KKR Private Equity Conglomerate (K-PEC): NAV by Class, Repurchases Up 6.6x in a Year, and a Fund That Pays No Distributions

What “conglomerate” means here, and why K-PEC is not a ’40 Act fund

K-PEC is KKR's evergreen private equity vehicle for accredited investors, a cousin of Blackstone's BXPE and of the tender funds in our guide to investing in private equity. Its legal wrapper is its own. It is not a registered fund and, in the passage where it explains its status, it does not lean on the private-fund exemptions of Section 3(c)(1) or 3(c)(7). It argues it is not an investment company at all, because it is a holding company that controls what it owns. The 10-K, in its own words: “We are a holding company that seeks to acquire, own and control portfolio companies,” established by KKR “as the flagship conglomerate to own and control Joint Ventures.” And on the Investment Company Act: “We operate our business in a manner so that we are not an “investment company” under the Investment Company Act of 1940, as amended.”

The mechanism is in the 10-K's exclusion analysis. The company's “most significant asset” is its wholly owned Operating Subsidiaries, which it says “are not investment companies because their assets will almost exclusively consist of general partner interests in the Company’s Joint Ventures,” and those interests are not “investment securities.” Alongside that, “the Company expects to maintain up to 20% of its total assets in the Liquidity Portfolio” (cash, Treasuries, credit and similar), and it intends to keep the investment securities it holds under 40% of assets, the Section 3(a)(1)(C) test.

Three things follow for an investor, all from the 10-K:

• It depends on KKR staying in charge. If the Management Agreement is terminated, the agreement “obligates us to forfeit our controlling interest in any Joint Venture, which would likely require us to register as an investment company,” and the company would have to buy back KKR's own Class E, F, G and H shares within 30 days at NAV. A fund with a normal advisory contract does not carry that trapdoor.
• It is for accredited investors only. Shares are sold monthly “to accredited investors (as defined in Regulation D under the Securities Act)” and, outside the United States, to non-U.S. persons under Regulation S. The 10-K sentence sets no further investor test.
• Taxes are partnership taxes. The company says it intends to give shareholders “IRS Schedule K-1 information” 75 days after year end and warns that delays are possible, so a K-PEC position can mean a K-1 and an extension for the first return, not a Form 1099.

The platform is bigger than the vehicle. K-PEC invests alongside non-U.S. KKR vehicles in what the filings call the Private Equity K-Series Platform. As of the September 23, 2026 filing the platform had raised about $18,465 million since inception, of which K-PEC's own share was $10,879 million (September 23, 2026 8-K).

The price: monthly NAV by class

The company publishes a “Transactional NAV” per share for each class each month in an 8-K exhibit, about three weeks after month end, and it is the price at which shares are sold and repurchased. The table below is built by script from the exhibits, quarter-ends plus the latest two months. Class D and S are small; Class U carries a 0.85% a year distribution and servicing fee that comes out of its NAV every month, which is consistent with its price trailing Class I by 1.9% at August 31, 2026 (our arithmetic).

Class I is 40.6% above its September 2023 level and 25.0% above December 2024 (our arithmetic). The move is not smooth. The company's NAV fell month on month three times in 35: November 2024 (-0.14%), April 2025 (-0.16%) and October 2025 (-0.18%), and rose as much as 3.51% in March 2025. Each month is a valuation, not a trade. The exhibit shows what it rests on: at August 31, 2026 portfolio companies were valued 45.0% on market comparables at a weighted 14.0x forward EBITDA, 44.4% on discounted cash flow at a 14.2% weighted cost of capital, and 10.6% on transaction price or other, and a 0.25% fall in the discount rate was worth +0.85% to portfolio values.

The NAV that investors transact at is higher than the GAAP number. At June 30, 2026 the exhibit reconciles $11,729.8 million of GAAP NAV to $12,197.0 million of Transactional NAV: $364.0 million of servicing and distribution fees recognized monthly instead of up front, plus $103.2 million of deferred tax liabilities of taxable subsidiaries excluded because they are “not expected to be recognized.”

No distributions: where the return comes from

K-PEC does not pay a yield. The 10-K, for 2025: “The Company did not declare or pay any distributions during the year ended December 31, 2025. We do not expect to make distributions on a regular basis.” The 10-Q for the second quarter of 2026 repeats that none was declared in 2026. If the company ever does, they are reinvested automatically under the DRIP unless the holder elects cash.

