KKR Infrastructure Conglomerate LLC
Sponsored by KKR. Operating Company structure focused on infrastructure.
Operating CompanyInfrastructure
- Net assets
- $6.99B
source
Quarterly report (Form 10-Q) · filed 2026-05-13 · period 2026-03-31
Members equity
“{'end': '2026-03-31', 'val': 6985773000, 'accn': '0001948056-26-000037', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-13', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $29.96
source
Quarterly report (Form 10-Q) · filed 2026-05-13 · period 2026-03-31
canonical class (Class I) headline, basis: Transactional Net Asset Value (fund's own share-transaction pricing basis) — 'Transactional Net Asset Value per Share as of March 31, 2026' table (Class I Shares Class S Shares Class U Shares Class R Shares Class D Shares Class F Shares Class G Shares Class H Shares -- values $29.96 $29.98 $29.95 $29.98 $29.94 $31.62 $35.23 $35.23), reconciled to the same table's 'Total Monthly Transactional Net Asset Value' / 'Number of outstanding shares' rows per class (Class I $2,328,566,000 / 77,728,630 shares = $29.96). The filing's own 'Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value' table shows Transactional NAV $7,230,684,000 = GAAP Net Asset Value $6,985,773,000 + accrued shareholder servicing/distribution fees $216,086,000 + deferred tax liabilities of taxable subsidiaries $15,107,000 + unamortized financing/acquisition costs $13,718,000 -- confirming GAAP NAV (our extracted total_net_assets fact) and Transactional NAV are two different, both-correct concepts for the same period end; the fund's per-class pricing table uses Transactional NAV, so that is the concept this canonical-class headline uses. Class I is canonical (always listed first across every table in the filing).
“Total Monthly Transactional Net Asset Value $ 2,328,566 $ 2,350,935 $ 1,417,379 $ 886,823 $ 144,010 ... Number of outstanding shares 77,728,630 78,416,326 47,324,412 29,584,219 4,809,476 ... Transactional Net Asset Value per Share as of March 31, 2026 $ 29.96 $ 29.98 $ 29.95 $ 29.98 $ 29.94”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I (canonical class) · 2026-03-31 - Net flows, last qtr
- +10.8% qtr ended 2026-03-31
- Distribution coverage (NII)
- -16% period ended 2026-03-31
- Leverage in use
- Not captured coverage not available
- Total return, 12m
- Insufficient history computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year Sixth Amended and Restated Limited Liability Company Agreement On July 2, 2026, the Company entered into... (2026-07-02)
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year Sixth Amended and Restated Limited Liability Company Agreement On July 2, 2026, the Company entered into the Sixth Amended and Restated Limited Liability Company Agreement (the “Sixth A&R LLCA”), which amended and restated the Company’s Fifth Amended and Restated Limited Liability Company Agreement, dated as of December 15, 2023. The amendment and restatement effects certain changes, including, among other things, to clarify that the Company is authorized to issue different series of Classes of Shares, to redesignate the
Why it matters and what changed
Governance documents changed. Usually technical; occasionally it moves a shareholder protection, so the specific provision is worth a read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1948056/000194805626000058/kkr-20260702.htm | Item 5.03
Item 8.01. (2026-07-02)
Item 8.01. Other Events On July 2, 2026, the Board of Directors of the Company adopted a revised share repurchase plan (the “Share Repurchase Plan”) to, among other things, incorporate the Class I Series into the Share Repurchase Plan. The foregoing summary description of the Share Repurchase Plan does not purport to be complete and is qualified in its entirety by reference to the Share Repurchase
Why it matters and what changed
The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1948056/000194805626000058/kkr-20260702.htm | Item 8.01
Agreement In connection with the foregoing, on July 2, 2026, the Company entered into a Second Amended and Restated Management Agreement (the “Second A&R Management Agreement”)... (2026-07-02)
Agreement In connection with the foregoing, on July 2, 2026, the Company entered into a Second Amended and Restated Management Agreement (the “Second A&R Management Agreement”) with KKR DAV Manager LLC (the “Manager”). The amendment and restatement effects certain changes, including, among other things, the redesignation of Class I Shares as Class I-Series 1 Shares and designation of the Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares (together, the “Class I Series”). As amended, the Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares will
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1948056/000194805626000058/kkr-20260702.htm | Item 1.01
Credit facility new or amended: 20 occurrence(s), 2023-04-27 to 2026-07-02
Most recent (2026-07-02): Agreement In connection with the foregoing, on July 2, 2026, the Company entered into a Second Amended and Restated Management Agreement (the “Second A&R Management Agreement”) with KKR DAV Manager LLC (the “Manager”). The amendment and restatement effects certain changes, including, among other things, the redesignation of Class I Shares as Class I-Series 1 Shares and designation of the Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares (together, the “Class I Series”). As amended, the Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares will
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 20 of these in the covered window; the cadence itself is part of the signal.
