Welcome to +

February 27, 2026

KEY TAKEAWAYS

  • The average investor has largely been left out of the expansion of private markets (known as alternatives) in recent decades.
  • Capital Group and KKR have partnered to develop a series of public-private investment solutions to thoughtfully and responsibly unlock private market access for the average investor.
  • Public-Private+ Funds may fit into existing allocations to provide enhanced return/income potential.

Welcome to +, investment solutions from Capital Group and KKR that focus on unlocking broad access to private markets by blending public securities and private investments.

Private markets don’t need to be an “alternative”

For years, private markets, including private credit, real assets and private equity grew with little involvement from the typical individual investor. Institutions, endowments and some sophisticated high net worth investors increasingly pursued higher returns in private markets as the Global Financial Crisis reshaped areas like commercial lending and public capital markets.


Capital Group and KKR have formed an exclusive partnership to help financial professionals and investors thoughtfully and responsibly access these asset classes. Capital Group and KKR each bring decades of experience, breadth and scale with a shared investor-first approach.
 

As private markets have matured, it’s become possible to no longer think of them as “alternatives,” necessarily, but as extensions of existing allocations to equity and/or fixed income. For investors who can tolerate a little less liquidity in exchange for potentially enhanced returns, we believe a solution that joins public and private markets in a single fund can be compelling. Our research suggests that many investors may not need as much liquidity as they think, which presents a possible opportunity.
 

We’re delivering these investments via interval funds, a vehicle which combines the ability to access less-liquid investments through a fund regulated by the Investment Company Act of 1940 (like mutual funds and ETFs).

Key features of the Capital Group KKR funds include:

  • No investor eligibility requirements (non-accredited investors can invest)
  • Low investment minimums ($1,000) for most share classes
  • IRS 1099 tax reporting
  • Compelling fee structure

Meet the funds

Introducing our Public-Private+ Funds, which can allow investors to add private markets exposure to their existing equity and/or fixed income allocations. 


Capital Group KKR U.S. Equity+ 


Objective: The fund’s investment objective is to seek long-term capital appreciation.

Investing across a comprehensive equity spectrum to pursue the fund’s objective

A donut chart with dark blue shading for potential investments in the 60% public equity portion of the fund portfolio and raspberry shading for the 40% private equity portion of the fund. The public equity portion of the fund may invest in U.S. large- and mid-cap securities. The private equity portion of the donut invests primarily in buyout and growth equity through an allocation to K-PEC, with up to 10% of the portfolio allocated to co-investments sourced by KKR.

For illustrative purposes only. Actual allocations to sectors may vary depending on portfolio managers’ bottom-up security selection and/or market conditions.

Key takeaways

Broad equity spectrum: Offers, in a single fund, investments in both U.S. large- and mid-cap public companies, as well as private equity investments sourced by KKR.


Deep research and scale: Offers the research and scale of two of the most experienced asset managers in their respective areas: Capital Group in public equities, with more than 90 years of experience, and KKR, with nearly 50 years of private equity experience.


Thoughtful approach: Designed with an investor-first orientation, fund shareholders have the potential to benefit from investing in public equities, co-investments sourced by KKR and KKR’s evergreen private equity strategy, known as KKR Private Equity Conglomerate LLC (“K-PEC”).

 

Capital Group KKR Core Plus+ 


Objective: The fund’s investment objective is to provide a high level of current income and seek maximum total return, consistent with preservation of capital.

Investing across fixed income sectors to pursue the fund's objectives

A donut chart with dark blue shading for potential investments in the 60% public fixed income portion of the fund portfolio and raspberry shading for the 40% private credit portion of the fund. The public fixed income portion of the fund may invest in core-like sectors of Treasuries, corporates and securitized bonds, as well as core plus sectors of high-yield, non-U.S. and emerging markets (EM). The private credit portion of the donut is broken up into two equal parts representing asset-based finance and direct lending.