That makes the repurchase plan the only way to get cash out, and it makes the monthly NAV the only measure of return. For a holder replacing an income fund it is a different instrument: KKR's FS Income Trust pays a monthly distribution; K-PEC does not. The 15% performance allocation above a 5% hurdle that KKR earns on that return had accrued $186.0 million at August 31, 2026 (1.45% of NAV), against $151.3 million at September 30, 2025 (our arithmetic on the exhibits). It is measured over a reference period that runs from October 1 to September 30, so the next crystallization date is September 30, 2026.

New money: $10.9 billion raised, and 2026 running below 2025

Every month the company files an 8-K Item 3.02 with the shares sold on the first business day of the month, by class, the dollars, and a running total since inception. The table is the last fifteen of them.

Three things stand out. The monthly figure was $705.7 million in April 2024 and $571.4 million in January 2025; since January 2026 it has ranged from $205.4 million (May 2026) to $404.1 million (March 2026). And the whole year is running about a fifth below last year: $2,539.5 million sold January to September 2026 against $3,210.6 million in the same months of 2025, 20.9% lower; for the third quarter alone $792.5 million against $1,116.0 million, 29.0% lower (our sums). A new-money slowdown matters because of how repurchases are funded. The 10-K says “We anticipate selling assets primarily from our Liquidity Portfolio to fund repurchases of Shares,” and that “we may not have sufficient liquid resources to fund repurchase requests.”

Repurchases: ten quarters against a 5% cap

The plan lets shareholders ask once a quarter, and the company repurchases as of the fifth day of the second month of the quarter (February, May, August, November) at the NAV per share of the last month of the prior quarter. The limit: the plan says repurchases “will be limited to no more than 5% of the Company’s aggregate NAV per calendar quarter.” And the discretion: “We may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time.”

The 10-Q and 10-K report what was bought back, month by month and class by class. They never report what was requested, so “paid in full” is not something we can confirm, and we do not claim proration. What we can measure is how much of the cap was used.

The quarterly figure for the second quarter of 2026 was 1,900,701 shares for $65.6 million, 4.3 times the first quarter of 2026 in dollars, and the third quarter (August 5) was 1,701,524 shares for $60.2 million, the first quarterly decline in the series. Against a June 30 NAV of $12,197.0 million the cap would have allowed about $610 million (our arithmetic, taking 5% of the prior quarter-end NAV; the plan averages NAV over a window, so the exact figure differs slightly). The company used 9.9% of it. Net of repurchases, new sales in the third quarter still exceeded money out by about $732.2 million.

Who is selling? The August 5, 2026 class detail shows 794,326 Class R-U, 390,882 Class R-I and 95,950 Class R-D shares repurchased, or about $45.0 million of $60.2 million (75%); the second quarter was $58.2 million (89%) from R classes. R shares closed to new purchases on January 2, 2025 and hold $6.08 billion of NAV, 47.5% (our arithmetic on the August 31, 2026 exhibit). The oldest money is the most likely to leave. A second group worth knowing about is Class F, which KKR can take as payment of its fees: 147,337 Class F shares, about $5.6 million (9.3% of the August repurchase) were bought back at $38.01. The 10-K says that when the performance allocation is paid in Class F, those shares “may be repurchased at KKR’s request.” The filing does not say who tendered these.

The rules that cost money:

• 5% early repurchase fee on shares repurchased within 24 months of issue, which “will inure to the benefit of the Company.” From July 1, 2026 the Manager may waive it for discretionary model-portfolio programs and feeder funds, which the revised plan lists.
• Pro rata after death, divorce and similar cases: if the company repurchases some but not all requests, the rest are filled pro rata and “All unsatisfied repurchase requests must be resubmitted after the start of the next quarter.”
• Gates and exits: the Board can suspend or modify the plan, and the plan lists a “material decrease in the estimated NAV” among the reasons not to repurchase. “There may be quarters in which we do not repurchase Shares, and it is possible that we will not repurchase Shares at all for an extended period.”

How K-PEC's request history compares with a tender fund that discloses requests is in Hamilton Lane's tender series; K-PEC discloses less, which is itself information.

Cash, deployment and the revolver

The fund holds a lot of cash because it raises money monthly and invests in large blocks. At August 31, 2026 the NAV exhibit shows $2,508.7 million of cash and equivalents, 19.6% of NAV and 19.2% of assets. The 10-K's stated design is “up to 20% of its total assets in the Liquidity Portfolio,” which it says may “exceed 20% of our assets at any given time due to new subscriptions, shareholder participation in our share repurchase program” and other reasons. The first half of 2026 shows the pace: the cash flow statement reports $1,748.1 million of proceeds from issuing shares, $830.8 million spent acquiring portfolio companies and $79.1 million paid for repurchases net of the early fee, so 47.5% of the money raised went into companies in six months (our arithmetic), against 62.8% in the first half of 2025.

