K-INFRA NAV, Payout and Fees: KKR Infrastructure Conglomerate

What K-INFRA is, and which class you are in

K-INFRA is the infrastructure twin of KKR's private equity vehicle K-PEC: the same manager, the same holding-company wrapper and the same quarterly repurchase plan. The 10-Q describes it as a holding company that “seeks to acquire, own and control” portfolio companies and special purpose vehicles that hold infrastructure assets, and says it operates so that it is not an investment company under the Investment Company Act of 1940. It sells to accredited investors under Regulation D and to non-U.S. persons under Regulation S. That page covers the wrapper in detail; this one covers what only K-INFRA's filings show.

The company is one of several vehicles in what its 8-K calls the Infrastructure K-Series Platform, the others being KKR vehicles “organized outside of the United States.” On September 1, 2026 that platform sold about $519 million of interests and about $15,757 million since inception; K-INFRA's own sales since June 1, 2023 are about $7,979 million, 50.6% of the platform (our arithmetic). If you searched “k-infra” and landed on a non-U.S. KKR infrastructure fund page, that is a different vehicle from this SEC filer.

The class you hold decides what you pay. Holder counts are per class, so an investor in two classes counts twice, and the average is our arithmetic on March 31, 2026 NAV.

Two things are not in any filing we read. The filings do not state a minimum initial investment for the open classes (the 10-K gives only a current $1,000 minimum balance after a partial repurchase), and they do not give the minimum or the holding period for the new Series 2 to 4. The July 2, 2026 8-K says only that they “will each be subject to a higher minimum initial investment.” The gap between Class I and Class S is visible in the returns: the 10-K reports 2025 total returns of 10.13% for Class I and 9.15% for Class S, a 0.98-point difference (our arithmetic). Classes U and R, the founding-period shares, are 31.9% of March 31 NAV; the reduced 1.00% management fee runs until the 60 months end in mid-2028 for shares bought as part of an intermediary's aggregate subscription of at least $100,000 in the first 12 months.

The payout: a quarterly distribution that earnings do not cover

K-INFRA has declared a distribution every quarter since 2024, after monthly declarations in the second half of 2023. The Class I amount has risen from $0.28 a share for the March 31, 2024 record date to $0.33 for each of the last three, which is 4.3% a year on the August 31 NAV (our arithmetic). The question the sibling pages cannot answer is what pays it.

Read it in three steps. First, the distribution is bigger than what the assets paid up to the company. Investment income is “dividend and other income,” which the 10-Q defines as cash the infrastructure assets send up after their own expenses and debt, and the company warns that it “may be contractually limited in its ability to make dividend distributions from Infrastructure Assets to the Company.” Income fell 27.1% between the first halves of 2025 and 2026 while declared distributions rose 83.4%, mostly because shares outstanding rose 65.7%, from 159,970,227 at June 30, 2025 to 265,081,079 at June 30, 2026 (our arithmetic). Per share, the first-half 2026 payment was $0.66 against $0.62 a year earlier.

Second, the 10-K does not hide it: “Our distributions may and are expected to exceed our earnings and cash flow from operating activities and may be paid from borrowings, proceeds from our Private Offering and other sources”, as well as asset sales or return of capital. In practice the cash for the 21.8% to 24.4% of the declaration that leaves as cash comes from the monthly subscriptions, $2,844.0 million in 2025 and $1,448.6 million in the first half of 2026.

Third, the offset is the valuation. Net increase in net assets from operations was $459.8 million in 2025 and $257.6 million in the first half of 2026, 2.4 and 1.7 times the distributions declared (our arithmetic), but most of that is unrealized. If you take the payment in cash, you are being paid from NAV, not from a cash yield; if you reinvest, you are buying shares at the price the manager sets. Distributions and NAV per share therefore move together, and the Class I total return of 10.13% in 2025 and 9.71% in 2024 (10-Ks) is mostly mark-ups and currency, which the next section breaks down.

