Ropes & Gray Advises Capital Group in Exclusive Strategic Partnership with KKR and Launch of Innovative Public-Private Investment Solutions

Ropes & Gray served as lead outside counsel to Capital Group in forging its exclusive strategic partnership with KKR, aimed at expanding investor access to retail alternatives and innovative public-private investment solutions. Since the partnership’s announcement in May 2024, Ropes & Gray has guided Capital Group through the design, registration, and launch of each new retail alternative investment solution under this collaboration.

The firm acted as fund and adviser counsel for the first two offerings—Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+—which debuted in April as interval funds focused on public-private credit strategies. Ropes & Gray is now advising as fund and adviser counsel on the next phase: public-private equity strategies, including the upcoming Capital Group KKR U.S. Equity+ interval fund, which will invest in both publicly traded and private equity securities. The initial registration statement for this fund was filed on July 29.

Novel Solutions in Retail Alternatives

By combining Capital Group’s strengths in public markets with KKR’s private markets expertise, the partnership is creating hybrid investment solutions that span multiple asset classes, geographies, and distribution channels. This initiative is designed to broaden access to retail alternatives and alternative investment solutions for financial professionals and their clients.

The Ropes & Gray team advising Capital Group is led by asset management partners David Sullivan and Keith MacLeod, and includes tax partner Pamela Glazier, with additional assistance from asset management partners Chelsea Childs, Greg Davis, Michael Doherty and Eve Ellis.

Ropes & Gray’s Expertise in Retail Alternatives: Driving Innovation in Alternative Investments

Ropes & Gray regularly advises many clients on the evolution of retail alternatives and public-private investment solutions, supporting clients as they navigate emerging opportunities in the alternative investment landscape.

• Ropes & Gray’s market-leading practice represents alternative retail funds and other products spanning both traditional registered fund and private fund sponsors.
• The practice covers the full range of retail alternative investment solutions, including:
• Interval funds
• Tender offer funds
• Business development companies
• Collective investment trusts
• Private equity conglomerates
• Private funds registered under the Securities Exchange Act
• The alternative retail practice benefits from the firm’s broader Asset Management practice, which is the first and only to receive Band 1 recognition in the following Chambers Nationwide asset management categories simultaneously:
• Registered Funds
• Private Equity: Fund Formation
• Private Equity: Secondaries
• Hedge Funds
• Investment Funds: Investor Representation
• Investment Funds: Regulatory & Compliance

What Can Ropes & Gray Offer as a Leading Law Firm in Retail Alternatives Services?

Ropes & Gray provides a comprehensive suite of legal services for retail alternatives, including fund formation, registration and compliance, structuring of public-private investment solutions, tax planning, and ongoing regulatory and transactional support. The team assists clients in designing and launching retail alternative investment solutions that meet evolving market demands and regulatory requirements.