kkr-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-56540

KKR Private Equity Conglomerate LLC

(Exact name of registrant as specified in its charter)


Delaware			88-4368033
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

30 Hudson Yards, New York, NY			10001
(Address of principal executive offices)			(Zip Code)

(212) 750-8300

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None.	None.	None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

☒

Smaller reporting company

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ☒

As of August 11, 2026, the registrant had 9,619,354 Class D Shares, 75,883,965 Class I-Series 1 Shares, 1,421,856 Class S Shares, 87,284,396 Class U Shares, 11,157,286 Class R-D Shares, 59,644,313 Class R-I Shares, 100,226,702 Class R-U Shares, 6,161,162 Class F Shares, 40 Class G Shares and 40 Class H Shares outstanding. The number of Shares outstanding excludes August 1, 2026 subscriptions since the issuance price is not yet finalized as of the date of this filing.

Table of Contents


			Page
Part I - Financial Information			1
Item 1. Financial Statements			1
Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025			1
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)			2
Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)			3
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)			7
Condensed Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025			9
Notes to Consolidated Financial Statements (Unaudited)			14
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			37
Item 3. Quantitative and Qualitative Disclosures about Market Risk			53
Item 4. Controls and Procedures			55

Part II - Other Information			56
Item 1. Legal Proceedings			56
Item 1A. Risk Factors			56
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			57
Item 3. Defaults Upon Senior Securities			58
Item 4. Mine Safety Disclosures			58
Item 5. Other Information			58
Item 6. Exhibits			59

Signatures			60

Special Note Regarding Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to:

•our future operating results;

•our business prospects and the prospects of the portfolio companies we own and control;

•the impact of the acquisitions that we expect to make;

•our ability to raise sufficient capital to execute our acquisition strategies;

•the ability of the Manager (as defined herein) to source adequate acquisition opportunities to timely and efficiently deploy capital;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements;

•changes in the general interest rate environment;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with the Manager or any of its affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we own and control portfolio companies;

•our use of financial leverage;

•the ability of the Manager to identify, acquire and support our portfolio companies;

•the ability of the Manager or its affiliates to attract and retain highly talented professionals;

•our ability to structure acquisitions and joint ventures in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises through which we own and control portfolio companies.

In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth elsewhere in this Quarterly Report on Form 10-Q, “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”). Other factors that could cause actual results to differ materially include:

•changes in the economy;

•risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy; and

•future changes in laws or regulations and conditions in our operating areas.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by law.

Part I. Financial Information

Item 1. Financial Statements

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

(Amounts in Thousands, Except Share Data)


	June 30, 2026		December 31, 2025
Assets
Investments at fair value (cost of $8,218,910 and $7,390,946, respectively)	$	10,482,237	$	9,009,449
Cash and cash equivalents	1,875,739		964,012
Foreign currencies at fair value (cost of $195 and $194, respectively)	189		194
Prepaids and other assets	408		563
Dividends receivable	5,994		4,225
Unrealized appreciation on foreign currency forward contracts	31,711		27,607
Deferred financing costs, net	16,003		12,413
Total assets	12,412,281		10,018,463

Liabilities
Accrued performance participation allocation	158,297		51,704
Management fee payable	11,621		—
Accrued shareholder servicing fees and distribution fees	373,583		338,409
Directors’ fees and expenses payable	152		151
Other accrued expenses and liabilities	15,312		9,676
Deferred income taxes	100,891		103,612
Unrealized depreciation on foreign currency forward contracts	4,579		5,177
Due to Manager	18,057		14,608
Total liabilities	682,492		523,337

Commitments and contingencies (Note 10)

Net assets (Note 8)	$	11,729,789	$	9,495,126

Net assets are comprised of
Class D Shares, 9,083,616 and 6,818,668 shares authorized, issued and outstanding, respectively	$	314,735	$	223,083
Class I-Series 1 Shares, 72,706,415 and 48,059,830 shares authorized, issued and outstanding, respectively	2,588,496		1,615,392
Class S Shares, 1,049,748 and 347,135 shares authorized, issued, and outstanding, respectively	34,454		10,755
Class U Shares, 84,033,492 and 60,905,778 shares authorized, issued and outstanding, respectively	2,758,300		1,886,461
Class R-D Shares, 11,253,236 and 11,253,236 shares authorized, issued and outstanding, respectively	387,475		366,014
Class R-I Shares, 59,772,011 and 60,240,289 shares authorized, issued and outstanding, respectively	2,104,493		2,004,703
Class R-U Shares, 101,311,052 and 102,966,509 shares authorized, issued and outstanding, respectively	3,303,465		3,166,052
Class F Shares, 6,305,210 and 6,295,848 shares authorized, issued and outstanding, respectively	238,367		222,664
Class G Shares, 40 and 40 shares authorized, issued and outstanding, respectively	2		1
Class H Shares, 40 and 40 shares authorized, issued and outstanding, respectively	2		1
Net assets	$	11,729,789	$	9,495,126

See notes to consolidated financial statements.

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in Thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income
Dividend income	$	20,764	$	21,569	$	46,339	$	35,755
Total investment income	20,764		21,569		46,339		35,755

Operating expenses
Performance participation allocation	48,163		29,468		107,386		89,485
Management fee expense	32,907		17,586		61,942		31,393
Professional fees	4,042		2,657		7,742		5,145
General and administration expenses	3,969		2,371		7,526		4,334
Directors’ fees and expenses	161		152		321		308
Interest expense	4,120		1,350		7,304		2,167
Total operating expenses	93,362		53,584		192,221		132,832
Less: Management fee and expense credits	(21,286)		(18,498)		(50,958)		(32,305)
Add: Expenses recouped by Manager	—		5,112		—		8,960
Net operating expenses	72,076		40,198		141,263		109,487
Net investment loss	(51,312)		(18,629)		(94,924)		(73,732)

Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts
Net realized gain (loss) on:
Investments	—		32,761		—		32,761
Foreign currency	20		2,144		(170)		3,041
Foreign currency forward contracts	40,610		(138)		67,717		(138)
Total net realized gain	40,630		34,767		67,547		35,664

Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and foreign currency forward contracts
Net change in unrealized appreciation (depreciation) before income taxes on:
Investments	327,848		113,595		730,391		447,888
Foreign currency translation	(26,772)		112,563		(85,567)		167,727
Foreign currency forward contracts	(12,366)		(73,902)		4,703		(104,869)
Foreign currency	(4)		(17)		80		7
Total net change in unrealized appreciation before income taxes	288,706		152,239		649,607		510,753
Provision for (benefit from) income taxes	2,536		(15)		(2,434)		22,915
Total net change in unrealized appreciation after income taxes	286,170		152,254		652,041		487,838
Net increase in net assets resulting from operations	$	275,488	$	168,392	$	624,664	$	449,770

See notes to consolidated financial statements.

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(Amounts in Thousands)


	Class D Shares		Class I-Series 1 Shares		Class S Shares		Class U Shares		Class R-D Shares		Class R-I Shares		Class R-U Shares		Class F Shares		Class G Shares		Class H Shares		Total Shareholders' Equity (Net Assets)
Balance at March 31, 2026	$	267,887	$	2,187,940	$	22,228	$	2,364,216	$	378,183	$	2,078,981	$	3,252,134	$	230,830	$	1	$	1	$	10,782,401
Consideration from the issuance of shares	41,657		342,073		12,324		358,160		—		—		—		825		—		—		755,039
Repurchase of shares	(170)		(3,141)		—		(3,994)		—		(32,282)		(25,959)		—		—		—		(65,546)
Early repurchase fee	41		326		5		374		53		283		467		31		—		—		1,580
Transfers in	972		4,913		—		130		—		8,776		465		—		—		—		15,256
Transfers out	(1,967)		(129)		—		(3,058)		—		(465)		(9,637)		—		—		—		(15,256)
Net increase (decrease) in net assets resulting from capital activity	40,533		344,042		12,329		351,612		53		(23,688)		(34,664)		856		—		—		691,073
Net investment (loss) income	(1,390)		(11,060)		(139)		(12,693)		(1,719)		(9,230)		(15,250)		169		—		—		(51,312)
Net realized gain	1,036		8,154		91		9,424		1,375		7,447		12,283		820		—		—		40,630
Net change in unrealized appreciation	7,440		59,420		766		68,041		9,522		50,983		84,304		5,692		1		1		286,170
Net increase in net assets resulting from investment operations	7,086		56,514		718		64,772		9,178		49,200		81,337		6,681		1		1		275,488
Accrued shareholder servicing fees and distribution fees	(771)		—		(821)		(22,300)		61		—		4,658		—		—		—		(19,173)
Balance at June 30, 2026	$	314,735	$	2,588,496	$	34,454	$	2,758,300	$	387,475	$	2,104,493	$	3,303,465	$	238,367	$	2	$	2	$	11,729,789

Balance at December 31, 2025	$	223,083	$	1,615,392	$	10,755	$	1,886,461	$	366,014	$	2,004,703	$	3,166,052	$	222,664	$	1	$	1	$	9,495,126
Consideration from the issuance of shares	79,020		847,597		24,011		797,443		—		—		—		1,043		—		—		1,749,114
Repurchase of shares	(170)		(3,506)		(42)		(5,286)		—		(34,659)		(36,605)		(664)		—		—		(80,932)
Early repurchase fee	46		368		5		424		61		327		540		36		—		—		1,807
Transfers in	998		7,169		—		185		—		19,265		989		—		—		—		28,606
Transfers out	(1,967)		(185)		—		(5,205)		—		(989)		(20,260)		—		—		—		(28,606)
Net increase (decrease) in net assets resulting from capital activity	77,927		851,443		23,974		787,561		61		(16,056)		(55,336)		415		—		—		1,669,989
Net investment (loss) income	(2,466)		(19,474)		(226)		(22,593)		(3,312)		(17,823)		(29,529)		499		—		—		(94,924)
Net realized gain	1,666		12,848		135		15,127		2,367		12,785		21,211		1,408		—		—		67,547
Net change in unrealized appreciation	16,212		128,287		1,488		148,925		22,478		120,884		200,384		13,381		1		1		652,041


Net increase in net assets resulting from investment operations	15,412		121,661		1,397		141,459		21,533		115,846		192,066		15,288		1		1		624,664
Accrued shareholder servicing fees and distribution fees	(1,687)		—		(1,672)		(57,181)		(133)		—		683		—		—		—		(59,990)
Balance at June 30, 2026	$	314,735	$	2,588,496	$	34,454	$	2,758,300	$	387,475	$	2,104,493	$	3,303,465	$	238,367	$	2	$	2	$	11,729,789

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (Continued)

(Amounts in Thousands)


	Class D Shares		Class I-Series 1 Shares		Class S Shares		Class U Shares		Class R-D Shares		Class R-I Shares		Class R-U Shares		Class F Shares		Class G Shares		Class H Shares		Total Shareholders' Equity (Net Assets)
Balance at March 31, 2025	$	60,969	$	222,409	$	—	$	352,354	$	338,835	$	1,820,577	$	2,915,460	$	58,866	$	1	$	1	$	5,769,472
Consideration from the issuance of shares	52,345		330,328		1,863		506,556		—		(80)		—		174		—		—		891,186
Repurchase of shares	—		—		—		(103)		—		(621)		(4,550)		—		—		—		(5,274)
Early repurchase fee	3		13		—		21		11		55		93		1		—		—		197
Transfers in	—		1,333		—		—		—		7,802		—		—		—		—		9,135
Transfers out	(658)		—		—		—		(4,257)		—		(4,220)		—		—		—		(9,135)
Net increase (decrease) in net assets resulting from capital activity	51,690		331,674		1,863		506,474		(4,246)		7,156		(8,677)		175		—		—		886,109
Net investment (loss) income	(314)		(1,536)		(5)		(2,444)		(936)		(5,024)		(8,467)		97		—		—		(18,629)
Net realized gain	497		1,871		1		3,194		1,890		9,973		17,018		323		—		—		34,767
Net change in unrealized appreciation	2,540		12,444		44		19,772		7,495		40,370		68,285		1,304		—		—		152,254
Net increase in net assets resulting from investment operations	2,723		12,779		40		20,522		8,449		45,319		76,836		1,724		—		—		168,392
Accrued shareholder servicing fees and distribution fees	(1,033)		—		(128)		(34,453)		133		—		2,534		—		—		—		(32,947)
Balance at June 30, 2025	$	114,349	$	566,862	$	1,775	$	844,897	$	343,171	$	1,873,052	$	2,986,153	$	60,765	$	1	$	1	$	6,791,026

Balance at December 31, 2024	$	—	$	899	$	—	$	3,701	$	294,461	$	1,501,848	$	2,487,178	$	55,296	$	1	$	1	$	4,343,385
Consideration from the issuance of shares	112,434		543,968		1,863		868,229		28,645		229,075		313,765		303		—		—		2,098,282
Repurchase of shares	—		—		—		(103)		—		(915)		(5,615)		—		—		—		(6,633)
Early repurchase fee	3		14		—		23		14		74		126		2		—		—		256
Transfers in	—		1,609		—		—		—		9,626		—		—		—		—		11,235
Transfers out	(658)		—		—		—		(4,257)		—		(6,320)		—		—		—		(11,235)
Net increase in net assets resulting from capital activity	111,779		545,591		1,863		868,149		24,402		237,860		301,956		305		—		—		2,091,905
Net investment (loss) income	(695)		(2,885)		(5)		(4,759)		(4,288)		(22,594)		(38,653)		147		—		—		(73,732)
Net realized gain	500		1,879		1		3,210		1,946		10,269		17,526		333		—		—		35,664
Net change in unrealized appreciation	5,071		21,378		44		35,099		27,484		145,669		248,409		4,684		—		—		487,838


Net increase in net assets resulting from investment operations	4,876		20,372		40		33,550		25,142		133,344		227,282		5,164		—		—		449,770
Accrued shareholder servicing fees and distribution fees	(2,306)		—		(128)		(60,503)		(834)		—		(30,263)		—		—		—		(94,034)
Balance at June 30, 2025	$	114,349	$	566,862	$	1,775	$	844,897	$	343,171	$	1,873,052	$	2,986,153	$	60,765	$	1	$	1	$	6,791,026

See notes to consolidated financial statements.

