDGAR database on the SEC's website (www.sec.gov). The information in the registration statement is not complete and may be changed. The securities of the fund may not be sold until its registration statement is effective. An investor should consider the investment objective, risks, charges and expenses of the fund carefully before investing. This and other information about the fund will be contained in the fund's final prospectus, which investors should read carefully when available from the EDGAR database on the SEC's website (www.sec.gov). This communication is not an offer to sell the shares of the fund and is not soliciting an offer to buy the shares of the fund in any state where the offer or sale is not permitted.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All KKR trademarks mentioned are owned by Kohlberg Kravis Roberts & Co. L.P.

KKR Credit Advisors (US) LLC serves as the sub-adviser of Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ with respect to the management of each fund's private credit assets. Capital Group (the "Adviser") and KKR are not affiliated. The two firms maintain an exclusive partnership to deliver public-private investment solutions to investors.

This press release may contain certain forward-looking statements pertaining to KKR, including with respect to accounts advised by KKR. Forward-looking statements relate to expectations, beliefs, future plans and strategies, anticipated events and similar expressions concerning matters that are not historical facts and which can change as a result of many possible events or factors, not all of which are known to KKR or within its control, and, as a result, may vary materially.

Capital Client Group, Inc.

Media Contacts

Capital Group
Lizzie Lowe

KKR
Global Communications

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SOURCE Capital Group Companies

FAQ

What did Capital Group and KKR announce on Dec. 3, 2025 about retirement products (KKR)?

They expanded an exclusive partnership to develop a Target Date Fund Solution for defined contribution plans and Public-Private Model Portfolios for wealth clients.

When will the Capital Group KKR public-private equity fund (KKR) launch?

The public-private equity fund has been filed and is expected to launch in early 2026 pending regulatory approval.

What new strategies are Capital Group and KKR targeting for 2026 (KKR)?

A public-private equity fund expected in early 2026 and a public-private real asset strategy targeted for late 2026.

How will the partnership affect defined contribution plans and IRAs (KKR)?

The firms said the offerings aim to broaden private market access and bring private-public diversification to defined contribution plans and IRAs.

Will Capital Group and KKR work with insurance asset managers (KKR)?

Yes; the collaboration expands into insurance asset management with KKR's Global Atlantic leveraging Capital Group's fixed income experience.