The company has also built borrowing capacity. K-PEC's subsidiaries signed a $200 million revolving credit agreement on December 23, 2024 and have upsized or amended it seven times in the 12 months to September 2026, after an affiliate line of credit of up to $300 million from KKR Alternative Assets signed in December 2023.

The September 11, 2026 amendment (8-K filed September 14) added $100 million of commitments, lifted the accordion from $1.5 billion to $2.5 billion, cut the margin by 50 basis points and extended maturity to September 11, 2029, with a new feature: the margin goes up 50 basis points “if the LTV is equal to or greater than 27.50%.” The June 17, 2026 joinder added provisions that “limit the amount of available undrawn commitments based on a ratio of the Borrowers’ net asset value to the credit available to the Borrowers.” The Borrowers had no outstanding balance at June 30, 2026, so the facility is a liquidity backstop for now. The 10-K warns that if the company borrows to fund repurchases, “interest paid on such borrowings will reduce NAV per Share.”

What comes out before the NAV: fees

KKR is paid through a management fee and a performance allocation, both calculated on Transactional NAV, and its dealer-manager affiliate collects distribution and servicing fees.

The July 2, 2026 8-K is the one structural change of the year. KKR redesignated Class I as Class I-Series 1 and created three more Class I series. They “will each be subject to a higher minimum initial investment and subject to certain additional restrictions, including a minimum holding period,” plus “certain additional repurchase limitations,” in exchange for lower management fees of 1.15%, 1.00% and 0.95% against 1.25% for I-Series 1. The filing does not give the minimums or the additional limits, which sit in the private placement memorandum. A holder of Class I-Series 1 pays the highest management fee in the Class I family and has the freest exit; the other three series trade a bigger ticket and a longer lock for a lower fee.

What it owns: two names above 5% of net assets

K-PEC's schedule of investments lists only holdings above 5% of net assets by name. At June 30, 2026 there were two.

GAAP net assets rose from $9,495.1 million to $11,729.8 million over those six months, which shrinks every percentage by itself; the filing does not say whether Exact Software or Spectris were sold. By sector at June 30, 2026: information technology 24.2% of net assets (29.8% at December 31, 2025), health care 19.8%, industrials 16.2%, consumer discretionary 10.6%, financials 9.4%, consumer staples 5.3%, communication services 3.5% and materials 0.4%. By geography the portfolio companies were worth $5,538.0 million in the Americas, $3,936.8 million in EMEA and $1,007.4 million in Asia Pacific, or 47.2%, 33.6% and 8.6% of net assets. Money market funds were another 16.0% of net assets.

The last 60 days in the filings

Next on the calendar, by the pattern of past filings: the September NAV and the end of the performance reference period around October 21, the October subscription 8-K around October 26, the next repurchase on November 5, 2026 and the third-quarter 10-Q in mid-November (the 2025 one was filed November 14).

K-INFRA: the same wrapper, with a dividend

KKR Infrastructure Conglomerate LLC (K-INFRA, CIK 1948056) is the same structure applied to infrastructure: a holding company, the same manager, accredited investors only, the same 5% quarterly cap and 5% early fee. It differs in the one place that matters for income: K-INFRA says “We will seek to pay regular quarterly distributions at an attractive distribution yield,” and it has.

K-INFRA's Class I NAV was $30.90 on $8.71 billion at August 31, 2026. The three down months (December 2025 -0.10%; March 2026 -1.06%; June 2026 -0.39%) are all quarter-end months, which fits a distribution coming out of NAV at the record date: a $0.33 payment is about 1.1% of a $30 share. Adding the $1.91 of Class I distributions declared since December 31, 2024 to the price gives 15.6% over 20 months, against 8.9% for the price alone (our arithmetic, not reinvested). The last four declared quarterly payments total $1.31, or 4.2% of the August 31 NAV.

Treat that yield with the filing's own warning: “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.” Part of it is reinvested: the 10-Q reports that on July 27, 2026 the DRIP issued shares for aggregate consideration of $56.9 million.

K-INFRA's repurchases are larger in proportion than K-PEC's: 1,576,524 shares and $48.1 million on August 5, 2026, 0.60% of June 30 NAV and 11.9% of the cap (our arithmetic). Class F, the class the manager can be paid in, was part of it: on July 1, 2026 K-INFRA issued 395,509 Class F shares to the manager in payment of about $12.8 million of management fee, and 91,428 Class F shares, $3.0 million, were repurchased on August 5.