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in Thousands)


	Six Months Ended June 30,
	2026		2025
Operating activities
Net increase in net assets from operations	$	624,664	$	449,770
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Net change in unrealized appreciation on investments	(730,391)		(447,888)
Net change in unrealized depreciation (appreciation) on foreign currency translation	85,567		(167,727)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(4,703)		104,869
Net change in unrealized appreciation on foreign currency	(80)		(7)
Realized loss on foreign currency	134		—
Realized gain on investments	—		(32,761)
Deferred financing cost amortization	3,985		1,200
Class F Shares issued as payment of directors’ fees and expenses	250		250
Class F Shares issued as payment of performance participation allocation	793		53
Acquisition of portfolio companies	(830,802)		(1,316,913)
Proceeds from disposal of or repayments from interests in portfolio companies	2,704		64,366
Changes in operating assets and liabilities:
Change in accrued performance participation allocation	106,593		89,432
Change in management fee payable	11,621		—
Change in deferred income taxes	(2,721)		22,915
Change in prepaids and other assets	155		240
Change in due from Manager	—		(912)
Change in dividends receivable	(1,769)		(2,999)
Change in other accrued expenses and liabilities	5,721		2,119
Change in directors’ fees and expenses payable	1		—
Change in due to Manager	1,085		3,870
Net cash used in operating activities	(727,193)		(1,230,123)
Financing activities
Proceeds from issuance of shares	1,748,071		2,097,979
Payments of shareholder servicing fees and distribution fees	(22,456)		(10,726)
Repurchase of shares, net of early repurchase fee	(79,125)		(6,377)
Payment of deferred financing costs	(7,569)		(3,586)
Net cash provided by financing activities	1,638,921		2,077,290
Effect of exchange rate changes on cash and cash equivalents and foreign currencies at fair value	(6)		7
Net increase in cash and cash equivalents and foreign currencies at fair value	911,722		847,174
Cash and cash equivalents and foreign currencies at fair value, beginning of period	964,206		601,530
Cash and cash equivalents and foreign currencies at fair value, end of period	$	1,875,928	$	1,448,704


	Six Months Ended June 30,
	2026		2025
Supplemental Disclosure of Non-Cash Financing Activities
Change in shareholder servicing fees and distribution fees payable	$	59,990	$	94,034
Cash paid for interest	2,579		—

See notes to consolidated financial statements.

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (UNAUDITED)

(Amounts in Thousands)

Issuer

Asset

Industry

Geography(1)

Valuation Level

Estimated Fair Value

Estimated Fair Value as a Percentage of Net Assets

Portfolio Companies

Information Technology - 24.2%

Other investments in portfolio companies(2)

Information Technology

(3)

Level III

$2,219,588

19.0%

Omnissa

Equity interest held through KKR Modena Aggregator L.P.

Information Technology

Americas

Level III

608,000

5.2%

Health Care - 19.8%

Cotiviti Holdings, Inc.

Equity interest held through KKR Compass Aggregator L.P.

Health Care

Americas

Level III

781,001

6.7%

Other investments in portfolio companies(2)

Health Care

(4)

Level III

1,505,707

12.8%

Other investment in portfolio company

Health Care

Asia Pacific

Level I

22,538

0.2%

Other investment in portfolio company

Health Care

Americas

Level II

10,198

0.1%

Financials - 9.4%

Other investments in portfolio companies(2)

Financials

(5)

Level III

1,102,409

9.4%

Industrials - 16.2%

Other investments in portfolio companies(2)

Industrials

(6)

Level III

1,895,128

16.2%

Consumer Discretionary - 10.6%

Other investments in portfolio companies(2)

Consumer Discretionary

(7)

Level III

1,245,234

10.6%

N/A(8)

Equity interest held through KKR Cape Aggregator L.P.

Consumer Discretionary

Americas

N/A

5,411

—%

Communication Services - 3.5%

Other investments in portfolio companies(2)

Communication Services

(9)

Level III

406,793

3.5%

Consumer Staples - 5.3%

Other investments in portfolio companies(2)

Consumer Staples

(10)

Level III

627,500

5.3%

Materials - 0.4%

Other investments in portfolio companies(2)

Materials

(11)

Level III

52,730

0.4%

Total Portfolio Companies (cost of $8,218,910)

$10,482,237

89.4%

Derivative Instruments

Derivative Assets

Foreign Currency Forward Contracts

N/A

Level II

31,711

0.3%

Total Derivative Assets

$31,711

0.3%

Derivative Liabilities

Foreign Currency Forward Contracts

N/A

Level II

(4,579)

(0.1)%

Total Derivative Liabilities

$(4,579)

(0.1)%

Total Derivative Instruments

$27,132

0.2%


Investments in Money Market Funds
Federated Government Obligations Fund	N/A	N/A	Level I	$627,888	5.4%
Goldman Sachs Financial Square Government Fund	N/A	N/A	Level I	$625,069	5.3%
Morgan Stanley Institutional Liquidity Funds Government Portfolio	N/A	N/A	Level I	$622,299	5.3%
Total Investments in Money Market Funds (cost of $1,875,256)				$1,875,256	16.0%

Total Investments and Cash Equivalents (cost of $10,094,166)				$12,384,625	105.6%

(1) The estimated fair value of our portfolio companies in the Americas, EMEA and Asia Pacific as a percentage of net assets was approximately 47.2%, 33.6% and 8.6%, respectively, as of June 30, 2026. The cost basis of portfolio companies in Americas, EMEA and Asia Pacific were $4,106,599, $3,249,417 and $862,894, respectively. The fair value of portfolio companies in Americas, EMEA and Asia Pacific were $5,538,027, $3,936,804 and $1,007,406, respectively.

(2) There were no single investments included in this category that exceeded 5% of net assets.

(3) 38.7% of fair value shown is domiciled in Americas, 45.6% in EMEA and 15.7% in Asia Pacific.

(4) 53.5% of fair value shown is domiciled in EMEA, 36.1% in Americas and 10.4% in Asia Pacific.

(5) 58.3% of fair value shown is domiciled in Americas, 39.9% in EMEA and 1.8% in Asia Pacific.

(6) 62.5% of fair value shown is domiciled in Americas, 34.6% in EMEA and 2.9% in Asia Pacific.

(7) 68.2% of fair value shown is domiciled in Americas, 16.6% in EMEA and 15.2% in Asia Pacific.

(8) As of June 30, 2026, the Company had funded cash into KKR Cape Aggregator L.P. in connection with the anticipated acquisition of an indirect interest in Teaching Strategies LLC. This investment is measured at fair value using the net asset value practical expedient under Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosure (“ASC 820”).

(9) 96.2% of fair value shown is domiciled in EMEA and 3.8% in Americas.

(10) 68.1% of fair value shown is domiciled in EMEA and 31.9% in Asia Pacific.

(11) 72.1% of fair value shown is domiciled in Americas and 27.9% in Asia Pacific.

KKR PRIVATE EQUITY CONGLOMERATE LLC

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2025

(Amounts in Thousands)

Issuer

Asset

Industry

Geography(1)

Valuation Level

Currency

Settlement Date

Notional

Estimated Fair Value

Estimated Fair Value as a Percentage of Net Assets

Portfolio Companies

Information Technology - 29.8%

Omnissa

Equity interest held through KKR Modena Aggregator L.P.

Information Technology

Americas

Level III

USD

N/A

$640,000

6.7%

Exact Software Nederland BV

Equity interest held through KKR Precise Aggregator L.P.

Information Technology

EMEA

Level III

EUR

N/A

550,662

5.8%

Other investments in portfolio companies(2)

Information Technology

(3)

Level III

Various

N/A

1,638,395

17.3%

Health Care - 21.3%

Cotiviti Holdings, Inc.

Equity interest held through KKR Compass Aggregator L.P.

Health Care

Americas

Level III

USD

N/A

747,557

7.9%

HealthCare Global Enterprises Ltd

Equity interest held through Hector Asia Holdings I Pte. Ltd

Health Care

Asia Pacific

Level I

INR

N/A

23,278

0.2%

Other investments in portfolio companies(2)

Health Care

(4)

Level III

Various

N/A

1,248,154

13.2%

Industrials - 13.6%

Spectris PLC

Equity interest held through KKR Aries Upper Aggregator L.P.

Industrials

EMEA

Level III

USD

N/A

570,000

6.0%

Other investments in portfolio companies(2)

Industrials

(5)

Level III

Various

N/A

720,967

7.6%

Financials - 10.5%

Other investments in portfolio companies(2)

Financials

(6)

Level III

Various

N/A

1,001,425

10.5%

Consumer Discretionary - 9.0%

Other investments in portfolio companies(2)

Consumer Discretionary

(7)

Level III

Various

N/A

848,272

8.9%

N/A(8)

Equity interest held through KKR Cape Aggregator L.P.

Consumer Discretionary

Americas

N/A

USD

N/A

5,411

0.1%

Consumer Staples - 5.8%

Other investments in portfolio companies(2)

Consumer Staples

(9)

Level III

Various

N/A

546,035

5.8%

Communication Services - 4.4%

Other investments in portfolio companies(2)

Communication Services

(10)

Level III

Various

N/A

418,411

4.4%

Materials - 0.5%

Other investments in portfolio companies(2)

Materials

(11)

Level III

Various

N/A

50,882

0.5%

Total Portfolio Companies (cost of $7,390,946)

$9,009,449

94.9%

Foreign Currency Forward Contracts

Goldman, Sachs & Co.

Sell JPY/USD

N/A

Level II

JPY

January 15, 2026

32,820,000

$14,946

0.2%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

663,181

4,545

—%

Nomura International PLC

Sell JPY/USD

N/A

Level II

JPY

January 15, 2026

5,118,900

2,333

—%

Nomura International PLC

Sell JPY/USD

N/A

Level II

JPY

January 15, 2026

9,841,000

2,217

—%

Goldman, Sachs & Co.

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

133,800

906

—%

Nomura International PLC

Sell INR/USD

N/A

Level II

INR

January 15, 2026

6,500,000

752

—%

Nomura International PLC

Sell NOK/USD

N/A

Level II

NOK

January 15, 2026

582,000

613

—%

Barclays Bank PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

53,700

363

—%

Royal Bank of Canada

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

45,300

307

—%

Nomura International PLC

Buy EUR/USD

N/A

Level II

EUR

January 15, 2026

16,600

208

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

April 15, 2026

64,000

169

—%

Barclays Bank PLC

Sell KRW/USD

N/A

Level II

KRW

January 15, 2026

4,260,000

—%

Nomura International PLC

Sell INR/USD

N/A

Level II

INR

January 15, 2026

736,300

—%

Nomura International PLC

Sell SEK/USD

N/A

Level II

SEK

April 15, 2026

162,000

—%

Nomura International PLC

Sell SGD/USD

N/A

Level II

SGD

January 15, 2026

6,900

—%

Goldman, Sachs & Co.

Sell INR/USD

N/A

Level II

INR

January 15, 2026

230,200

—%

Nomura International PLC

Sell GBP/USD

N/A

Level II

GBP

January 15, 2026

15,200

—%

Nomura International PLC

Sell KRW/USD

N/A

Level II

KRW

January 15, 2026

253,000

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

812

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

260

(4)

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

600

(6)

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

770

(7)

—%

Nomura International PLC

Sell SGD/USD

N/A

Level II

SGD

January 15, 2026

2,000

(8)

—%

Goldman, Sachs & Co.

Sell AUD/USD

N/A

Level II

AUD

January 15, 2026

11,300

(40)

—%

Royal Bank of Canada

Sell AUD/USD

N/A

Level II

AUD

January 15, 2026

12,200

(43)

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

10,500

(74)

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

7,100

(89)

—%

Nomura International PLC

Sell JPY/USD

N/A

Level II

JPY

January 15, 2026

8,060,000

(156)

—%

Nomura International PLC

Sell AUD/USD

N/A

Level II

AUD

January 15, 2026

69,400

(243)

—%

Nomura International PLC

Sell SEK/USD

N/A

Level II

SEK

January 15, 2026

94,100

(283)

—%

Nomura International PLC

Sell SEK/USD

N/A

Level II

SEK

January 15, 2026

189,000

(295)

—%

Barclays Bank PLC

Sell CNH/USD

N/A

Level II

CNH

January 15, 2026

140,000

(301)

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

59,000

(351)

—%

Nomura International PLC

Sell EUR/USD

N/A

Level II

EUR

January 15, 2026

85,200

(363)

—%

Nomura International PLC

Sell CNH/USD

N/A

Level II

CNH

January 15, 2026

604,400

(1,293)

—%

Royal Bank of Canada

Sell SEK/USD

N/A

Level II

SEK

January 15, 2026

1,036,000

(1,621)

—%

Total Foreign Currency Forward Contracts

$22,430

0.2%

Investments in Money Market Funds


Morgan Stanley Institutional Liquidity Funds Government Portfolio	N/A	N/A	Level I	USD	N/A	N/A	$963,528	10.1%
Total Investments in Money Market Funds (cost of $963,528)							$963,528	10.1%

Total Investments and Cash Equivalents (cost of $8,354,474)							$9,995,407	105.2%

(1) The estimated fair value of our portfolio companies in the Americas, EMEA and Asia Pacific as a percentage of net assets was approximately 47.5%, 37.1% and 10.3%, respectively, as of December 31, 2025. The cost basis of portfolio companies in Americas, EMEA and Asia Pacific were $3,446,015, $3,054,394 and $890,537, respectively. The fair value of portfolio companies in Americas, EMEA and Asia Pacific were $4,509,065, $3,525,307 and $975,077, respectively.

(2) There were no single investments included in this category that exceeded 5% of net assets.

(3) 51.1% of fair value shown is domiciled in Americas, 30.9% in Asia Pacific and 18.0% in EMEA.

(4) 53.3% of fair value shown is domiciled in EMEA, 44.7% in Americas and 2.0% in Asia Pacific.

(5) 80.6% of fair value shown is domiciled in Americas, 11.5% in EMEA and 7.9% in Asia Pacific.

(6) 56.9% of fair value shown is domiciled in Americas, 41.6% in EMEA and 1.5% in Asia Pacific.

(7) 58.0% of fair value shown is domiciled in Americas, 24.2% in EMEA and 17.8% in Asia Pacific.

(8) As of December 31, 2025, the Company had funded cash into KKR Cape Aggregator L.P. in connection with the anticipated acquisition of an indirect interest in Teaching Strategies LLC. This investment is measured at fair value using the net asset value practical expedient under ASC 820.

(9) 66.4% of fair value shown is domiciled in EMEA and 33.6% in Asia Pacific.

