Capital Group, KKR Launch Public-Private Equity Interval Fund for Retail Investors

Global investment firms Capital Group and KKR & Co. have expanded their strategic partnership with the launch of Capital Group KKR U.S. Equity+, an interval fund designed to bring institutional-grade private equity strategies to a broader retail audience.

The fund, which registered with the U.S. Securities and Exchange Commission last summer and is now effective, represents the next phase of a collaboration between the two firms, following the launch of two public-private debt vehicles in April 2025.

Managed by Capital Research and Management Company, the fund carries no accreditation requirements, allowing “everyday” investors access to private market opportunities historically reserved for high-net-worth individuals and institutional players. Capital Group said the fund will invest in and alongside KKR strategies that are generally not available to retail investors.

The fund’s primary objective is long-term capital appreciation, achieved through an integrated portfolio of publicly traded and private equity securities. Under normal circumstances, at least 80% of net assets will be invested in U.S. companies.

The targeted asset allocation includes:

• Public equities at 60%: Actively managed investments primarily in large- and mid-capitalization U.S. issuers; and
• Private equities at 40%: Split between investments in KKR Private Equity Conglomerate LLC, or K-PEC, targeted at 30%, and direct co-investments alongside KKR vehicles, targeted at 10%.

A central feature of the fund is its concentration in the financial services sector, with more than 25% of assets expected to be invested in companies within this group, including private equity and asset management. The fund expects to invest in K-PEC through its continuous private offering on a monthly basis, providing exposure to a holding company that acquires and controls portfolio companies through joint ventures.

“Public and private markets are distinct, but they shouldn’t be thought of in isolation,” said Holly Framsted, head of product group at Capital Group. “U.S. Equity+ is designed around how companies grow, compete, and create value today – across both markets. By bringing high-conviction public equity and private equity together in one integrated portfolio, we’re offering investors a more complete way to participate in the evolution of the U.S. equity landscape.”

As an interval fund, Capital Group KKR U.S. Equity+ provides periodic liquidity through quarterly repurchase offers. The fund currently plans to offer to buy back 5% of outstanding shares each quarter with the first repurchase offer expected to be issued in August 2026.

The fund offers multiple share classes – A, A-2, A-3, F-2, F-3, and R-6 – with varying expense structures to accommodate different investor needs. Depending on the share class, investors may pay significant upfront sales charges, such as up to 5.75% for Class A shares or 3.5% for Class A-2 shares.

With more than 9,000 associates and 33 offices around the world, Capital Group manages $3.4 trillion in assets for millions of wealth management and institutional clients as of January 2026.

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