New money is holding up better than at K-PEC: K-INFRA sold $691.9 million of shares in July-September 2026 against $747.8 million a year earlier, 7.5% less, and $2,139.8 million from January to September 2026 (our sums of its monthly 8-Ks). It spent its cash in the summer: investments at fair value rose by $1,228 million between June 30 and August 31, 2026 while cash fell by $531 million, taking cash from 15.1% to 7.9% of NAV (our arithmetic on the NAV exhibits). Its revolver stood at $1.55 billion at June 30, 2026 with no balance, and the amendment of August 18, 2026 (8-K filed August 21) lifted the accordion to $2.5 billion, cut the margin by 50 basis points and extended maturity to August 13, 2029.

K-INFRA's holdings are more concentrated than K-PEC's. At June 30, 2026 five assets were above or at 5% of net assets: FiberCop (fiber, Europe, $644.1 million, 8.2%), Vantage Towers (telecom towers, Europe, $639.9 million, 8.2%), Grove Education Partners (UK social infrastructure, $602.8 million, 7.7%), Refresco (industrial infrastructure, Europe, $406.1 million, 5.2%) and Greenvolt (renewables, Europe, $388.5 million, 5.0%).

How this page differs from the other evergreen funds

Most evergreen funds publish a result for each tender or repurchase: units requested, units accepted, proration. K-PEC and K-INFRA publish only what was bought back. That makes them harder to read on liquidity than a tender fund or a fund that prints a request table, and it is why this page tracks the three things that are disclosed: how much of the 5% limit was used, how much new money came in against it, and how much cash the company holds. If you compare K-PEC with BXPE or with a tender fund, compare those three numbers rather than a “percent of requests filled,” which only some of them can produce.

What a holder can do with this

• If you want to sell: the next repurchase date under the plan is November 5, 2026, at the NAV of the last month of the prior quarter (the September 30 NAV, published around October 21). The request goes through your adviser or the transfer agent; the plan has a hard cut-off at 4:00 p.m. Eastern on the repurchase date, and a request made after it waits for the next quarter. Shares held under 24 months cost 5%.
• If you hold R shares: R classes closed to new money on January 2, 2025 and supplied about three quarters of the August 2026 repurchases. If your class is R-U, R-I or R-D, the 5% early-repurchase fee window of 24 months has already closed for shares issued before October 2024 and closes by January 2027 for the last R shares sold (our arithmetic from the January 2, 2025 closing date); check the issue date on your statement.
• If you are weighing an add: the case against is a fund with no income, lower inflows (29.0% below last year in the third quarter) and cash at 19.6% of NAV, in the upper half of its 2025-26 range of 9.7% to 23.1% (our arithmetic). The case for is a repurchase line that used 9.9% of its cap in the latest quarter, a revolver that is undrawn and growing, and a Class I NAV that rose in 32 of 35 months (our arithmetic).
• What would change the picture: a quarter that uses more than a third of the 5% cap, monthly sales below $200 million or cash under 10% of NAV with a drawn revolver (our thresholds, not the company's), or a Board announcement under the plan's suspension rules. Each would show up in the monthly 8-Ks, the quarterly 10-Q or an 8-K Item 8.01.
• What to read next: the October 21 NAV 8-K and the third-quarter 10-Q in mid-November, which will carry the November 5 repurchase and the September 30 performance allocation.

FAQ

All figures are from SEC filings of KKR Private Equity Conglomerate LLC (CIK 1957845) and KKR Infrastructure Conglomerate LLC (CIK 1948056) read on EDGAR on October 6, 2026: Exhibit 99.1 of the monthly NAV 8-Ks from September 2023 to September 2026, 8-K Item 3.02 and Item 8.01 reports, the 10-K for 2025 (accession 0001957845-26-000029, filed March 26, 2026), the 10-Qs for June 2026 (accession 0001957845-26-000071 and 0001948056-26-000065), the July 2, 2026 8-K with the revised Share Repurchase Plan and management agreement (accession 0001957845-26-000060) and the credit-facility 8-Ks of December 2023 to September 2026. Quarter-to-quarter sums, percentages of NAV and of the 5% cap (taken as 5% of prior quarter-end Transactional NAV, which approximates the plan's averaging), repurchase dollars (shares times reported price), cash ratios and total returns are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.