(10) 90.2% of fair value shown is domiciled in EMEA and 9.8% in Americas.

(11) 71.7% of fair value shown is domiciled in Americas and 28.3% in Asia Pacific.

KKR PRIVATE EQUITY CONGLOMERATE LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(All Amounts in Thousands, Except Share and Per Share Data)

1.Organization

KKR Private Equity Conglomerate LLC (“K-PEC” and the “Company”) was formed on December 6, 2022 as a limited liability company under the laws of the state of Delaware and the Company operates its business in a manner so that it is not an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is a holding company that primarily seeks to acquire, own and control portfolio companies with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through joint ventures (“Joint Ventures”). The Company expects that its portfolio companies will operate principally in the following business lines: Business & Financial Services; Consumer & Retail; Healthcare; Impact; Industrials; and Technology, Media & Telecommunications. The Company commenced principal operations on August 1, 2023.

A key part of the Company’s strategy is to form Joint Ventures by pooling capital with one or more KKR Vehicles (defined below) that target acquisitions of portfolio companies that are compatible with the Company’s business strategy. The Company expects to own nearly all of its portfolio companies through Joint Ventures alongside one or more KKR Vehicles and that the Joint Ventures will be managed in a way that reflects the commonality of interests between the KKR Vehicles and the Company. The Company intends to primarily own portfolio companies for the long term through Joint Ventures. Portfolio companies are generally less liquid and involve longer hold periods than traditional monthly net asset value equity holdings. Such illiquidity could also result from legal or contractual restrictions on their resale.

K-PEC conducts a continuous private offering of our Shares on a monthly basis (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside of the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act of 1933) in reliance on exemptions from the registration requirements of the Securities Act, (the “Private Offering”), including under Regulation D and Regulation S. We currently offer four classes of investor shares: Class S Shares, Class D Shares, Class U Shares and Class I Shares, including, without limitation, Class I-Series 1 Shares, Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares. Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (collectively, with the Class S Shares, Class D Shares, Class U Shares and Class I Shares, the “Investor Shares” and, together with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the “Shares”) were no longer available for purchase as of January 2, 2025. On July 2, 2026, (i) existing Class I Shares were redesignated as Class I-Series 1 Shares and (ii) Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares were newly designated. We may offer additional classes and/or series of classes of Investor Shares in the future. Except as described herein, the Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares have substantially similar rights and terms as the existing Class I Shares, now redesignated as Class I-Series 1 Shares. The Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares will each be subject to a higher minimum initial investment and subject to certain additional restrictions, including a minimum holding period, the Company’s existing quarterly repurchase limitations and certain additional repurchase limitations.

Holders of Investor Shares have equal rights and privileges with each other, except that Class D Shares, Class U Shares, Class I Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares do not pay a sales load or dealer-manager fees and the Company does not pay any servicing or distribution fees with respect to Class I Shares or Class R-I Shares or any distribution fees with respect to the Class D Shares or Class R-D Shares.

Holders of Class E Shares, Class F Shares, Class G Shares and Class H Shares (collectively, the “KKR Shares”) have equal rights and privileges with each other and, except for the Class G Shares, no class of shares will have any rights, powers or preferences with respect to determining the number of directors constituting the entire Board of Directors (the “Board”) or the appointment, election, or removal of any directors or officers of the Company. Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, “KKR”), through its ownership of all of the Company’s outstanding Class G Shares, hold, directly and indirectly, all of the voting power of the Company. The KKR Shares are not subject to the Management Fee (defined herein) or the Performance Participation Allocation (defined herein), and are not subject to any servicing or distribution fees.

The Company is sponsored by KKR and benefits from its industry leading institutional private equity sourcing and portfolio management platform pursuant to a management agreement entered into with KKR DAV Manager LLC (the “Manager”) to source and evaluate portfolio company acquisitions and to support the Company in managing its portfolio companies with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital

appreciation by owning and controlling portfolio companies diversified by strategy, sector and geography for shareholders (the “Shareholders”).

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in United States (“U.S.”) dollars. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under ASC 946, Financial Services—Investment Companies (“ASC 946”).

For a detailed discussion about K-PEC’s significant accounting policies, see Note 2 to the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the six months ended June 30, 2026, there were no significant updates to K-PEC’s significant accounting policies.

Basis of Consolidation

As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation.

Adoption of New and Revised Accounting Standards

Expense Disaggregation Disclosures

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and disclosures.

3.Investments

Summarized Portfolio Company Financial Information

The following table presents summarized financial information, in the aggregate, for the portfolio companies in which the Company has an indirect equity interest. Amounts provided do not represent the Company’s proportionate share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025			2026		2025
Revenues	$	15,655,179	$	10,882,611		$	32,108,233	$	23,908,462
Expenses	16,641,454		11,522,771			34,255,252		24,942,204
Loss before taxes	(986,275)		(640,160)			(2,147,019)		(1,033,742)
Income tax expense (benefit)	219,274		(25,951)			142,576		143,034
Consolidated net loss	(1,205,549)		(614,209)			(2,289,595)		(1,176,776)
Net income attributable to non-controlling interests	(44,575)		(36,597)			(74,507)		(64,504)
Net loss	$	(1,250,124)	$	(650,806)		$	(2,364,102)	$	(1,241,280)

The net loss above represents the aggregated net loss attributable to the controlling interests in each of the Company’s portfolio companies and does not represent the Company’s proportionate share of loss. Summarized financial totals presented are the best available as of the date of this filing and information may not be for the same reporting period as this filing.

4.Fair Value Measurements - Investments

The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy:


	June 30, 2026
Investments	Level I		Level II		Level III		Investments Measured at Net Asset Value(1)		Fair Value
Portfolio companies	$	22,538	$	10,198	$	10,444,090	$	5,411	$	10,482,237
Unrealized appreciation on foreign currency forward contracts	—		31,711		—		—		31,711
Unrealized depreciation on foreign currency forward contracts	—		(4,579)		—		—		(4,579)
Investments in Money Market Funds	1,875,256		—		—		—		1,875,256
Total	$	1,897,794	$	37,330	$	10,444,090	$	5,411	$	12,384,625

(1) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

During the six months ended June 30, 2026, the Company transferred $4,525 out of Level III category of measurement into Level II due to changes in the observability of the inputs used in the fair value measurements at period end.


	December 31, 2025
Investments	Level I		Level II		Level III		Investments Measured at Net Asset Value(1)		Fair Value
Portfolio companies	$	23,278	$	—	$	8,980,760	$	5,411	$	9,009,449
Unrealized appreciation on foreign currency forward contracts	—		27,607		—		—		27,607
Unrealized depreciation on foreign currency forward contracts	—		(5,177)		—		—		(5,177)
Investments in Money Market Funds	963,528		—		—		—		963,528
Total	$	986,806	$	22,430	$	8,980,760	$	5,411	$	9,995,407

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the six months ended June 30, 2026:


Six Months Ended June 30, 2026
Investments	Balance as of December 31, 2025		Purchases		Sales and Proceeds from Investments		Transfers out of Level III		Change in Gain (Loss) included in Net Assets		Net change in unrealized appreciation on investments		Net change in unrealized appreciation on foreign currency translation		Balance as of June 30, 2026
Portfolio companies	$	8,980,760	$	829,513	$	(2,704)	$	(4,525)	$	(134)	$	725,643	$	(84,463)	$	10,444,090

The total change in unrealized appreciation (depreciation) included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the six months ended June 30, 2026 attributable to Level III investments and foreign currency translation still held at June 30, 2026 was $725,643 and $(84,463), respectively.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the six months ended June 30, 2025:


Six Months Ended June 30, 2025
Investments	Balance as of December 31, 2024		Purchases		Sales and Proceeds from Investments		Realized gain on investments		Net change in unrealized appreciation on investments		Net change in unrealized appreciation on foreign currency translation		Balance as of June 30, 2025
Portfolio companies	$	3,918,519	$	1,092,644	$	(64,366)	$	32,761	$	445,940	$	167,788	$	5,593,286

The total change in unrealized appreciation (depreciation) included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the six months ended June 30, 2025 attributable to Level III investments and foreign currency translation still held at June 30, 2025 was $452,300 and $167,788, respectively.

The following tables present the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of June 30, 2026:

Level III Assets

Fair Value

June 30, 2026

Valuation Methodology and Inputs

Unobservable Input(s)(1)

Weighted Average (2)

Range

Impact to Valuation from an Increase in Input (3)

Portfolio companies

$10,444,090

Inputs to market comparables, discounted cash flow and transaction price/other

Weight Ascribed to Market Comparables

44.7%

0.0% - 100.0%

(4)

Weight Ascribed to Discounted Cash Flow

45.0%

0.0% - 75.0%

(5)

Weight Ascribed to Transaction Price/Other

10.3%

0.0% - 100.0%

(6)

Market Comparables

Enterprise Value / Forward EBITDA Multiple

14.1x

5.5x - 25.5x

Increase

Enterprise Value / Forward Revenues Multiple

8.2x

2.3x - 11.9x

Increase

Discounted Cash Flow

Weighted Average Cost of Capital

14.1%

6.8% - 23.5%

Decrease

Enterprise Value / EBITDA Exit Multiple

14.6x

8.0x - 23.3x

Increase

(1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments.

(2) Inputs are weighted based on fair value of the investments included in the range.

(3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach.

(5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach and transaction price approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price approach.

(6) The directional change from an increase in the weight ascribed to the transaction price approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets.

5.Derivatives

The Company enters into foreign currency forward contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated transactions. A foreign currency forward contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period as unrealized appreciation or depreciation. When a foreign currency forward contract is closed, through either delivery or offset by entering into another foreign currency forward contract, the Company recognizes realized appreciation or depreciation equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Foreign currency forward contracts involve elements of market risk in excess of the amounts reflected on the Consolidated Statements of Assets and Liabilities. The Company’s primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the foreign currency forward contract.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount, which is presented in local currency, represents the absolute value amount of the foreign exchange contracts in thousands:


	June 30, 2026
	Assets					Liabilities
	Notional			Fair Value		Notional			Fair Value
Derivative Instruments
Foreign currency contracts (AUD)	A$	92,900		$	13	A$	185,800		$	(831)
Foreign currency contracts (CNH)	¥	35,000		18		¥	2,303,200		(1,226)
Foreign currency contracts (EUR)	€	1,183,623		15,955		€	2,367,245		(214)
Foreign currency contracts (GBP)	£	20,000		28		£	35,200		(162)
Foreign currency contracts (INR)	Rs	7,466,500		87		Rs	17,813,000		(2,008)
Foreign currency contracts (JPY)	¥	113,217,200		10,185		¥	56,608,600		(89)
Foreign currency contracts (KRW)	₩	9,476,000		48		₩	4,738,000		(2)
Foreign currency contracts (MYR)	MYR	54,000		200		MYR	27,000		(10)
Foreign currency contracts (NOK)	1,462,000		kr	1,957		731,000		kr	(11)
Foreign currency contracts (SEK)	1,481,100		kr	3,115		2,962,200		kr	(25)
Foreign currency contracts (SGD)	21,118		S$	105		15,535		S$	(1)
				$	31,711				$	(4,579)

6.Related Party Transactions

Management Agreement

On July 27, 2023, the Company entered into a management agreement with the Manager, which was further amended on May 30, 2024 (“Management Agreement”). Pursuant to the Management Agreement, the Manager is responsible for sourcing, evaluating and monitoring the Company’s acquisition opportunities and making recommendations to the Company’s executive committee related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s objectives, guidelines, policies and limitations, subject to oversight by the Board.

Pursuant to the Management Agreement, the Manager is entitled to receive a management fee (the “Management Fee”) from the Company in an amount equal to (i) 1.25% per annum of the month-end Net Asset Value (“NAV”) attributable to Class S Shares, Class D Shares, Class U Shares and Class I Shares and (ii) 1.00% per annum of the month-end NAV attributable to Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares for a 60-month period following August 1, 2023 (the “Initial Offering”), and 1.25% per annum of the month-end NAV attributable to such Shares thereafter, each before giving effect to accruals for the Management Fee, the Distribution Fee (as defined herein), the Servicing Fee (as defined herein), the Performance Participation Allocation (as defined herein), share repurchases for that month, any distributions and without taking into account any taxes (whether paid, payable, accrued or otherwise) of any intermediate entity through which the Company indirectly acquires and holds a portfolio company, as determined in the good faith judgment of the Manager. Such Management Fee is calculated based on the Company’s transactional net asset

value (“Transactional Net Asset Value”), which is used to determine the price at which the Company sells and repurchases its Shares.

KKR or its affiliates (and in the case of directors’ fees, KKR executives) are expected to be paid transaction fees and monitoring fees in connection with the acquisition, ownership, control and exit of portfolio companies, and KKR or its affiliates are expected to be entitled to receive “break-up” or similar fees in connection with unconsummated transactions (“Other Fees”). The Management Fee payable in any monthly period is subject to reduction, but not below zero, by an amount equal to any Other Fees allocable to Investor Shares pursuant to the terms of the Management Agreement. The Manager, in its sole discretion, may forgo reimbursement by the Company of certain expenses incurred by the Manager or its affiliates (other than the Company and its subsidiaries) on behalf of the Company in each calendar month to the extent there remains any Other Fees that are not used to offset the Management Fee. Any Other Fees used to offset such expenses will not be applied again to offset future Management Fees.

For the three months ended June 30, 2026 and 2025, the Manager earned $32,907 and $17,586 in gross Management Fees, respectively, and the Company offset Management Fees and certain other expenses of $21,286 and $18,498, respectively, and for the six months ended June 30, 2026 and 2025, the Manager earned $61,942 and $31,393 in gross Management Fees, respectively, and the Company offset Management Fees and certain other expenses of $50,958 and $32,305, respectively.

As of June 30, 2026, the Company owed a net Management Fee to the Manager of $11,621. No such net Management Fee was owed to the Manager as of December 31, 2025. Pursuant to the Management Agreement, such amounts earned may be offset by the Manager against amounts due to the Company from the Manager.

As of December 31, 2025, there were unapplied credits of $27,148 to be carried forward that relate to Other Fees earned. There were no unapplied credits available to be carried forward that relate to Other Fees earned as of June 30, 2026.

Performance Participation Allocation

Under the limited liability company agreement of the Company (as amended, the “LLC Agreement”), for as long as the Management Agreement has not been terminated, any Class H Member (as defined in the LLC Agreement) may receive a Performance Participation Allocation from the Company.