20 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1948056/000194805626000058/kkr-20260702.htm | Item 1.01
Redemptions accelerated to $30.2M from $22.2M the prior period (period ended 2026-03-31).
Redemptions accelerated to $30.2M from $22.2M the prior period (period ended 2026-03-31). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)
Why it matters and what changed
Redemption dollars are accelerating period over period. This is the earliest provable symptom of the sentiment shift that, if it persists, ends in oversubscribed offers and pro-ration.
$22.2M -> $30.2M (up 35.8% vs prior period); trailing 4-period average $17.4M; same period prior year $4.1M; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: us-gaap:PaymentsForRepurchaseOfCommonStock | accession 0001948056-26-000037 | 10-Q filed 2026-05-13
Redemptions accelerated to $22.2M from $11.5M the prior period (period ended 2025-12-31).
Redemptions accelerated to $22.2M from $11.5M the prior period (period ended 2025-12-31). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)
Why it matters and what changed
Redemption dollars are accelerating period over period. This is the earliest provable symptom of the sentiment shift that, if it persists, ends in oversubscribed offers and pro-ration.
$11.5M -> $22.2M (up 94.0% vs prior period); trailing 4-period average $10.9M; same period prior year $2.1M; breach persisted 5 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: us-gaap:PaymentsForRepurchaseOfCommonStock | accession 0001948056-26-000023 | 10-K filed 2026-03-26
Redemptions accelerated to $11.5M from $5.8M the prior period (period ended 2025-09-30).
Redemptions accelerated to $11.5M from $5.8M the prior period (period ended 2025-09-30). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)
Why it matters and what changed
Redemption dollars are accelerating period over period. This is the earliest provable symptom of the sentiment shift that, if it persists, ends in oversubscribed offers and pro-ration.
$5.8M -> $11.5M (up 97.5% vs prior period); trailing 4-period average $5.9M; same period prior year $1.0M; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: us-gaap:PaymentsForRepurchaseOfCommonStock | accession 0001948056-25-000066 | 10-Q filed 2025-11-14
Historical findings (12)
Redemptions accelerated to $5.8M from $4.1M the prior period (period ended 2025-06-30).
Redemptions accelerated to $4.1M from $2.1M the prior period (period ended 2025-03-31).
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2025-02-26)
On November 7, 2024, KKR Infrastructure Conglomerate LLC (the “Company”) adopted an Amended and Restated Distribution Reinvestment Plan (the “DRIP”), effective November 7, 2024,... (2024-11-07)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2024-04-07)
Fifth Amended and Restated Limited Liability Company Agreement On December 15, 2023, the Fifth Amended and Restated Limited Liability Company Agreement (the “Fifth A&R LLCA”) of... (2023-12-15)
Item 8.01 Other Events. (2023-09-28)
On September 25, 2023, KKR Infrastructure Conglomerate LLC (the “Company”) entered into an Amended and Restated Management Agreement (the “A&R Management Agreement”) with KKR DAV... (2023-09-25)
to this Current Report on Form 8-K). (2023-09-22)
Second Amended and Restated Limited Liability Company Agreement On May 26, 2023, the Company executed its Second Amended and Restated Limited Liability Company Agreement (the... (2023-05-26)
Agreement On May 26, 2023, KKR Infrastructure Conglomerate LLC (the “Company”) entered into a Management Agreement (the “Management Agreement”) with KKR DAV Manager LLC (the... (2023-05-26)
Item 8.01 Other Events. (2023-05-03)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
The disclosed history shows no rationed period.
