Capital Group and KKR & Co. are taking the next step in their push to sell retail investors on private equity, launching a fund that combines bets on private companies with U.S. stocks.
The fund, called Capital Group KKR U.S. Equity+, comes after the firms last year launched two vehicles that combined public and private debt. The new fund will invest in and alongside KKR strategies generally not available to everyday investors, Capital Group said in a statement.
"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," said Holly Framsted, head of product group at Capital Group, which manages about $3.4 trillion.
About 60% of the fund's assets will be invested in actively managed large-cap U.S. equities, according to the statement. It offers periodic liquidity and carries no accreditation requirements.
Alternative asset managers are increasingly turning to wealthy individuals as a new and growing source of capital as their traditional institutional investors run short of cash to allocate to private equity. They're also ramping up their efforts to tap into the $14 trillion sitting in U.S. defined-contribution accounts.
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