KKR is allocated a “Performance Participation Allocation” equal to 15.0% of the Total Return attributable to Investor Shares subject to a 5.0% annual Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement). Such allocation will be measured and allocated or paid annually and accrued monthly (subject to pro-rating for partial periods). KKR may elect to receive the Performance Participation Allocation in cash and/or Class F Shares. Specifically, promptly following the end of each Reference Period (and at other times as described below), KKR is allocated a Performance Participation Allocation in an amount equal to:

•First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (as defined in the LLC Agreement) (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to KKR equals 15.0% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to KKR pursuant to this clause (any such amount, the “Catch-Up”); and

•Second, to the extent there are remaining Excess Profits, 15.0% of such remaining Excess Profits.

KKR will also be allocated a Performance Participation Allocation with respect to all Investor Shares that are repurchased in connection with repurchases of Shares in an amount calculated as described above with the relevant period being the portion of the Reference Period, which is the applicable year beginning on October 1 and ending on September 30 of the next succeeding year, for which such Shares were outstanding, and proceeds for any such Share repurchases will be reduced by the amount of any such Performance Participation Allocation. Such Performance Participation Allocation is calculated based on the Transactional Net Asset Value.

If the Performance Participation Allocation is paid in Class F Shares, such Shares may be repurchased at KKR’s request and will be subject to the repurchase limitations of our share repurchase plan. To align its economic interests with those of Shareholders, KKR has an internal policy that delays the timing for when it will receive cash proceeds in respect of the Performance Participation Allocation. Pursuant to this internal policy, KKR intends (i) to initially elect to receive the Performance Participation Allocation in Class F Shares and (ii) to only request for repurchase such Class F Shares received

in respect of the Performance Participation Allocation pursuant to our share repurchase plan at the earlier of (A) five (5) years from the original issuance thereof and (B) at such times and in such amounts so that, on an inception-to-date basis, KKR does not monetize Class F Shares with a basis greater than 15.0% of the sum of (x) gross realized gains (net of realized losses), interest income, and certain other cash distributions from all assets, and effective September 1, 2026, excluding realized gains and losses from foreign exchange and hedging activity, generated by the Company’s assets on an inception-to-date basis; plus (y) gross unrealized gains (net of unrealized losses) from indefinite life assets (as determined by KKR), and effective September 1, 2026, excluding unrealized gains and losses from foreign exchange and hedging activity, generated by the Company’s indefinite life assets on an inception-to-date basis, and effective September 1, 2026, less (z) cumulative losses, if any, generated by the Company’s assets on an inception-to-date basis from (1) gross realized and unrealized foreign exchange gains (net of realized and unrealized foreign exchange losses) and (2) gross realized and unrealized hedging activity gains (net of realized and unrealized hedging activity losses). Additionally, KKR may request for repurchase a number of Class F Shares, at any time and from time to time, necessary to satisfy tax withholding obligations and/or other tax liabilities incurred in connection with the allocation of Class F Shares to KKR personnel and any such repurchases requested by KKR will not be counted toward the foregoing limitation.

For the three months ended June 30, 2026 and 2025, the Company recognized a Performance Participation Allocation of $48,163 and $29,468, respectively, and for the six months ended June 30, 2026 and 2025, the Company recognized a Performance Participation Allocation of $107,386 and $89,485, respectively. As of June 30, 2026 and December 31, 2025, a Performance Participation Allocation accrual of $158,297 and $51,704, respectively, was recorded in the Consolidated Statements of Assets and Liabilities.

During the three months ended June 30, 2026 and 2025, the Company issued 18,553 Class F Shares and 1,518 Class F Shares, respectively, to the Class H Member totaling $700 and $49, respectively, in satisfaction of the Performance Participation Allocation resulting from repurchases of Investor Shares. During the six months ended June 30, 2026 and 2025, the Company issued 21,114 Class F Shares and 1,647 Class F Shares, respectively, to the Class H Member totaling $793 and $53, respectively, in satisfaction of the Performance Participation Allocation resulting from repurchases of Investor Shares.

Dealer-Manager Agreement

On July 27, 2023, the Company entered into a Dealer-Manager Agreement (as amended from time to time, the “Dealer-Manager Agreement”) with KKR Capital Markets LLC (the “Dealer Manager”).

Pursuant to the Dealer-Manager Agreement, the Dealer Manager solicits sales of the Company’s Shares authorized for issue in accordance with the Company’s confidential Private Placement Memorandum (the “PPM”) and provides certain administrative and shareholder services to the Company, subject to the terms and conditions set forth in the Dealer-Manager Agreement. The Dealer Manager receives certain front-end sales charges, Distribution Fees, Servicing Fees and certain other fees as described in the PPM.

Other Transactions with Dealer Manager

During the three and six months ended June 30, 2026, the Company remitted $1,125 and $2,375, to the Dealer Manager for arranger fees related to the Revolving Credit Agreement (as defined in Note 7. Credit Facility). During both the three and six months ended June 30, 2025, the Company remitted $750 to the Dealer Manager for arranger fees related to the Revolving Credit Agreement. Additionally, during both the three and six months ended June 30, 2025, the Company remitted $2,492 to the Dealer Manager for its services in sourcing, organizing, and executing a tender offer for the acquisition of certain stakes in a portfolio company.

Distribution Fees and Servicing Fees

The Company pays KKR Capital Markets LLC ongoing distribution and servicing fees (a) of 0.85% of NAV per annum for Class S Shares, Class U Shares, Class R-S Shares and Class R-U Shares only (consisting of a 0.60% distribution fee (the “Distribution Fee”) and a 0.25% shareholder servicing fee (the “Servicing Fee”)), accrued and payable monthly and (b) of 0.25% for Class D Shares and Class R-D Shares only (all of which constitutes payment for shareholder services, with no payment for distribution services) in each case as accrued, and payable monthly. Such Distribution Fee and Servicing Fee are calculated based on the Transactional Net Asset Value. None of the Class I Shares, Class R-I Shares, Class E Shares, Class F Shares, Class G Shares or Class H Shares incur the Distribution Fee or the Servicing Fee. The Dealer Manager generally expects to reallow the Distribution Fee and the Servicing Fee to participating broker dealers or other

intermediaries. The Company may also pay for certain sub-transfer agency, platform, sub-accounting and administrative services outside of the Distribution Fee and the Servicing Fee.

Under GAAP, the Company accrues the cost of the Servicing Fees and Distribution Fees, as applicable, for the estimated life of the shares as an offering cost at the time the Company sells Class S Shares, Class U Shares, Class D Shares, Class R-S Shares, Class R-U Shares and Class R-D Shares. As of June 30, 2026 and December 31, 2025, the Company has accrued $373,583 and $338,409, respectively, of Servicing Fees and Distribution Fees payable to the Dealer Manager related to Class R-U Shares, Class R-D Shares, Class D Shares, Class S Shares and Class U Shares sold.

Expense Limitation and Reimbursement Agreement

Pursuant to an Amended and Restated Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”), through and including June 30, 2025, the Manager has agreed to forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company, to the extent necessary so that, for any fiscal year, the Company’s annual Specified Expenses (as defined below) do not exceed 0.60% of the Company’s net assets as of the end of each calendar month. “Specified Expenses” is defined to include all expenses incurred in the business of the Company, including organizational and offering costs, with the exception of (i) the management fee, (ii) the Performance Participation Allocation, (iii) the Servicing Fee, (iv) the Distribution Fee, (v) portfolio company or joint venture level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (viii) taxes, (ix) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees and officers of the Company), (x) certain insurance costs and (xi) extraordinary expenses (as determined in the sole discretion of the Manager).

The Expense Limitation Agreement was in effect through and including June 30, 2025 and was not renewed by the Manager and the Company for a successive term. The Company had agreed to carry forward the amount of any foregone management fee and/or expenses paid, absorbed or reimbursed by the Manager for a period not to exceed three years from the end of the month in which the Manager waived or reimbursed such fees or expenses and to reimburse the Manager for such fees or expenses in accordance with the Expense Limitation Agreement.

During the three and six months ended June 30, 2025, the Manager recouped expenses of $5,112 and $8,960, respectively, incurred by the Company, pursuant to the Expense Limitation Agreement. All amounts subject to recoupment by the Manager pursuant to the Expense Limitation Agreement were recouped as of September 30, 2025, therefore, no such expenses were recouped during the three and six months ended June 30, 2026.

As of June 30, 2026 and December 31, 2025, the Company recorded $18,057 and $14,608, respectively, as Due to Manager related to amounts paid by the Manager on behalf of the Company.

Acquisition of Interests in Portfolio Companies through Secondary Transactions with Related Party

During the three and six months ended June 30, 2025, the Company purchased an additional interest in a portfolio company, through a tender offer, in part from investment vehicles that are managed by an affiliate of the Manager for $293,074 and recorded unrealized appreciation of $12,829 in connection with the investment acquired.

During the six months ended June 30, 2025, the Company purchased interests in portfolio companies from an investment vehicle that is managed by an affiliate of the Manager for $317,822 and recorded unrealized appreciation of $32,719 in connection with the investments acquired.

Acquisition of Interests in Portfolio Companies with Related Parties

During the six months ended June 30, 2026, the Company purchased an interest in a portfolio company from an affiliated KKR-sponsored investment vehicle alongside the relevant flagship private equity vehicle as part of a sale and purchase between successive fund vintages for $348,654.

During the six months ended June 30, 2025, the Company purchased an interest in a portfolio company from an affiliated KKR-sponsored investment vehicle alongside the relevant flagship private equity vehicle as part of a sale and purchase between successive fund vintages for $32,507.

During the six months ended June 30, 2025, alongside the relevant KKR flagship private equity vehicles, an existing investment in a portfolio company was recapitalized, and the Company invested an additional $133,973. In connection with this investment, the Company received proceeds of $64,366 and recognized a realized gain on investment of $32,761.

Line of Credit

On December 20, 2023, certain wholly-owned subsidiaries of the Company, as may be added and removed from time to time (the “Line of Credit Borrowers”), entered into an unsecured, uncommitted line of credit (as amended, the “Line of Credit”) to provide for up to a maximum aggregate principal amount of $300,000 with KKR Alternative Assets LLC (the “Line of Credit Lender”), an affiliate of the Company.

Each loan under the Line of Credit will (i) be subject to an interest rate per annum as set forth in the applicable loan request up to the then-current rate offered by a third party lender or, if no such rate is available, up to Secured Overnight Financing Rate (“SOFR”) applicable to such loan plus 3.50% and (ii) in the event that the interest rate is zero percent such loan will have a maximum maturity of 364 days following the borrowing of such loan (unless otherwise consented to by the Lender in its sole discretion). The Line of Credit was initially set to expire on December 20, 2024, subject to six-month extension options requiring the Line of Credit Lender’s approval. On May 4, 2026, the Line of Credit Lender agreed to extend the Line of Credit an additional six months through December 18, 2026, subject to additional six-month extension options requiring the Line of Credit Lender’s approval. Each advance under the Line of Credit is repayable on the earlier of the (i) 180th day following the earlier of (x) the Line of Credit Lender’s demand and (y) the expiration of the line of credit and (ii) if specified, the scheduled date of repayment for each such loan as set forth in the relevant loan request (the “Scheduled Repayment Date”), which date shall in no case be later than 364 days following the borrowing of such loan (unless the Line of Credit Lender, in its sole discretion, consents to a Scheduled Repayment Date that is later than 364 days following the borrowing of such loan). To the extent the Company has not repaid all loans and other obligations under the Line of Credit after a repayment event has occurred, the Company is obligated to apply excess available cash proceeds to the repayment of such loans and other obligations; provided that the Line of Credit Borrowers will be permitted to (w) make payments to fulfill any repurchase requests pursuant to the Company’s share repurchase plan or any excess tender offer on the terms described in the Company’s PPM, (x) use funds to close any acquisition of a portfolio company which the Company committed to prior to receiving a demand notice, (y) make elective distributions of an amount not to exceed amounts paid in the immediately preceding fiscal quarter and (z) pay any taxes when due. The Line of Credit also permits voluntary prepayment of principal and accrued interest without any penalty other than customary breakage costs subject to the Line of Credit Lender’s discretion. Each Line of Credit Borrower may withdraw from the Line of Credit at the time all such obligations held by such Line of Credit Borrower to the Line of Credit Lender under the Line of Credit have been repaid to the Line of Credit Lender in full. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, the Line of Credit Lender may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period.

The Line of Credit Lender and its assignees shall not have any recourse to any entities with interests in the Line of Credit Borrowers such as a general partner or investor, including the Company, or any of their respective assets for any indebtedness or other monetary obligation incurred under the Line of Credit.

No balance was outstanding on the Line of Credit as of both June 30, 2026 and December 31, 2025.

7. Credit Facility

Revolving Credit Agreement

On December 23, 2024, certain indirect subsidiaries (collectively, the “Borrowers”) of the Company entered into a revolving credit agreement (the “Revolving Credit Agreement”) with Sumitomo Mitsui Banking Corporation, as joint lead arranger and administrative agent, KKR Capital Markets LLC, an affiliate of the Company, as joint lead arranger, and the lenders party thereto.

Under the Revolving Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate principal amount of up to $1,225,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,500,000 in the aggregate. The obligations of the Borrowers and guarantors under the Revolving Credit Agreement are secured by a pledge of certain accounts of such Borrowers and guarantors. The Revolving

Credit Agreement matures on December 23, 2027, unless there is an earlier termination or an acceleration following an event of default.

During the six months ended June 30, 2026, the Borrowers entered into lender joinder agreements to the Revolving Credit Agreement, pursuant to which the credit available to the Borrowers was increased from aggregate principal amount of $750,000 to an aggregate principal amount of $1,225,000.

Advances under the Revolving Credit Agreement denominated in U.S. dollars bear interest, at the relevant Borrower’s option, at (i) the daily or term SOFR plus a spread of 3.50% or (ii) certain alternative rates made available to the Borrower under the terms of the Revolving Credit Agreement. Advances under the Revolving Credit Agreement denominated in currencies other than U.S. dollars will bear interest at certain local rates consistent with market standards plus a spread of 3.50%. The Borrowers are also obligated to pay other customary closing fees, arrangement fees, administration fees, unused fees, commitment fees and letter of credit fees for a credit facility of this size and type. Obligations under the Revolving Credit Agreement are non-recourse to the Company and other parts of KKR.