For illustrative purposes only. Actual allocations to sectors may vary depending on portfolio managers’ bottom-up security selection and/or market conditions.

Key takeaways

Capturing a broader opportunity set: Invests across public and private markets, allowing investors opportunities to pursue higher income and total return across the full credit spectrum. The fund will seek to generally invest 60% in traditional fixed income and 40% in private credit under normal circumstances.


Wide range of potential sources of income: Seeks to identify income opportunities in public fixed income sectors such as securitized assets, investment-grade and high yield corporates, and in private credit, specifically direct lending to upper middle market companies and asset-based finance.


Active risk management: Capital Group's ongoing risk analysis and management at the fund level along with Capital Group and KKR's respective embedded risk analysis and mitigation processes at the individual investment level seek to create a multi-layer risk ecosystem.


Capital Group KKR Multi-Sector+
 

Objective: The fund's investment objective is to provide a high level of current income.

Seeks diversification across public and private income sectors

A donut chart with dark blue shading for potential investments in the 60% public fixed income portion of the fund portfolio and raspberry shading for the 40% private credit portion of the fund. The public fixed income portion of the fund may invest in the investment-grade corporates, securitized assets and high-yield corporates sectors. The private credit portion of the donut is broken up into two equal parts representing asset-based finance and direct lending.

For illustrative purposes only. Actual allocations to sectors may vary depending on portfolio managers’ bottom-up security selection and/or market conditions.

Key takeaways

High income seeking: Offers strategic active exposure to various higher income-focused sectors in the public fixed income markets with a target of 40% of assets to be invested across higher income seeking private credit sectors under normal circumstances.

 

Flexibility: A broad portfolio that invests across investment-grade and high-yield corporates, securitized assets, as well as private loans to direct upper middle-market companies and asset-based finance instruments.

 

Enhanced opportunity set: With KKR's well-established private credit platform, investors can pursue potentially higher yielding credit opportunities that have not been historically available to the typical investor.

 

Dig deeper into +
 

Financial professionals: We have a variety of resources available to help you dig deeper into the world of public-private investments:

 

  • Our Capital Ideas Pro educational program, a four-module self-directed course that covers topics such as what are private markets, positioning public-private solutions for investors and other interesting areas of this growing investment category.
  • Capital Group’s Portfolio Consulting and Analytics Team can help evaluate opportunities to optimize portfolio construction to pursue investor’s goals, including how to consider public-private investments with a detailed portfolio analysis.

 

Reach out to your Capital Group sales representative who will be able to help guide your journey in learning more about these funds and the partnership with KKR.

 

Investors: Please reach out to your financial professional to learn more about public-private investments and whether they may be a fit to help pursue your investment goals.


For those still building their private markets vocabulary, we’ve compiled a glossary of terms that can be accessed here.

   Learn more about Public-Private+ Solutions

 

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Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the interval fund prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
For Public-Private+ Funds: Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ are interval funds that currently provides liquidity to shareholders through quarterly repurchase offers of up to 10% of its outstanding shares. Capital Group KKR U.S. Equity+ is an interval fund that currently provides liquidity to shareholders through quarterly repurchase offers of 5% of its outstanding shares. To the extent a higher percent of outstanding shares are tendered for repurchase, the redemption proceeds are generally distributed proportionately to redeeming investors (“proration”). Due to this repurchase limit, shareholders may be unable to liquidate all or a portion of their investment during a particular repurchase offer window. In addition, anticipating proration, some shareholders may request more shares to be repurchased than they actually wish, increasing the likelihood of proration. Shares are not listed on any stock exchange, and we do not expect a secondary market in the shares to develop. Due to these restrictions, investors should consider their investment in the fund to be subject to illiquidity risk.

- Investment strategies are not guaranteed to meet their objectives and are subject to loss. Investing in the fund is not suitable for all investors. Investors should consult their investment professional before making an investment decision and evaluate their ability to invest for the long term. Because of the nature of the fund's investments, the results of the fund's operations may be volatile. Accordingly, investors should understand that past performance is not indicative of future results.

- Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.

- Illiquid assets are more difficult to sell and may become impossible to sell in volatile market conditions. Reduced liquidity may have an adverse impact on the market price of such holdings, and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss. Illiquid assets are also generally difficult to value because they rarely have readily available market quotations. Such securities require fair value pricing, which is based on subjective judgments and may differ materially from the value that would be realized if the security were to be sold. Situations involving uncertainties as to valuation of assets held by the fund could have an adverse effect on the returns of the fund.

- The fund is a nondiversified fund that has the ability to invest a larger percentage of assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor results by a single issuer could adversely affect fund results more than if the fund were invested in a larger number of issuers.

For Public-Private Credit+ Funds:

- Bond investments may be worth more or less than the original cost when redeemed. High‐yield, lower‐rated, securities involve greater risk than higher‐rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

- The funds may invest in structured products, which generally entail risks associated with derivative instruments and bear risks of the underlying investments, index or reference obligation. These securities include asset-based finance securities, mortgage-related assets and other asset-backed instruments, which may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market's perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations.

- While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.

- The fund invests in private, illiquid credit securities, consisting primarily of loans and asset-backed finance securities. The fund may invest in or originate senior loans, which hold the most senior position in a business's capital structure. Some senior loans lack an active trading market and are subject to resale restrictions, leading to potential illiquidity. The fund may need to sell other investments or borrow to meet obligations. The funds may also invest in mezzanine debt, which is generally unsecured and subordinated, carrying higher credit and liquidity risk than investment-grade corporate obligations. Default rates for mezzanine debt have historically been higher than for investment-grade securities. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy.

For Public-Private Equity+ Funds:

- The fund also intends to concentrate in the financial services group of industries, and to invest at least 80% of its assets in securities issued by companies based in the United States.

- K-PEC and co-investment risks: The fund's investments in KKR Private Equity Conglomerate LLC (“K-PEC”) and co-investments alongside K-PEC or one or more other KKR vehicles that pursue private equity strategies entail additional risks. Private equity investments are typically illiquid, speculative, and difficult to value, often requiring multi-year holding periods with returns generally realized only upon sale or refinancing of a portfolio company. These investments depend on access to financing, and market disruptions or increased competition may limit opportunities and affect performance. The fund's significant investment in K-PEC creates concentration risk and a decline in K-PEC's value could materially impact the fund's returns. Co‑investment opportunities are competitive and limited and there is no assurance the fund will receive allocations or comparable terms and will generally have less information than for public companies. Through its investments in K-PEC or other KKR Vehicles and co-investments, the fund may have exposure to portfolio companies with limited operating histories, evolving markets, unproven technologies, and inexperienced management, which may require significant capital and create heightened vulnerability to downturns. Most holdings are illiquid, subject to resale restrictions and may require consents or be sold at a discount. Costs associated with investments in private equity are generally greater than those of investments in other asset classes. In addition to bearing their portion of the fund's fees and expenses, shareholders in the fund will indirectly bear a portion of the asset-based fees, incentive fees and other expenses incurred by the fund as an investor in K-PEC or other KKR Vehicles and in co-investments. Incentive fees are paid to KKR when the fund's investments in K-PEC or other KKR Vehicles and/or co-investments deliver returns in excess of a specified hurdle; when paid, these fees reduce the net realized returns of such investments.
Capital Group and Kohlberg Kravis Roberts & Co. L.P. (“KKR”) are not affiliated. The two firms maintain an exclusive partnership to deliver public-private investment solutions to investors. KKR serves as the sub-adviser of Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ with respect to the management of each fund's private credit assets. KKR is not a sponsor, promoter, investment adviser, sub-adviser, underwriter or affiliate of Capital Group KKR U.S. Equity+.
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© 2026 Capital Group. All rights reserved. 

 

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation. 

This material does not constitute legal or tax advice. Investors should consult with their legal or tax advisors.
 
© 2026 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.