The net distribution for Class S, U and D is lower because the servicing and distribution fees come out of it: for the September 30, 2026 record date it is $0.2637 for Classes S and U, $0.3105 for Class D and $0.3300 for Classes I, R and F.

Where the return comes from: marks and currency

K-INFRA reports as an investment company for accounting, so its holdings are carried at fair value and the change in value runs through the statement of operations. More than half of the infrastructure assets are in Europe and the United Kingdom, partly hedged with currency forwards, and the table shows how large the currency lines are against the operating result.

The lines do not foot to the last row because of small realized currency items and income-tax provisions. The point is the size of the offsetting pairs. In 2025 the dollar fell, the translation gain was $333.5 million and the hedges lost $234.6 million between realized and unrealized (our sum); in the first half of 2026 the dollar rose and the pattern reversed. The 10-Q says the realized forward gain in the second quarter was “primarily attributable to the general strengthening of the U.S. dollar during the period.” A 10% rise in the dollar against the major currencies, net of hedges, would cut the net increase in net assets by an estimated $68.5 million.

The same mechanics explain the weakest month in the NAV series. Class I NAV fell from $30.28 at February 28, 2026 to $29.96 at March 31, 2026, down 1.06%. A $0.33 distribution is 1.09% of $30.28, so if the distribution comes out of NAV at the record date, as the quarter-end pattern suggests, the underlying move was flat (+0.03%), the second-weakest month of the 37 since July 2023 after October 2023 (our arithmetic). The first-quarter translation loss was $87.9 million (six-month minus second-quarter, our arithmetic). The NAV recovered to $30.52 by May 31 and $30.90 by August 31, 2026.

The discount rate that holds the marks up has moved. The monthly NAV exhibits report the weighted average cost of capital and the exit multiple used in the discounted cash flow valuations, which carry 89.6% of the valuation weight at August 31, 2026.

The exhibits do not say whether the rise reflects riskier assets in the mix or a change in rates. The 10-Q gives the sensitivity: a 0.25% decrease in the cost of capital adds 2.59% to the infrastructure asset values and a 0.25% increase subtracts 2.52%.

KKR was repaid first: the 2023 Class E shares

K-INFRA started by buying assets from KKR with stock. On June 1 and 2, 2023 it issued 17,760,519 Class E shares to KKR Alternative Assets LLC at $25.00 for $444.0 million of interests in Refresco, Albioma and PGI, and on October 2, 2023 another 9,650,038 at $26.66 for $257.3 million of Grove Education Partners. Class E has its own exit. The 10-Q describes the KKR Share Repurchase Arrangement, under which each month the company offers to repurchase Class E shares worth the net proceeds from new subscriptions less repurchases under the main plan, and says: “This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares.”

KKR therefore received $715.0 million in cash for $701.3 million of shares in about five months, while Class U and R investors paid in $1,161.3 million in 2023 (our sum). The last 40 Class E shares, $1 thousand, were repurchased on March 2, 2026. This is a sponsor taking its seed out through the same door that later investors would have to use. Outside investors have had a very different experience: the quarterly plan has paid out a total of $173.0 million from February 2024 through August 5, 2026 (our sum of eleven quarters, including some Class F), and the plan caps them at 5% of NAV a quarter.

Repurchases: eleven quarters, and the year the requests were shown

The plan repurchases once a quarter, on the fifth day of the second month, at the NAV of the last month of the prior quarter, with a 5% early repurchase fee inside 24 months. The cap is “no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months).” The plan can pay less: “The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under this Plan, or none at all, in its discretion at any time.” If it prorates, it does so after paying requests due to death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence.

The filings stated the amount requested twice. For February 5, 2024 the 10-K says requests were approximately $369 thousand, and for May 6, 2024 the 10-Q says approximately $1,662 thousand; the company repurchased $369 thousand and $1,662 thousand. After that the filings give only the repurchase tables, so we cannot say whether any request has been prorated or left unfilled. The percentage of NAV below uses the prior quarter-end Transactional NAV, which approximates the plan's averaging (our arithmetic).