Under the terms of the Revolving Credit Agreement, the Company is subject to customary affirmative and negative covenants.

As of June 30, 2026, the Company incurred $23,319 of costs associated with entry into the Revolving Credit Agreement. These costs have been capitalized within Deferred financing costs, net on the Consolidated Statement of Assets and Liabilities. As of June 30, 2026 and December 31, 2025, total remaining unamortized deferred financing costs for the Revolving Credit Agreement was $16,003 and $12,413, respectively.

As of both June 30, 2026 and December 31, 2025, the Borrowers did not have an outstanding balance under the Revolving Credit Agreement. During the three months ended June 30, 2026 and 2025, the Company incurred interest expense of $4,116 and $1,350, respectively, and during the six months ended June 30, 2026 and 2025, incurred interest expense of $7,297 and $2,167, respectively, comprised of unused fees and amortization of deferred financing costs.

8. Net Assets

The following table is a summary of share activity during the three months ended June 30, 2026 and Shares outstanding as of that date:


	Shares Outstanding as of March 31, 2026	Shares Issued During the Period	Shares Repurchased During the Period	Transfers In During the Period	Transfers Out During the Period	Shares Outstanding as of June 30, 2026
Class D Shares	7,921,702	1,195,736	(4,904)	27,594	(56,512)	9,083,616
Class I-Series 1 Shares	62,936,476	9,723,841	(90,017)	139,900	(3,785)	72,706,415
Class S Shares	694,206	355,542	—	—	—	1,049,748
Class U Shares	73,875,647	10,358,485	(116,316)	3,843	(88,167)	84,033,492
Class R-D Shares	11,253,236	—	—	—	—	11,253,236
Class R-I Shares	60,460,834	—	(926,611)	251,193	(13,405)	59,772,011
Class R-U Shares	102,342,611	—	(762,853)	13,721	(282,427)	101,311,052
Class F Shares	6,283,273	21,937	—	—	—	6,305,210
Class G Shares	40	—	—	—	—	40
Class H Shares	40	—	—	—	—	40
Total	325,768,065	21,655,541	(1,900,701)	436,251	(444,296)	345,514,860

The following table is a summary of share activity during the six months ended June 30, 2026 and Shares outstanding as of that date:


	Shares Outstanding as of December 31, 2025	Shares Issued During the Period	Shares Repurchased During the Period	Transfers In During the Period	Transfers Out During the Period	Shares Outstanding as of June 30, 2026
Class D Shares	6,818,668	2,298,004	(4,904)	28,360	(56,512)	9,083,616
Class I-Series 1 Shares	48,059,830	24,546,851	(100,813)	205,951	(5,404)	72,706,415
Class S Shares	347,135	703,874	(1,261)	—	—	1,049,748
Class U Shares	60,905,778	23,429,287	(155,063)	5,486	(151,996)	84,033,492
Class R-D Shares	11,253,236	—	—	—	—	11,253,236
Class R-I Shares	60,240,289	—	(997,021)	557,892	(29,149)	59,772,011
Class R-U Shares	102,966,509	—	(1,085,125)	29,792	(600,124)	101,311,052
Class F Shares	6,295,848	28,012	(18,650)	—	—	6,305,210
Class G Shares	40	—	—	—	—	40
Class H Shares	40	—	—	—	—	40
Total	296,887,373	51,006,028	(2,362,837)	827,481	(843,185)	345,514,860

The following table is a summary of share activity during the three months ended June 30, 2025 and Shares outstanding as of that date:


	Shares Outstanding as of March 31, 2025	Shares Issued During the Period	Shares Repurchased During the Period	Transfers In During the Period	Transfers Out During the Period	Shares Outstanding as of June 30, 2025
Class D Shares	2,045,529	1,713,360	—	—	(21,590)	3,737,299
Class I-Series 1 Shares	7,274,057	10,744,179	—	43,483	—	18,061,719
Class S Shares	—	61,075	—	—	—	61,075
Class U Shares	12,465,041	16,612,929	(3,398)	—	—	29,074,572
Class R-D Shares	11,413,524	—	—	—	(139,772)	11,273,752
Class R-I Shares	59,949,474	(2,785)	(20,283)	254,672	—	60,181,078
Class R-U Shares	103,927,015	—	(150,877)	—	(139,668)	103,636,470
Class F Shares	1,870,320	5,457	—	—	—	1,875,777
Class G Shares	40	—	—	—	—	40
Class H Shares	40	—	—	—	—	40
Total	198,945,040	29,134,215	(174,558)	298,155	(301,030)	227,901,822

The following table is a summary of share activity during the six months ended June 30, 2025 and Shares outstanding as of that date:


	Shares Outstanding as of December 31, 2024	Shares Issued During the Period	Shares Repurchased During the Period	Transfers In During the Period	Transfers Out During the Period	Shares Outstanding as of June 30, 2025
Class D Shares	—	3,758,889	—	—	(21,590)	3,737,299
Class I-Series 1 Shares	31,054	17,977,636	—	53,029	—	18,061,719
Class S Shares	—	61,075	—	—	—	61,075
Class U Shares	137,406	28,940,564	(3,398)	—	—	29,074,572
Class R-D Shares	10,419,393	994,131	—	—	(139,772)	11,273,752
Class R-I Shares	51,968,235	7,926,675	(30,445)	316,613	—	60,181,078
Class R-U Shares	93,038,669	10,998,095	(188,132)	—	(212,162)	103,636,470
Class F Shares	1,865,972	9,805	—	—	—	1,875,777
Class G Shares	40	—	—	—	—	40
Class H Shares	40	—	—	—	—	40
Total	157,460,809	70,666,870	(221,975)	369,642	(373,524)	227,901,822

Distribution Reinvestment Plan

The Company adopted a Distribution Reinvestment Plan (the “DRIP”) in which cash distributions to holders of our Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders’ distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available Transactional Net Asset Value per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares, Class R-D Shares and Class R-U Shares, including those purchased under our DRIP, will be subject to applicable ongoing distribution and/or shareholder servicing fees.

As of June 30, 2026 and December 31, 2025, the Company has not issued any Shares under the DRIP.

Share Repurchases

At the Shareholders request, the Shares are redeemable at the transactional net asset value per share, which is the price at which the Company sells and repurchases its Shares, subject to the conditions under its share repurchase plan. Under its share repurchase plan, repurchases will be limited to no more than 5% of our aggregate NAV attributable to such classes of shares per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). The following table summarizes the Company’s transactional net asset value per share:


Transactional Net Asset Value Per Share	Class D Shares		Class I-Series 1 Shares		Class S Shares		Class U Shares		Class R-D Shares		Class R-I Shares		Class R-U Shares		Class F Shares		Class G Shares		Class H Shares
Transactional Net Asset Value per Share as of June 30, 2026	$	35.43	$	35.72	$	35.09	$	35.08	$	35.43	$	35.67	$	34.77	$	38.01	$	38.01	$	38.01

During both the three and six months ended June 30, 2026, we repurchased 4,904 Class D Shares pursuant to our share repurchase plan, at an average price per share of $34.63. No Class D Shares were repurchased during the six months ended June 30, 2025.

During the three and six months ended June 30, 2026, we repurchased 90,017 and 100,813 Class I-Series 1 Shares, respectively, pursuant to our share repurchase plan, at an average price per share of $34.89 and $34.78, respectively. No Class I-Series 1 Shares were repurchased during the six months ended June 30, 2025.

During the six months ended June 30, 2026, we repurchased 1,261 Class S Shares pursuant to our share repurchase plan, at an average price per share of $33.34. No Class S Shares were repurchased during the six months ended June 30, 2025.

During the three and six months ended June 30, 2026, we repurchased 116,316 and 155,063 Class U Shares, respectively, pursuant to our share repurchase plan, at an average price per share of $34.34 and $34.09, respectively. During both the three and six months ended June 30, 2025, we repurchased 3,398 Class U Shares, pursuant to our share repurchase plan, at an average price per share of $30.44.

During the three months ended June 30, 2026 and 2025, we repurchased 926,611 and 20,283 Class R-I Shares, respectively, pursuant to our share repurchase plan, at an average price per share of $34.84 and $30.62, respectively. During the six months ended June 30, 2026 and 2025, we repurchased 997,021 and 30,445 Class R-I Shares, respectively, pursuant to our share repurchase plan, at an average price per share of $34.76 and $30.04, respectively.

During the three months ended June 30, 2026 and 2025, we repurchased 762,853 and 150,877 Class R-U Shares, respectively, pursuant to our share repurchase plan, at an average price per share of $34.03 and $30.16, respectively. During the six months ended June 30, 2026 and 2025, we repurchased 1,085,125 and 188,132 Class R-U Shares, respectively, pursuant to our share repurchase plan, at an average price per share of $33.73 and $29.85, respectively.

During the six months ended June 30, 2026, we repurchased 18,650 Class F Shares pursuant to our share repurchase plan, at an average price per share of $35.58. No Class F Shares were repurchased during the six months ended June 30, 2025.

9. Distributions

The Company did not declare or pay any distributions during the three and six months ended June 30, 2026 and 2025.

10. Commitments and Contingencies

Legal Proceedings

The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

From time to time, the Company may be involved in various legal proceedings, requests for information, lawsuits, arbitration, and claims incidental to the conduct of the Company’s business. Moreover, in the ordinary course of business, the Company can be the defendant or the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other events. Such lawsuits may involve claims, or may be resolved on terms, that adversely affect the value of certain portfolio companies held by the Company.

The Company may, from time to time, become subject to various examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings, or the imposition of fines, penalties, or other remedies, against the Company and its personnel. The Company may also become subject to civil, criminal, administrative, or other inquiries or investigations (through a request for information, civil investigative demand, subpoena or otherwise) by any U.S. or non-U.S. governmental or regulatory agency, including but not limited to the SEC, U.S. Department of Justice, U.S. state attorneys general, and similar non-U.S. governmental or regulatory agencies.

Funding Commitments and Others

The Company had $136,133 and $154,215 of unfunded commitments in portfolio companies as of June 30, 2026 and December 31, 2025, respectively.

Indemnification

Under the LLC Agreement and organizational documents, the members of the Board, officers of the Company, the Manager, KKR, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against certain liabilities arising out of the performance of their duties to the Company. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company.

11. Financial Highlights

The following is a schedule of the financial highlights of the Company attributed to each class of Shares for the six months ended June 30, 2026:


	Class D Shares			Class I-Series 1 Shares			Class S Shares			Class U Shares			Class R-D Shares			Class R-I Shares			Class R-U Shares			Class F Shares			Class G Shares			Class H Shares
Per share data attributed to shares(1)
Net asset value per share at beginning of period (January 1, 2026)	$	32.72		$	33.61		$	30.98		$	30.97		$	32.53		$	33.28		$	30.75		$	35.37		$	35.09		$	35.09
Consideration from the issuance of shares	0.23			0.07			2.28			0.73			—			—			—			—			—			—
Repurchase of shares	—			—			(0.01)			—			—			(0.01)			(0.03)			—			—			—
Early repurchase fee	0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01
Transfers in	—			—			—			—			—			—			—			—			—			—
Transfers out	(0.01)			—			—			—			—			—			(0.02)			—			—			—
Net increase (decrease) in net assets resulting from capital activity	0.23			0.08			2.28			0.74			0.01			—			(0.04)			0.01			0.01			0.01
Net investment (loss) income(2)	(0.30)			(0.31)			(0.30)			(0.30)			(0.29)			(0.30)			(0.29)			0.08			0.08			0.08
Net realized gain (loss) and change in unrealized appreciation (depreciation)(3)	2.21			2.22			2.10			2.17			2.19			2.23			2.18			2.34			2.35			2.35
Net increase in net assets resulting from operations	1.91			1.91			1.80			1.87			1.90			1.93			1.89			2.42			2.43			2.43
Accrued shareholder servicing fees and distribution fees(2)	(0.21)			—			(2.24)			(0.76)			(0.01)			—			0.01			—			—			—
Net asset value per share at the end of period (June 30, 2026)	$	34.65		$	35.60		$	32.82		$	32.82		$	34.43		$	35.21		$	32.61		$	37.80		$	37.53		$	37.53
Weighted average shares outstanding at end of period (June 30, 2026)	8,125,001			63,479,348			747,505			75,025,222			11,253,236			60,176,362			102,117,201			6,290,412			40			40

Ratio/Supplemental data for Shares (not annualized):
Ratios to net asset value(4):
Operating expenses(5)(6)	0.33		%	0.32		%	0.34		%	0.34		%	0.30		%	0.29		%	0.31		%	0.20		%	0.20		%	0.20		%
Performance Participation Allocation(5)	0.99		%	0.97		%	1.02		%	1.04		%	1.01		%	0.99		%	1.05		%	—		%	—		%	—		%
Total operating expenses(5)(7)	1.32		%	1.29		%	1.36		%	1.38		%	1.31		%	1.28		%	1.36		%	0.20		%	0.20		%	0.20		%
Net investment (loss) income(5)	(0.90)		%	(0.88)		%	(0.94)		%	(0.94)		%	(0.88)		%	(0.86)		%	(0.91)		%	0.22		%	0.22		%	0.22		%
Total GAAP return attributed to Shares based on net asset value(9)	5.90		%	5.92		%	5.94		%	5.97		%	5.84		%	5.80		%	6.05		%	6.87		%	6.95		%	6.95		%

The following is a schedule of the financial highlights of the Company attributed to each class of Shares for the six months ended June 30, 2025:


	Class D Shares			Class I-Series 1 Shares			Class S Shares			Class U Shares			Class R-D Shares			Class R-I Shares			Class R-U Shares			Class F Shares			Class G Shares			Class H Shares
Per share data attributed to shares(1)
Net asset value per share at beginning of period (January 1, 2025)	$	—		$	28.94		$	—		$	26.93		$	28.26		$	28.90		$	26.73		$	29.63		$	29.64		$	29.64
Consideration from the issuance of shares, net	29.91			0.21			33.18			4.61			0.05			—			0.19			—			—			—
Repurchase of shares	—			—			—			—			—			—			—			—			—			—
Early repurchase fee	—			—			—			—			—			—			—			—			—			—
Transfers in	—			—			—			—			—			—			—			—			—			—
Transfers out	—			—			—			—			(0.01)			—			—			—			—			—
Net increase in net assets resulting from capital activity	29.91			0.21			33.18			4.61			0.04			—			0.19			—			—			—
Net investment (loss) income(2)	(0.26)			(0.32)			(0.16)			(0.32)			(0.38)			(0.38)			(0.37)			0.08			0.08			0.08
Net realized gain (loss) and change in unrealized appreciation (depreciation)(3)	1.83			2.55			(0.03)			1.89			2.59			2.60			2.55			2.68			2.68			2.68
Net increase (decrease) in net assets resulting from operations	1.57			2.23			(0.19)			1.57			2.21			2.22			2.18			2.76			2.76			2.76
Accrued shareholder servicing fees and distribution fees(2)	(0.88)			—			(3.92)			(4.05)			(0.07)			—			(0.29)			—			—			—
Net asset value per share at the end of period (June 30, 2025)	$	30.60		$	31.38		$	29.07		$	29.06		$	30.44		$	31.12		$	28.81		$	32.39		$	32.40		$	32.40
Weighted average shares outstanding at end of period (June 30, 2025)	2,627,071			8,943,748			32,584			14,951,986			11,366,419			60,004,008			103,855,015			1,872,515			40			40

