Ropes & Gray Advises on Expansion of Capital Group/KKR Public-Private Suite with First Equity Strategy

Ropes & Gray served as fund and adviser counsel for the March 2026 launch of Capital Group KKR U.S. Equity+,  the first equity strategy developed under Capital Group’s exclusive strategic partnership with KKR. This launch expands Capital Group’s suite of retail alternative investment solutions into the equity markets, broadening investor access to private equity.

Capital Group KKR U.S. Equity+ blends public and private equity in a single integrated portfolio. Approximately 60% of assets are invested in actively managed large-cap U.S. equities, leveraging Capital Group’s deep fundamental research and long-term investing expertise. The remainder is allocated to investments in and alongside KKR’s private equity funds, vehicles, and accounts – offering retail investors access to private equity exposure historically reserved for institutional investors. The interval fund structure provides periodic liquidity, no accreditation requirements and lower minimums compared to a standalone alternatives offering, making private equity more accessible to a broader range of investors. KKR is not a sponsor, promoter, investment adviser, sub-adviser, underwriter or affiliate of Capital Group KKR U.S. Equity+.

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. This new equity strategy builds on the successful Ropes & Gray-advised 2025 launches of Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+, two public-private credit strategies.

Ropes & Gray's Asset Management and Retail Alternatives Team

Ropes & Gray’s team advising Capital Group is led by asset management partners David Sullivan and Keith MacLeod and includes alternative asset opportunities partner Adam Dobson and tax partner Pamela Glazier. Ropes & Gray’s deep experience in structuring and launching retail alternative investment products, combined with its expertise in transactional, regulatory and tax matters, positions Ropes & Gray as a leader in advising asset managers on innovative public-private partnerships and strategies.

For more information about Ropes & Gray’s asset management and retail alternatives practice.