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
'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-Series 1 · as of 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
- Pending Pending
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
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... (2026-07-02)
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
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... (2026-07-02)
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).
Officer Resignation As previously disclosed, Jeff Van Horn, Chief Financial Officer of KKR Infrastructure Conglomerate LLC (the “Company”) and an employee of Kohlberg Kravis... (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)
On April 7, 2024, it was announced that Jeff Van Horn, Chief Financial Officer of KKR Infrastructure Conglomerate LLC (the “Company”) and an employee of an affiliate of Kohlberg... (2024-04-07)
On December 15, 2023, the Fifth Amended and Restated Limited Liability Company Agreement (the “Fifth A&R LLCA”) of the Company was executed, which amended and restated the... (2023-12-15)
On September 25, 2023, the Board adopted a revised Share Repurchase Plan to reflect the addition of Class R-S Shares as described above. (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)
Pursuant to the A&R Dealer-Manager Agreement, the Dealer-Manager will solicit sales of the Company’s shares authorized for issue in accordance with the Company’s confidential... (2023-09-22)
On May 26, 2023, the Company executed its Second Amended and Restated Limited Liability Company Agreement (the “Second A&R LLCA”), which amended and restated the Company’s Amended... (2023-05-26)
On May 26, 2023, KKR Infrastructure Conglomerate LLC (the “Company”) entered into a Management Agreement (the “Management Agreement”) with KKR DAV Manager LLC (the “Manager”). (2023-05-26)
On April 28, 2023, the Board of Directors of the Company adopted a revised share repurchase plan (the “Share Repurchase Plan”) to, among other things, incorporate Class R-D Shares... (2023-05-03)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: Class I-Series 1 · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
The disclosed history shows no rationed period.
Pending
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
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-Series 1 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 | Pending | Pending | Pending | Pending | $144,010,0002026-03-31 |
| Class F | Pending | Pending | Pending | Pending | $102,969,0002026-03-31 |
| Class I-Series 1 | Pending | Pending | Pending | Pending | $2,328,566,0002026-03-31 |
| Class R | Pending | Pending | Pending | Pending | $886,823,0002026-03-31 |
| Class S | Pending | Pending | Pending | Pending | $2,350,935,0002026-03-31 |
| Class U | Pending | Pending | Pending | Pending | $1,417,379,0002026-03-31 |
Management fee: 1.25% of structured class varying schedule per year, current as of 2026-07-02. SEC source 0001948056-26-000058.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I-Series 1 | 1.25% | Pending | Pending | Pending | Pending | Pending |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Management · class rate | 1.25% | Class D Shares, Class I-Series 1 Shares and Class S Shares | Contractual component |
| Management · class rate | 1.15% | Class I-Series 2 Shares | Contractual component |
| Management · class rate | 1.00% | Class I-Series 3 Shares | Contractual component |
| Management · class rate | 0.95% | Class I-Series 4 Shares | Contractual component |
| Management · class rate | 1.00% | each of Class R-D Shares, Class R-S Shares, Class R Shares and Class U Shares for the 60-month period following the Initial Offering, subject to Section 6(g) hereof | Contractual component |
| Management · class rate | 1.25% | Class R-D Shares, Class R-S Shares, Class R Shares and Class U Shares after the 60-month period following the Initial Offering | Contractual component |
| Performance · total return | 12.50% | Total Return | 5.00% annualized hurdle + high-water mark* |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (5)
| 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 | Pending |
| advisory_fee_schedule | “ Management Fee ” means the management fee, without duplication, payable monthly in arrears with respect to each calendar month commencing with the month in which the Effective Date occurs, in an amount equal to: 4 (i) 1.25% per annum of the Net Asset Value attributable to Class D Shares, Class I-Series 1 Shares and Class S Shares; (ii) 1.15% per annum of the Net Asset Value attributable to Class I-Series 2 Shares; (iii) 1.00% per annum of the Net Asset Value attributable to Class I-Series 3 Shares; (iv) 0.95% per annum of the Net Asset Value attributable to Class I-Series 4 Shares; (v) for Class R-D Shares, Class R-S Shares, Class R Shares and Class U Shares, (x) 1.00% per annum of the Net Asset Value attributable to each of Class R-D Shares, Class R-S Shares, Class R Shares and Class U Shares for the 60-month period following the Initial Offering, subject to Section 6(g) hereof; and (y) 1.25% per annum of the Net Asset Value attributable to Class R-D Shares, Class R-S Shares, Class R Shares and Class U Shares after the 60-month period following the Initial Offering; each before giving effect to any accruals for the Management Fee, the Distribution Fee, the Servicing Fee, the Performance Participation Allocation, share repurchases for that month, any distributions and without taking into account any taxes (whether paid, payable or otherwise) of any intermediate entity through which the Company indirectly holds interests in an Infrastructure Asset, as determined in the good faith judgment of the Manager. The Management Fee shall be pro rated for partial periods, to the extent necessary, as described more fully elsewhere he | Text disclosure | 2026-07-02 |
| incentive_fee_schedule | Performance Participation Allocation Under the LLC Agreement, for as long as the Management Agreement has not been terminated, the Class H Members may receive a Performance Participation Allocation from the Company. KKR is allocated a “Performance Participation Allocation” equal to 12.5 % of the Total Return attributable to Investor Shares subject to the annual Hurdle Amount and a High Water Mark, with a 100 % Catch-Up (each as defined in the LLC Agreement). | Text disclosure | Pending |
| incentive_fee_schedule | “ Performance Participation Allocation ” means the performance participation allocation to be received by the Class H Member equal to 12.5% of the Total Return attributable to Investor Shares subject to the Hurdle Amount and a High Water Mark with 100% Catch-Up. | Text disclosure | 2026-07-02 |
| 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 | Pending |
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 |