Ratio/Supplemental data for Shares (not annualized):
Ratios to net asset value(4):
Operating expenses before expenses recouped by Manager(5)(6)	0.15		%	0.17		%	0.08		%	0.18		%	0.19		%	0.18		%	0.20		%	0.18		%	0.18		%	0.18		%
Operating expenses recouped by Manager(5)(6)	0.13		%	0.15		%	0.09		%	0.16		%	0.15		%	0.15		%	0.16		%	0.15		%	0.15		%	0.15		%


Operating expenses after expenses recouped by Manager(5)(6)	0.28	%	0.32	%	0.17	%	0.34	%	0.34	%	0.33	%	0.36	%	0.33	%	0.33	%	0.33	%
Performance Participation Allocation(5)	1.14	%	1.35	%	0.75	%	1.43	%	1.54	%	1.51	%	1.61	%	—	%	—	%	—	%
Total operating expenses(5)(7)(8)	1.42	%	1.67	%	0.92	%	1.77	%	1.88	%	1.84	%	1.97	%	0.33	%	0.33	%	0.33	%
Net investment (loss) income(5)	(0.88)	%	(1.05)	%	(0.57)	%	(1.11)	%	(1.29)	%	(1.26)	%	(1.34)	%	0.25	%	0.25	%	0.25	%
Total GAAP return attributed to Shares based on net asset value(9)	4.66	%	8.43	%	(4.49)	%	7.91	%	7.71	%	7.68	%	7.78	%	9.31	%	9.31	%	9.31	%

(1) Per share data may be rounded in order to recompute the ending net asset value per share.

(2) The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3) The amount shown is the balancing amount derived from the other figures in the schedule. The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio company investments for the period because of the timing of sales of the Shares in relation to fluctuating market values for the portfolio.

(4) Actual results may not be indicative of future results. Additionally, an individual Shareholder’s ratios may vary from the ratios presented for a share class as a

whole.

(5) Weighted average net assets during the applicable period are used for this calculation.

(6) Ratios presented before accounting for the accrual of the Performance Participation Allocation.

(7) Ratios presented after accounting for the accrual of the Performance Participation Allocation.

(8) Ratios presented after expenses recouped by Manager.

(9) The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of Total Return as calculated for purposes of the Performance Participation Allocation as described in Note 6. Related Party Transactions. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Shares. The Company did not declare or pay any distributions during the six months ended June 30, 2026 and 2025.

12. Income Taxes

The Company operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will be considered a publicly traded partnership and will not meet the qualifying income exception, which would result in the Company being treated as a publicly traded partnership and taxed as a corporation, rather than as a partnership. In such case, the members would then be treated as shareholders in a corporation, and the Company would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Company would be required to pay income tax at corporate rates on its net taxable income.

In addition, the Company operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

The Company holds certain investments which may generate U.S. source fixed or determinable annual or periodic gains, profits and income (“FDAP income”) subject to this 30% withholding tax for the non-U.S. corporate subsidiaries. If non-U.S. corporate subsidiaries of the Company receives U.S. source income that is not effectively connected with a U.S. trade or business, such income may be subject to a 30% withholding tax on its share of all U.S. source FDAP income unless certain statutory exceptions are met or a lower treaty rate applies (which may not be available or apply). The tax is expected to be withheld at the source by the U.S. payer, and taxes withheld can be used as a payment against the U.S. federal income tax liability of the non-U.S. corporate subsidiaries.

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") was enacted. The OBBBA amended and extended certain provisions of the 2017 Tax Cuts and Jobs Act. At this time, the Company does not believe the OBBBA will have a material impact on the Company’s income taxes but continues to monitor the issuance of additional guidance from the U.S. Treasury and the U.S. Internal Revenue Service.

For the three months ended June 30, 2026 and 2025, the effective tax rates were 0.9% and 0.0%, respectively, and for the six months ended June 30, 2026 and 2025, the effective tax rates were (0.4)% and 4.8%, respectively. For both the three and six months ended June 30, 2026 and 2025, the primary items giving rise to the difference between the 0.0% federal statutory rate applicable to partnerships and the effective tax rate is due to U.S. federal, state and local taxes on income from the Company’s subsidiaries that are treated as corporations for U.S. federal, state or local purposes.

13. Segment Reporting

The Company operates through a single operating and reporting segment with a principal objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through Joint Ventures. The Company’s Co-CEOs together act as the Company’s chief operating decision maker (the “CODM”) and are responsible for assessing performance and allocating resources with respect to the Company. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy, as disclosed in the Company’s PPM, against which the CODM assesses the Company’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Company’s performance. As the Company’s investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Consolidated Statements of Assets and Liabilities, and significant segment expenses are the same as those listed on the Consolidated Statements of Operations.

14. Subsequent Events

Unregistered Sales of Equity Securities

On July 1, 2026, the Company sold the following Investor Shares of the Company (with the final number of shares determined on July 21, 2026) to third-party investors for cash:


Class	Number of Shares Sold	Net Consideration
Class D Shares	535,738	$	18,979
Class I-Series 1 Shares	3,282,091	117,239
Class S Shares	372,877	13,083
Class U Shares	3,399,451	119,255
		$	268,556

Share Repurchases

On August 5, 2026, we repurchased 163,554, 769, 108,706, 95,950, 390,882, 794,326, and 147,337 shares of Class I-Series 1 Shares, Class S Shares, Class U Shares, Class R-D Shares, Class R-I Shares, Class R-U Shares, and Class F Shares, respectively, pursuant to our share repurchase plan, at a price per share of $35.72, $35.09, $35.08, $35.43, $35.67, $34.77, and $38.01, respectively.

Seventh Amended and Restated Limited Liability Company Agreement

On July 2, 2026, the Company entered into the Seventh Amended and Restated Limited Liability Company Agreement (the “Seventh A&R LLCA”), which amended and restated the Company’s Sixth Amended and Restated Limited Liability Company Agreement, dated as of December 4, 2024.

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 outstanding Class I Shares to Class I-Series 1 Shares and to designate three additional series within such Class I Shares, having the terms set forth in the Company’s Seventh A&R LLCA.

Second Amended and Restated Management Agreement

On July 2, 2026, the Company entered into the second amended and restated management agreement with 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 be subject to management fees that differ from the management fee applicable to the existing Class I Shares.

Amended and Restated Dealer-Manager Agreement

On July 2, 2026, the Company entered into an amended and restated dealer-manager agreement with the Dealer-Manager to account for, among other things, the redesignation and designation of the Class I Series.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

All dollar amounts in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” are in thousands, unless otherwise noted.

Overview

KKR Private Equity Conglomerate LLC (together with its subsidiaries, the “Company,” “we,” “us,” or “our”) was formed on December 6, 2022 as a limited liability company under the laws of the state of Delaware and we operate our business so that we are not an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We are a holding company that seeks to acquire, own and control portfolio companies with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through joint ventures (“Joint Ventures”). The Company commenced principal operations on August 1, 2023.

We have been established by Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, “KKR”) as the flagship conglomerate to own and control Joint Ventures that, directly or indirectly, own majority stakes in portfolio companies, and to a lesser extent, Joint Ventures that own influential yet non-controlling stakes in portfolio companies. Our Joint Ventures focus on acquiring geographically diversified portfolio companies that operate principally in the following business lines: Business & Financial Services; Consumer & Retail; Healthcare; Impact; Industrials; and Technology, Media & Telecommunications. We intend to own and control portfolio companies in the geographies where KKR is active, including North America, Europe and Asia Pacific. Over time, we expect to acquire portfolio companies that generate attractive risk-adjusted returns, using proceeds raised from the continuous offering of our securities, distributions from portfolio companies, and opportunistically recycling capital generated from dispositions of portfolio companies.

A key part of our strategy is to form Joint Ventures by pooling capital with one or more KKR Vehicles that target acquisitions of portfolio companies that are compatible with our business strategy. We expect that we will own nearly all of our portfolio companies through Joint Ventures alongside one or more KKR Vehicles and that the Joint Ventures will be managed in a way that reflects the commonality of interests between the KKR Vehicles and the Company. The Company and the KKR Vehicles in a Joint Venture both have a shared interest in maximizing value of the Joint Venture, and we believe that a joint acquisition strategy that pools the resources of the KKR Vehicles and the Company leads to greater opportunities to gain sufficient influence or control over portfolio companies and leverages KKR’s operations-oriented management approach to value creation with the objective of achieving capital appreciation for all interest holders in the Joint Venture. We currently own, and expect to own in the future, all or substantially all of our Joint Venture interests in portfolio companies directly or indirectly through K-PEC Holdings LLC and any similar wholly-owned holding company formed in the future to acquire, own and control portfolio companies (the “Operating Subsidiaries”), and in turn, each Operating Subsidiary holds our interests in portfolio companies and Joint Ventures through one or more corporations, limited liability companies or limited partnerships. We expect that most of our Joint Ventures will own a majority of, and/or have primary control over, the underlying portfolio company. The Company and the applicable KKR Vehicle will hold the interests in each portfolio company as co-general partners of the relevant Joint Venture, but the relative economic interests in such Joint Venture will vary from acquisition to acquisition. In limited circumstances, we may also invest some portion of our capital into portfolio companies indirectly through vehicles we do not control. We may occasionally be a passive investor into a vehicle that holds an investment in a single portfolio company. We may also make investments into vehicles controlled by an external adviser where we do not have direct input into the underlying investments.

We expect that in the ordinary course, our acquisitions of portfolio companies, whether made through our Joint Ventures or, to a lesser extent, our other acquisition strategies, will make up approximately 80% of our assets. We typically control our Joint Ventures as a general partner of such Joint Ventures, and expect that the large majority of our Joint Ventures (when measured by value) will either majority-own or primarily control their respective underlying portfolio companies. Additionally, we expect that up to 20% of our assets will consist of cash and cash equivalents, U.S. Treasury securities, U.S. government agency securities, municipal securities, other sovereign debt, investment grade credit, and other investments including high yield credit, asset-backed securities, mortgage backed securities, collateralized loan obligations,

leveraged loans and/or debt of companies or assets (which may include (i) securities or loans of KKR portfolio companies and/or (ii) funds invested in any of the foregoing managed by KKR or affiliates thereof) (collectively, the “Liquidity Portfolio”) in each case in order to provide us with income, to facilitate capital deployment and to provide a potential source of liquidity. These types of liquid assets may exceed 20% of our assets at any given time due to new subscriptions, shareholder participation in our share repurchase program, distributions from, or dispositions of, portfolio companies or for other reasons as KKR DAV Manager LLC (our “Manager”) determines. In addition to the target of 20% for our Liquidity Portfolio, we intend to abide by certain other guidelines on our overall portfolio construction. We will not acquire any cryptocurrency. Additionally, (a) no more than 5% of our assets will consist of interests in “blind pools” and (b) no more than 10% of our assets will consist of publicly traded equity securities (not including any portfolio company that becomes publicly traded during the term of our ownership or acquisitions in connection with take-private transactions or where the Company may, directly or through its Joint Ventures, direct the appointment of at least one member of the portfolio company’s board of directors).

We may also opportunistically acquire a limited amount of indirect exposure to multiple portfolio companies by acquiring interests in multi-asset vehicles controlled by an investment manager (“commingled funds”), which may include newly formed funds and certain “continuation vehicles.” The Company may invest into vehicles managed by an affiliate of KKR or it may invest into vehicles managed by third parties, primarily through secondary transactions with existing limited partners but also through direct subscription with the sponsor(s) of such vehicles. Our acquisition strategy may also include equity-like investments in preferred and/or structured equity securities as well as opportunistic credit and debt strategies. While none of these approaches are principal to the Company’s business strategy, we believe that in certain circumstances, such investments may complement the Joint Venture strategy as a ready source of capital deployment at efficient prices and may otherwise help the Company achieve its objective of generating attractive risk-adjusted returns for shareholders (“Shareholders”). To the extent we pursue any of the foregoing approaches, we expect to do so in a manner consistent with maintaining our exclusion from registration under the Investment Company Act.

The funds, investment vehicles and accounts managed, now or in the future, by KKR, the Manager or any of their respective affiliates (excluding for this purpose, KKR proprietary entities), including funds, investment vehicles and accounts pursuing the following strategies: private equity (including growth equity, impact, and core strategies), credit (including (i) leveraged credit strategies, including leveraged loan, high-yield bond, opportunistic credit and revolving credit strategies, and (ii) alternative credit strategies, including strategic investments and private credit strategies such as direct lending and private opportunistic credit (or junior mezzanine debt) acquisition strategies) and real asset strategies (including real estate, energy and infrastructure strategies), are collectively referred to herein as “KKR Vehicles.”

We conduct a continuous private offering of our Shares on a monthly basis (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of Shares sold outside of the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act, (the “Private Offering”), including under Regulation D and Regulation S. We currently offer four classes of investor shares: Class S Shares, Class D Shares, Class U Shares and Class I Shares, including, without limitation, Class I-Series 1 Shares, Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares. Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (collectively, with the Class S Shares, Class D Shares, Class U Shares and Class I Shares, the “Investor Shares” and, together with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the “Shares”) were no longer available for purchase as of January 2, 2025. On July 2, 2026, (i) existing Class I Shares were redesignated as Class I-Series 1 Shares and (ii) Class I-Series 2 Shares, Class I-Series 3 Shares and Class I-Series 4 Shares were newly designated. We may offer additional classes and/or series of classes of Investor Shares in the future.