Dollars repurchased are growing much faster than dollars raised.

Two details matter for a seller. First, the August 5, 2026 repurchase included 91,428 Class F shares ($2.95 million at $32.28), 6.1% of the quarter's dollars; Class F is the class the manager is paid in; the 10-K says KKR's own policy lets it request Class F repurchases at the earlier of five years after issue or within a limit of 12.5% of the company's cumulative gains and income, and that repurchases to cover tax withholding do not count toward that limit. Second, the early fee is not always collected: the Class U repurchase of $15.9 million on August 5 paid no fee (Class U closed to new money on June 1, 2024), while Class S paid $305 thousand on $11.5 million. Our K-PEC page and our comparison of evergreen fund redemptions cover how other private funds report requests.

One discrepancy in the filings: the 10-Q for the third quarter of 2024 listed the November 5, 2024 repurchase as 96,705 shares ($2.7 million); the 10-K for 2024 lists 78,182 shares ($2.2 million). We use the 10-K.

The fee stack, and the credits that offset it

Three features stand out. The credits offset “Management Fees and certain operating expenses,” so they are not a pure fee rebate, but in 2025 they equalled 85.1% of the gross fee and in the first half of 2026 50.8% (our arithmetic). The performance allocation is mostly paid in stock: in 2025 the company issued 1,762,944 Class F shares worth $54.7 million to KKR, and in the first half of 2026 it also paid $14.5 million of management fee in 459,701 Class F shares. And the expense support is over: the Expense Limitation Agreement capped specified expenses at 0.60% of net assets through December 31, 2024 and was not renewed, and the manager recouped $2.4 million in 2024, $12.6 million in 2025 and $4.0 million in 2026, after which the 10-Q says “All amounts subject to recoupment by the Manager pursuant to the Expense Limitation Agreement were recouped as of June 30, 2026.”

For a holder the useful ratio is fees against the result, not against NAV. In 2025 the performance allocation was 14.6% and the gross management fee 12.1% of the $459.8 million net increase in net assets from operations, together 26.7%; in the first half of 2026 together they were 31.9% of $257.6 million (our arithmetic). Because the Transactional NAV is what you buy and sell at, one more item belongs on the list: GAAP net assets were $8,433.6 million at August 31, 2026, $276.8 million below the $8,710.4 million Transactional NAV, of which $243.1 million is servicing and distribution fees that GAAP charges up front on Class S, U and D shares and the Transactional NAV deducts month by month (our arithmetic on the exhibit).

Who it buys from: KKR's other vehicles

K-INFRA invests alongside other KKR vehicles, and the 10-K lists the related-party trades. In 2025 it bought interests in infrastructure assets from investment vehicles managed by a KKR affiliate for $373.0 million, recording $32.3 million of unrealized appreciation on them (8.7% of the price, our arithmetic), an interest from an affiliated KKR-sponsored vehicle for $180.0 million “as part of a sale and purchase between successive fund vintages,” and others from KKR-managed vehicles for $10.6 million. Those three total $563.6 million, 29.9% of the $1,883.8 million of cash acquisitions in the year (our arithmetic). In 2024 KKR Alternative Assets LLC contributed interests for $378.5 million, paid for with cash and borrowings under a line of credit.

That line is a second K-INFRA specific. KKR Alternative Assets LLC, an affiliate, lends up to $350 million under an unsecured, uncommitted line, and at December 31, 2024 K-INFRA owed $229.1 million on it at an agreed interest rate of 0.00%. It was repaid in 2025 and was undrawn at December 31, 2025 and June 30, 2026. The bank revolver (Mizuho, with KKR Capital Markets as joint lead arranger) has grown from $400 million at December 31, 2024 to $1.30 billion a year later and $1.55 billion at June 30, 2026, with nothing drawn; on August 18, 2026 the accordion was raised to $2.5 billion, the margin cut by 50 basis points and maturity extended to August 13, 2029. Interest expense was still $10.8 million in 2025 and $9.0 million in the first half of 2026, including $7.2 million of deferred financing amortization in 2025. The filings do not total the debt at the asset level, so company-level leverage is nil but the leverage of the underlying holdings cannot be read.