No structured redemption history has been captured for this fund.
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Class D 2.1%Class F 1.5%Class I 33.3%Class R 12.7%Class S 33.7%Class U 20.3%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class D | Role is not explicit in the captured filed terms. | Not disclosed | Not disclosed | Not disclosed | $144,010,0002026-03-31 |
| Class F | Role is not explicit in the captured filed terms. | Not disclosed | Not disclosed | Not disclosed | $102,969,0002026-03-31 |
| Class I | Role is not explicit in the captured filed terms. | Not disclosed | Not disclosed | Not disclosed | $2,328,566,0002026-03-31 |
| Class R | Role is not explicit in the captured filed terms. | Not disclosed | Not disclosed | Not disclosed | $886,823,0002026-03-31 |
| Class S | Role is not explicit in the captured filed terms. | Not disclosed | Not disclosed | Not disclosed | $2,350,935,0002026-03-31 |
| Class U | Role is not explicit in the captured filed terms. | Not disclosed | Not disclosed | Not disclosed | $1,417,379,0002026-03-31 |
Management fee: 1.25% of nav by share class per year. source. Pursuant to the Management Agreement, the Manager is entitled to receive the Management Fee, payable monthly in arrears, in an amount equal to (i) 1.25% per annum of the month-end NAV attributable to Class D, Class I and Class S Shares, and (ii) 1.00% per annum of the month-end NAV attributable to Class U, Class R-D, Class R-S and Class R Shares for a 60-month period following the Initial Offering (subject to a minimum-aggregate-subscription condition for certain classes), stepping up to 1.25% per annum thereafter. KKR also separately receives a Performance Participation Allocation. Operating-company management agreement, not a standard investment-company fee-table note; first-pass extraction (zero cached filings at prior-pass time), fetched live from the fund's 10-K.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to the Management Agreement, the Manager is entitled to receive the Management Fee, payable monthly in arrears, in an amount equal to (i) 1.25% per annum of the month-end NAV attributable to Class D, Class I and Class S Shares, and (ii) 1.00% per annum of the month-end NAV attributable to Class U, Class R-D, Class R-S and Class R Shares for a 60-month period following the Initial Offering (subject to a minimum-aggregate-subscription condition for certain classes), stepping up to 1.25% per annum thereafter. KKR also separately receives a Performance Participation Allocation. Operating-company management agreement, not a standard investment-company fee-table note; first-pass extraction (zero cached filings at prior-pass time), fetched live from the fund's 10-K. | 1.25 pct_annual_of_nav_by_share_class | Date not captured |
| repurchase_program_terms | Share Repurchases: repurchases limited to no more than 5% of aggregate NAV attributable to the relevant share classes per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). No separate monthly sub-cap is stated (distinct from the REIT-wrapper 2%/month-plus-5%/quarter convention). Repurchases subject to a 5% Early Repurchase Fee within the first year. | 5.0 pct_of_aggregate_nav_per_quarter | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-02 | 8-K | 0001948056-26-000058 |
| 2026-06-29 | 8-K | 0001948056-26-000050 |
| 2026-06-24 | 8-K | 0001948056-26-000047 |
| 2026-06-18 | 8-K | 0001948056-26-000045 |
| 2026-05-27 | 8-K | 0001948056-26-000041 |
| 2026-05-21 | 8-K | 0001948056-26-000039 |
| 2026-05-13 | 10-Q | 0001948056-26-000037 |
| 2026-04-24 | 8-K | 0001948056-26-000033 |
| 2026-04-21 | 8-K | 0001948056-26-000028 |
| 2026-04-01 | 8-K | 0001948056-26-000025 |
| 2026-03-26 | 10-K | 0001948056-26-000023 |
| 2026-03-25 | 8-K | 0001948056-26-000020 |
| 2026-03-20 | 8-K | 0001948056-26-000017 |
| 2026-02-25 | 8-K | 0001948056-26-000015 |
| 2026-02-20 | 8-K | 0001948056-26-000013 |