Hannah Zhang

The Switzerland-headquartered manager will seek to invest in LP-led, GP-led and opportunistic deals with an emphasis on senior lending, Secondaries Investor understands.

The firm last year partnered with global life and health insurer Reinsurance Group of America to help capitalise its future funds and build its strategy.

The Keystone strategy is expected to remain relevant across fundraising cycles, says managing partner Ian Charles and partner Charlie Tingue.

Anton Orlich, architect of the US pension giant's PE turnaround, will now also be responsible for its private credit, real estate, infrastructure and other alternative programmes.

The pension has been actively pursuing opportunities in the secondaries market over the past few years.

'We really like the idea of building a secondary platform with a blank sheet of paper,' KKR CFO Rob Lewin said on the firm’s Q4 2025 earnings call.

Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.

Nearly one-quarter of LPs have seen evidence of CV-on-CVs, according to Coller Capital’s latest investor survey.

The $85bn fund needs to think about whether it will be investing alongside retail capital when it evaluates GPs, according to deputy CIO Allen Waldrop.

Financial advisers must decide what’s best for their clients, rather than choosing between public markets and so-called alternatives, according to the asset manager's chief executive.