What it owns, and how much is cash

The five named holdings were 34.3% of net assets at June 30, 2026 and the top three 24.1% (our sums); the first three were 28.8% at December 31, 2025. Total infrastructure assets were $6,955.2 million at fair value (cost $5,853.7 million), 89.0% of net assets; by region 41.8% were in Europe, 22.4% in North America, 16.6% in the United Kingdom and 8.2% in Asia Pacific. Another 15.6% of net assets ($1,212.2 million) sat in money market funds, which the schedule counts as investments; by August 31, 2026 cash had fallen to $684.3 million, 7.9% of the Transactional NAV, and investments had risen to $8,207.3 million against a cost of $6,831.5 million (our arithmetic). Eleven assets were bought in the first half of 2026, among them Viridor (UK waste), Elemental (Australian power) and Vertical Bridge (about 17,000 U.S. towers), and the Pembina Gas Infrastructure stake was sold in July 2026.

What a holder can do with this

• If you want to sell: the next repurchase date is November 5, 2026 at the September 30 NAV, with a 4:00 p.m. Eastern cut-off that day. Shares under 24 months old pay the 5% fee. The company can pay less than requested and does not say how many requested; if you must have the cash by a date, ask your adviser for the transfer agent's confirmation and plan for a second quarter.
• If you reinvest: in 2025 and the first half of 2026 about 62% to 64% of the declared distribution was reinvested by holders (our arithmetic). A reinvested dollar is a new purchase at NAV, not a free share.
• If you hold Class S, U or D: the fee difference between classes is real, 0.98 points of total return between Class I and Class S in 2025. The statement of changes in net assets shows $39.6 million of transfers between classes in 2025, so conversions exist; ask whether your position qualifies.
• If you are weighing a purchase: the case for is steady NAV growth (Class I from $26.18 at July 31, 2023 to $30.90, up 18.0%, our arithmetic), no company-level debt and an undrawn $1.55 billion revolver. The case against is a distribution not covered by net investment income, KKR-affiliated sellers on 29.9% of 2025's acquisitions, a sponsor paid first and mostly in stock, and requested amounts that are not published.
• What would change the picture (our thresholds, not the company's): a quarter in which repurchases exceed 2% of NAV, a drawn revolver while cash is under 5%, or a cut in the $0.33 payment. Each would appear in the monthly NAV 8-K (the September 30 NAV is expected around October 21), the third-quarter 10-Q in mid-November or an 8-K Item 8.01.
• Tax: the 10-K says the company intends to provide Schedule K-1 information 75 days after year end; see our K-1 versus 1099-DIV guide.

This is analysis of public documents, not investment, legal or tax advice. A comparable evergreen infrastructure vehicle is Blackstone's BXINFRA.

FAQ

All figures are from SEC filings of KKR Infrastructure Conglomerate LLC (CIK 1948056) read on EDGAR on October 9, 2026: the Form 8-Ks for monthly Transactional NAV and Exhibit 99.1 (accessions 0001193125-23-193566 to 0001948056-26-000074), the Item 3.02 sales reports and the distribution declarations (to 0001948056-26-000079), the 10-Ks for 2023, 2024 and 2025 (accessions 0001948056-24-000007, 0001948056-25-000015 and 0001948056-26-000023), the 10-Qs including the June 2026 report (accession 0001948056-26-000065), and the July 2, 2026 8-K with the share repurchase plan and management agreement (accession 0001948056-26-000058). Percentages of NAV and of money raised, sums across quarters, coverage ratios, per-holder averages and yields on NAV are our arithmetic. Repurchase percentages use the prior quarter-end Transactional NAV, which approximates the plan's three-month average. Compiled by CrowdfundedWealth. This is analysis of public documents, not investment, legal or tax advice.