Recent Developments

Portfolio Company Activity

During the three months ended June 30, 2026, the Company acquired indirect interests in the following new portfolio companies:


Portfolio Company						Description
Nothing Bundt Cakes						Nothing Bundt Cakes is a specialty bakery chain offering premium cakes, primarily purchased for celebrations and group occasions and is based in Dallas, Texas.
Flow Control Group						Flow Control Group is a leading distributor of flow control and industrial automation products serving critical industries and end markets like water & wastewater, life sciences, aerospace & defense, and many others and is based in Charlotte, North Carolina.

In addition, during the same period, the Company acquired additional indirect interests in Blue Sprig Pediatrics, Inc., HealthCare Global Enterprises Ltd., CoolIT Systems Inc and Ascend Asia Financial Services Group Pte. Ltd as part of add-on transactions.

The charts below present the diversification of our portfolio companies by strategy, sector and geography as of June 30, 2026, based upon the fair value of the portfolio companies, inclusive of transactions which were consummated by the date of this report but funded by the Company on or before June 30, 2026, if any (percentages in the graphs may not foot due to rounding). The diversification charts for sector and geography exclude our Liquidity Portfolio.


STRATEGY						SECTOR

GEOGRAPHY

The chart below presents the Company’s ten largest investments, based upon estimated fair value, as of June 30, 2026, based upon the fair value of the portfolio companies, inclusive of transactions which were consummated by the date of this report but funded by the Company on or before June 30, 2026, if any:

Portfolio Company

Sector

Country

Cotiviti, Inc.

Health Care

United States

Omnissa, LLC (f/k/a VMware End User Computing)

Information Technology

United States

Spectris plc

Industrials

United Kingdom

Exact Software Nederland BV

Information Technology

Netherlands

Wella Corp.

Consumer Staples

Switzerland

Söderberg & Partners Asset Management SA

Financials

Sweden

Flow Control Group

Industrials

United States

Nothing Bundt Cakes

Consumer Discretionary

United States

Fuji Soft Inc.

Information Technology

Japan

Biotage Sweden AB

Health Care

Sweden

During July 2026, the Company closed on the sale of its investment in CoolIT Systems, Inc.

Business Environment

The United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things, geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain of its trading partners since April 2025 and impacts from the recent conflicts in the Middle East. This volatility and uncertainty add to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our portfolio companies, the pace and volume of our acquisitions, deployments, and realizations, and our fundraising activities.

Revolving Credit Agreement

During the three months ended June 30, 2026, the Borrowers entered into lender joinder agreements to the Revolving Credit Agreement, pursuant to which the credit available to the Borrowers was increased from aggregate principal amount of $1,000,000 to an aggregate principal amount of $1,225,000.

The Revolving Credit Agreement continues to include an uncommitted accordion feature that allows the Borrowers to increase the commitment to up to $1,500,000 in the aggregate.

During the three months ended June 30, 2026, the Company remitted $1,125 to the Dealer Manager, an affiliate of the Company, for arranger fees related to the Revolving Credit Agreement.

Except as described above, the material terms of the Revolving Credit Agreement remain unchanged by the Joinders.

Operating Results Highlights

During the three and six months ended June 30, 2026, we raised aggregate subscription proceeds of $754,214 and $1,748,071, respectively, related to Investor Shares. These subscription proceeds were used, in part, to acquire our interests in new portfolio companies as well as add-on transactions in existing portfolio companies totaling $692,189 and $830,802, respectively, during the three and six months ended June 30, 2026, respectively.

The details of total returns on Investor Shares are shown in the following table:


Transactional Net Asset Value Total Returns(1)	Class D Shares		Class I-Series 1 Shares		Class S Shares		Class U Shares		Class R-D Shares		Class R-I Shares		Class R-U Shares
Share class inception date	February 1, 2025		September 1, 2023		April 1, 2025		June 1, 2024		February 1, 2024		August 1, 2023		August 1, 2023
Three months ended June 30, 2026	2.31	%	2.37	%	2.15	%	2.16	%	2.33	%	2.40	%	2.18	%
Six months ended June 30, 2026	5.54	%	5.67	%	5.23	%	5.23	%	5.56	%	5.70	%	5.25	%
Inception to date annualized June 30, 2026	14.66	%	12.72	%	12.08	%	13.73	%	13.70	%	12.97	%	11.98	%

(1) “Inception to date annualized” for a given share class, means total return annualized based on the inception date. Past performance is not indicative of future results. Total returns shown reflect the percent change in our Transactional Net Asset Value per share from the beginning of the applicable period, plus the amount of any distribution per Share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. The Company did not declare or pay any distributions from inception through June 30, 2026.

Results of Operations

We are dependent upon the proceeds from our continuous Private Offering in order to conduct our business. We intend to continue to acquire portfolio companies with the capital received from our continuous Private Offering and any indebtedness that we may incur in connection with such activities.

The following table presents our comparative results of operations (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Investment income
Dividend income	$	20,764	$	21,569	$	(805)	$	46,339	$	35,755	$	10,584
Total investment income	20,764		21,569		(805)		46,339		35,755		10,584

Operating expenses
Performance participation allocation	48,163		29,468		18,695		107,386		89,485		17,901
Management fee expense	32,907		17,586		15,321		61,942		31,393		30,549
Professional fees	4,042		2,657		1,385		7,742		5,145		2,597
General and administration expenses	3,969		2,371		1,598		7,526		4,334		3,192
Directors’ fees and expenses	161		152		9		321		308		13
Interest expense	4,120		1,350		2,770		7,304		2,167		5,137
Total operating expenses	93,362		53,584		39,778		192,221		132,832		59,389
Less: Management fee and expense credits	(21,286)		(18,498)		(2,788)		(50,958)		(32,305)		(18,653)
Add: Expenses recouped by Manager	—		5,112		(5,112)		—		8,960		(8,960)
Net operating expenses	72,076		40,198		31,878		141,263		109,487		31,776
Net investment loss	(51,312)		(18,629)		(32,683)		(94,924)		(73,732)		(21,192)

Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts
Net realized gain (loss) on:
Investments	—		32,761		(32,761)		—		32,761		(32,761)
Foreign currency	20		2,144		(2,124)		(170)		3,041		(3,211)
Foreign currency forward contracts	40,610		(138)		40,748		67,717		(138)		67,855
Total net realized gain	40,630		34,767		5,863		67,547		35,664		31,883

Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and foreign currency forward contracts
Net change in unrealized appreciation (depreciation) before income taxes on:
Investments	327,848		113,595		214,253		730,391		447,888		282,503
Foreign currency translation	(26,772)		112,563		(139,335)		(85,567)		167,727		(253,294)
Foreign currency forward contracts	(12,366)		(73,902)		61,536		4,703		(104,869)		109,572
Foreign currency	(4)		(17)		13		80		7		73
Total net change in unrealized appreciation before income taxes	288,706		152,239		136,467		649,607		510,753		138,854
Provision for (benefit from) income taxes	2,536		(15)		2,551		(2,434)		22,915		(25,349)
Total net change in unrealized appreciation after income taxes	286,170		152,254		133,916		652,041		487,838		164,203
Net increase in net assets resulting from operations	$	275,488	$	168,392	$	107,096	$	624,664	$	449,770	$	174,894

A discussion of the results of operations for the three and six months ended June 30, 2026 and 2025 is as follows:

Investment Income

We generate investment income primarily from our long-term ownership and operation of Joint Ventures and portfolio companies and investments in our Liquidity Portfolio, which may consist of dividend income, interest income, and net realized gains or losses and net change in unrealized appreciation or depreciation of portfolio companies.

As the majority of our assets consist of long-term ownership and operation of Joint Ventures and portfolio companies, the majority of the revenue we generate is in the form of dividend income. Dividend income is not equivalent to the gross revenue produced at the portfolio company level, but is instead the amount of cash that is distributed from the portfolio company to the Company from time to time after paying for all portfolio company level expenses and debt obligations. Thus, the presentation of investment income in our consolidated financial statements differs from the traditional presentation shown in the consolidated financial statements of entities not prepared in accordance with Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”) and, most notably, is not equivalent to revenue as one might expect to see in consolidated financial statements not prepared in accordance with ASC 946.

Dividend income from our portfolio companies is recorded on the ex-dividend date, or, in the absence of a formal declaration of a record date, on the date when cash is received from the relevant portfolio company, but excludes any portion of distributions that are treated as a return of capital. Each distribution received from a portfolio company is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

For the six months ended June 30, 2026 as compared to the same period in 2025, dividend income increased by $10,584, driven primarily by an increase in dividend income received from portfolio companies.

Operating Expenses

For the three and six months ended June 30, 2026 as compared to the same periods in 2025, operating expenses increased by $39,778 and $59,389, respectively, primarily resulting from an increase in performance participation allocation (“Performance Participation Allocation”) of $18,695 and $17,901, respectively, gross management fees (“Management Fee”) pursuant to the management agreement entered into between the Company and the Manager, (as amended and restated, the “Management Agreement”) earned by the Manager of $15,321 and $30,549, respectively, and interest expense of $2,770 and $5,137, respectively.

For the three and six months ended June 30, 2026 as compared to the same periods in 2025, management fee and expense credits increased by $2,788 and $18,653, respectively, resulting in a decrease to net operating expenses. Additionally, during the three and six months ended June 30, 2025, the Manager recouped expenses of $5,112 and $8,960, respectively, incurred by the Company, pursuant to the Amended and Restated Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”). All amounts subject to recoupment by the Manager pursuant to the Expense Limitation Agreement were recouped as of September 30, 2025, therefore, no such expenses were recouped during the three and six months ended June 30, 2026. The decrease in recoupments for the three and six months ended June 30, 2026 as compared to the same periods in 2025, resulted in a decrease to net operating expenses.

Going forward, we expect our primary expenses to be the payment of the Management Fee, as well as the performance participation allocation (“Performance Participation Allocation”) to KKR. We will also bear other capital and operating expenses.

Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Translation and Foreign Currency Forward Contracts

Net realized gain and loss and net unrealized appreciation and depreciation from our investments and foreign currency translation of assets and liabilities denominated in foreign currencies are reported separately on the Consolidated Statements of Operations. We measure realized gain and loss as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investments values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when appreciation or depreciation is realized.

For the three and six months ended June 30, 2026 as compared to the same periods in 2025, net realized gains increased by $5,863 and $31,883, respectively. We recorded a realized gain on foreign currency forward contracts of $40,610 and $67,717 during the three and six months ended June 30, 2026 compared to a realized loss on foreign currency forward contracts of $138 during both the three and six months ended June 30, 2025. This favorable change was partially offset by a decrease in realized gain on investments of $32,761 for both the three and six months ended June 30, 2026 as compared to the same periods in 2025. During the three and six months ended June 30, 2025, we recorded a realized gain on investments of $32,761 resulting from the sale of an asset during the three months ended June 30, 2025, with no such gain realized during the current year periods.

For the three and six months ended June 30, 2026 as compared to the same periods in 2025, total net change in unrealized appreciation before income taxes increased by $136,467 and $138,854, respectively. We recorded an increase in unrealized appreciation on investments of $214,253 and $282,503, respectively, for the three and six months ended June 30, 2026 as compared to the same periods in 2025 related to the change in value of portfolio companies.

We recorded unrealized (depreciation) appreciation on foreign currency forward contracts of $(12,366) and $4,703 during the three and six months ended June 30, 2026, respectively, compared to unrealized (depreciation) appreciation on foreign currency forward contracts of $(73,902) and $(104,869) during the three and six months ended June 30, 2025, respectively. This favorable change was partially offset by the change in unrealized appreciation (depreciation) in foreign currency translation.

We recorded unrealized (depreciation) appreciation on foreign currency translation of $(26,772) and $(85,567) during the three and six months ended June 30, 2026, respectively, compared to unrealized (depreciation) appreciation on foreign currency translation of $112,563 and $167,727, during the three and six months ended June 30, 2025, respectively, related to the change in value based upon changes in foreign currency exchange rates.

Provision for (Benefit From) Income Taxes

The Company operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level, resulting in a provision for income taxes. For the three months ended June 30, 2026, we recorded a provision for income taxes of $2,536 as compared to a benefit from income taxes of $15 for the three months ended June 30, 2025. For the six months ended June 30, 2026, we recorded a benefit from income taxes of $2,434 as compared to a provision for income taxes of $22,915 for the six months ended June 30, 2025. The changes period over period were the result of the change in unrealized appreciation (depreciation) due to the movement in value of portfolio companies for investments that are subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

Changes in Net Assets from Operations

For the three and six months ended June 30, 2026 as compared to the same periods in 2025, net increase in net assets resulting from operations increased by $107,096 and $174,894, respectively, primarily resulting from a net increase in unrealized appreciation after income taxes, partially offset by an increase in net investment loss as compared to each of the prior-year periods.

Investment Company Accounting Considerations

Since the Company’s consolidated financial statements are prepared using the specialized accounting principles of ASC 946, our Manager produces an estimate of the fair market value of each of our portfolio companies monthly. When valuing our portfolio companies, net operating earnings generated at the portfolio company level are included in our valuation models. While the valuation models take into account all revenue, distributions from each of our portfolio companies may be more or less than that included in our valuation models each period due to various cash flow considerations. As an example, since many of our portfolio companies are held in tax partnership structures, or in related entities with bank-financed portfolio company level debt, the Company may be contractually limited in its ability to make dividend distributions from portfolio companies to the Company. Since portfolio companies are not consolidated with the Company under ASC 946, in many cases the net income from operations earned by a portfolio company may not be distributed to the Company in its entirety, and thus may not be reflected in the net increase in net assets resulting from operations. While this non-distributed income is included in the calculation of fair market value and net change in unrealized appreciation or depreciation on investments, it is not included in net investment income or loss on the Consolidated Statements of Operations.

Transactional Net Asset Value

We calculate net asset value per Share in accordance with valuation policies and procedures that have been approved by our Board. Our Transactional Net Asset Value is the price at which we sell and repurchase our Shares. Our GAAP net asset value (“GAAP Net Asset Value”) is our net asset value determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our Transactional Net Asset Value is calculated by adjusting our GAAP Net Asset Value as of the relevant valuation date for (i) the recognition of the shareholder servicing fees and distribution fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued and (ii) the exclusion of tax liabilities of certain taxable subsidiaries through which the Company holds portfolio companies that are contingent upon the expected manner of the divestment of the associated underlying portfolio companies and are not expected to be recognized by the Company (although the current tax liabilities of any such taxable subsidiaries may be taken into account in determining the fair value of the associated underlying portfolio companies).

The following table provides a breakdown of the major components of our Transactional Net Asset Value as of June 30, 2026 ($ in thousands, except shares):


Components of Transactional Net Asset Value	June 30, 2026
Investments at fair value (cost of $8,218,910)	$	10,484,558
Cash and cash equivalents	1,875,739
Foreign currencies at fair value (cost of $195)	189
Other assets	54,116
Other liabilities	(38,100)
Accrued performance participation allocation	(158,297)
Accrued shareholder servicing fees and distribution fees (1)	(9,583)
Management fee payable	(11,621)
Transactional Net Asset Value	$	12,197,001
Number of outstanding shares	345,514,860

(1) Shareholder servicing fees apply only to Class S Shares, Class U Shares, Class D Shares, Class R-S Shares, Class R-U Shares and Class R-D Shares. Distribution fees apply only to Class S Shares, Class U Shares, Class R-S Shares and Class R-U Shares. For purposes of Transactional Net Asset Value, we recognize shareholder servicing fees and distribution fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued. For purposes of GAAP

Net Asset Value, we accrue the cost of the shareholder servicing fees and distribution fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S Shares, Class U Shares, Class D Shares, Class R-S Shares, Class R-U Shares and Class R-D Shares.

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of June 30, 2026 ($ in thousands, except shares and per share data):


Transactional Net Asset Value Per Share	Class D Shares		Class I-Series 1 Shares		Class S Shares		Class U Shares		Class R-D Shares		Class R-I Shares		Class R-U Shares		Class F Shares		Class G Shares		Class H Shares		Total
Transactional Net Asset Value	$	321,795	$	2,597,139	$	36,833	$	2,947,950	$	398,709	$	2,132,343	$	3,522,580	$	239,648	$	2	$	2	$	12,197,001
Number of outstanding shares	9,083,616		72,706,415		1,049,748		84,033,492		11,253,236		59,772,011		101,311,052		6,305,210		40		40		345,514,860
Transactional Net Asset Value per Share as of June 30, 2026	$	35.43	$	35.72	$	35.09	$	35.08	$	35.43	$	35.67	$	34.77	$	38.01	$	38.01	$	38.01

Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value

The following table reconciles GAAP Net Asset Value per our Consolidated Statements of Assets and Liabilities to our Transactional Net Asset Value:


	June 30, 2026
GAAP Net Asset Value	$	11,729,789
Adjustment:
Accrued shareholder servicing fees and distribution fees(1)	364,000
Deferred tax liabilities of certain taxable subsidiaries(2)	103,212
Transactional Net Asset Value	$	12,197,001

(1) Represents an adjustment to reflect shareholder servicing fees and distribution fees related to Class D, Class S, Class U, Class R-D and Class R-U shares sold as they are accrued on a monthly basis.

(2) Represents an adjustment to exclude tax liabilities of certain taxable subsidiaries through which the Company holds portfolio companies that are contingent upon the expected manner of the divestment of the associated underlying portfolio company and are not reasonably expected to be recognized by the Company.

Valuation Methodologies and Significant Inputs

The following table presents additional information about valuation methodologies and significant inputs used for portfolio companies that are valued at fair value as of June 30, 2026:

Valuation Methodology

Unobservable Input(s) (1)

Weighted Average (2)

Range

Inputs to market comparables, discounted cash flow and transaction price/other

Weight Ascribed to Market Comparables

44.7%

0.0% - 100.0%

Weight Ascribed to Discounted Cash Flow

45.0%

0.0% - 75.0%

Weight Ascribed to Transaction Price/Other

10.3%

0.0% - 100.0%

Market Comparables

Enterprise Value / Forward EBITDA Multiple

14.1x

5.5x - 25.5x

Enterprise Value / Forward Revenues Multiple

8.2x

2.3x - 11.9x

Discounted Cash Flow

Weighted Average Cost of Capital

14.1%

6.8% - 23.5%

Enterprise Value / EBITDA Exit Multiple

14.6x

8.0x - 23.3x

(2) Inputs are weighted based on fair value of the investments included in the range.

The Manager is ultimately responsible for our NAV calculations.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by our independent valuation advisor. A change in these assumptions or factors

would impact the calculation of the value of our assets. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our asset values as of June 30, 2026:

Input

Hypothetical Change

Portfolio Company Values

Weighted Average Cost of Capital

0.25% decrease

+0.88%

0.25% increase

-0.85%

Hedging Activities

The Company may, but is not obligated to, engage in hedging transactions for the purpose of efficient portfolio management. The Manager may review the Company’s hedging policy from time to time depending on movements and projected movements of relevant currencies and interest rates and the availability of cost-effective hedging instruments for the Company at the relevant time.

With respect to any potential financings, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase and the value of our fixed income investments to decline. We may seek to stabilize our financing costs as well as any potential decline in our assets by entering into derivatives, swaps or other financial products in an attempt to hedge our interest rate risk.

The Company enters into foreign currency forward contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio company transactions. A foreign currency forward contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market monthly and the change in value is recorded by the Company as an unrealized gain or loss. When a foreign currency forward contract is closed, through either delivery or offset by entering into another foreign currency forward contract, the Company recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Foreign currency forward contracts involve elements of market risk in excess of the amounts reflected on the Consolidated Statements of Assets and Liabilities. The Company’s primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the foreign currency forward contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

As of June 30, 2026 and December 31, 2025, the fair value of our foreign currency forward contracts was a net asset of $27,132 and $22,430, respectively. As of June 30, 2026 and December 31, 2025, we recorded unrealized appreciation on foreign currency forward contracts of $31,711 and $27,607, respectively, as an asset in the Consolidated Statements of Assets and Liabilities and unrealized depreciation on foreign currency forward contracts of $4,579 and $5,177, respectively, as a liability in the Consolidated Statements of Assets and Liabilities.

For the three and six months ended June 30, 2026, we recorded a change in net unrealized (depreciation) appreciation on foreign currency forward contracts of $(12,366) and $4,703, respectively, and a realized gain on foreign currency forward contracts of $40,610 and $67,717, respectively, in the Consolidated Statements of Operations.

By using derivative instruments, the Company is exposed to the counterparty’s credit risk, which is the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Consolidated Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements. Any hedging transactions of the Company will be effected through one or more of its wholly-owned subsidiaries.

Share Repurchases

We do not list our Shares for trading on any securities exchange or any other trading market. There is currently no secondary market for our Shares, and we do not expect any secondary market to develop for our Shares. While a Shareholder should view its investment as long term with limited liquidity, we have adopted a share repurchase plan, whereby on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. Due to the illiquid nature of our Joint Ventures and related portfolio company holdings, we may not have sufficient liquid resources to fund repurchase requests. In addition, we have established limitations on the amount of funds we may use for repurchases during any calendar quarter.

There may be quarters in which we do not repurchase Shares, and it is possible that we will not repurchase Shares at all for an extended period. The applicable quarterly share repurchase limit, repurchase price and early repurchase fee are calculated based on the Transactional Net Asset Value.

Liquidity and Capital Resources

As of June 30, 2026, the Company had $1,875,739 and $189 in cash and cash equivalents and foreign currencies at fair value, respectively. Our current cash and cash equivalents and foreign currencies at fair value balances are generally reflective of the cash necessary to fund normal operations, with our cash and cash equivalents consisting primarily of money market funds.

In addition, the Borrowers have entered into the Revolving Credit Agreement, under which the Borrowers have available borrowings in an aggregate principal amount of up to $1,225,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,500,000 in the aggregate. The obligations of the Borrowers and guarantors under the Revolving Credit Agreement are secured by a pledge of certain accounts of such Borrowers and guarantors. The Revolving Credit Agreement matures on December 23, 2027, unless there is an earlier termination or an acceleration following an event of default. As of June 30, 2026, the Borrowers did not have an outstanding balance under the Revolving Credit Agreement.

On December 20, 2023, certain wholly-owned subsidiaries of the Company entered into the Line of Credit (as defined in “Note 6. Related Party Transactions” to our consolidated financial statements found elsewhere in this Quarterly Report on Form 10-Q) to provide for up to a maximum aggregate principal amount of $300,000 with KKR Alternative Assets LLC, an affiliate of the Company. As of June 30, 2026, there was no outstanding balance under the Line of Credit.

We expect to generate cash primarily from the net proceeds from our continuous Private Offering, cash flows from our operations, the Line of Credit, the Revolving Credit Agreement, any other financing arrangements we have entered into and may enter into in the future and any future offerings of our equity or debt securities. We believe that cash provided by such means will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future.

Our primary use of cash will be for the acquisition of portfolio companies, the cost of operations (including the Management Fee and the Performance Participation Allocation, to the extent paid in cash), debt service of any borrowings, periodic repurchases, including under the share repurchase plan (as described herein), and cash distributions (if any) to the holders of our Shares to the extent declared by the Company. The Company may issue Class E Shares to KKR in connection with the Company’s acquisition of additional assets in the future.

Cash Flows

Cash used in operating activities

Net cash flow used in operating activities was $727,193 for the six months ended June 30, 2026 and is primarily the result of funding the acquisitions of portfolio companies.

Cash provided by financing activities

Net cash flow provided by financing activities was $1,638,921 for the six months ended June 30, 2026, which primarily reflects the proceeds from the sale of Shares pursuant to our Private Offering.

Critical Accounting Policies and Estimates

Below is a discussion of the accounting policies that management believes are critical to understanding our historical and future performance. We consider these policies critical because they involve significant judgments and assumptions and require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. Our accounting policies have been established to conform with GAAP. The preparation of the consolidated financial statements in accordance with GAAP requires management to use judgments in the application of such policies. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our consolidated financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

Valuation of Portfolio Companies

The Company’s portfolio companies are valued at fair value in a manner consistent with GAAP, including Accounting Standards Codification 820, Fair Value Measurements and Disclosure (“ASC 820”), issued by the Financial Accounting Standards Board. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

There is no single standard for determining fair values of holdings that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for portfolio companies that do not have readily available market prices, the Manager considers industry-accepted valuation methodologies, such as: (i) an income approach and (ii) a market approach. The income approach derives fair value based on the present value of cash flows that a business or asset is expected to generate in the future. The market approach relies upon valuations for comparable companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. In addition, when a definitive agreement has been executed to sell an investment, the Manager generally considers a significant determinant of fair value to be the consideration to be received pursuant to the executed definitive agreement.

A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. The Manager also considers a range of additional factors that it deems relevant, including a potential sale of a portfolio company, macro and local market conditions, industry information and the portfolio company’s historical and projected financial data.

Portfolio companies will generally be valued at transaction price initially; however, to the extent the Manager does not believe a portfolio company’s transaction price reflects the current market value, the Manager will adjust such valuation. When making fair value determinations for portfolio companies, the Manager will update the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the portfolio companies’ financial performance since the valuation date, as well as any cash flow activity related to the portfolio companies during the month. The Manager values portfolio companies using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.

When making fair value determinations for assets that do not have a reliable readily available market price, the Manager will engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. However, the Manager is ultimately responsible for determining the fair value of all applicable investments in good faith in accordance with the Company’s valuation policies and procedures.

When making fair value determinations of assets (other than portfolio companies) valued with a net asset value in accordance with ASC 820 (an “Other ASC 820 Asset”), the Manager will generally value such asset based on the latest net asset value reported or provided by the asset’s administrator, investment adviser or investment manager, if applicable. If the latest net asset value of such Other ASC 820 Asset is not available at the time the Company is calculating its NAV, the Manager will update the last available net asset value of such Other ASC 820 Asset by recognizing any cash flow activity for the Other ASC 820 Asset during the month.

In addition to tracking the net asset value plus related cash flows of such Other ASC 820 Asset, the Manager, with the support of KKR, may, but is not obligated to, track relevant issuer-specific events or broader market-driven events related to such Other ASC 820 Asset that the Manager believes may have a material impact on the Company’s NAV as a whole. Upon the occurrence of such a material event and provided that the Manager is aware that such event has occurred, the Manager may, but is not obligated to, make a corresponding adjustment to reflect the current fair value of such Other ASC 820 Asset, applying the valuation methodologies for portfolio companies outlined above. In general, the Manager expects that any adjustments to fair values will be calculated promptly after a determination that a material change has occurred and the financial effects of such change are quantifiable by the Manager. However, rapidly changing market conditions or material events may not be immediately reflected in the Company’s monthly NAV.

Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company’s valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Manager reviews the appropriateness of the Company’s valuation policies and procedures and will recommend any proposed changes to the Board. From time to time, the Board, and the Manager may adopt changes to the valuation policies and procedures if they determine that such changes are likely to result in a more accurate reflection of estimated fair value.

Accrued Shareholder Servicing Fees and Distribution Fees

The Company will pay KKR Capital Markets LLC ongoing distribution and servicing fees (a) of 0.85% of NAV per annum for Class S Shares, Class U Shares, Class R-S Shares and Class R-U Shares only (consisting of a 0.60% distribution fee (the “Distribution Fee”) and a 0.25% shareholder servicing fee (the “Servicing Fee”)), accrued and payable monthly and (b) of 0.25% for Class D Shares and Class R-D Shares only (all of which constitutes payment for shareholder services, with no payment for distribution services) in each case as accrued, and payable monthly. Such Distribution Fee and Servicing Fee are calculated based on the Transactional Net Asset Value. None of the Class I Shares, Class R-I Shares, Class E Shares, Class F Shares, Class G Shares or Class H Shares incur the Distribution Fee or the Servicing Fee.

Under GAAP, the Company accrues the cost of the Servicing Fees and Distribution Fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S Shares, Class U Shares, Class D Shares, Class R-S Shares, Class R-U Shares and Class R-D Shares. Inherent in the calculation of the estimated amount of Servicing Fees and Distribution Fees to be paid in future periods are certain significant management judgements and estimates, including the estimated life of the shares at the time of a subscription. Accrued shareholder servicing fees and distribution fees entail uncertainties as the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including market conditions, the selling environment and historical trends. As of June 30, 2026 and December 31, 2025, the Company has accrued $373,583 and $338,409, respectively, of Servicing Fees and Distribution Fees payable to KKR Capital Markets LLC, related to the Class R-U Shares, Class R-D Shares, Class D Shares, Class S Shares and Class U Shares sold.

Recent Accounting Pronouncements

See “Note 2. Summary of Significant Accounting Policies” to our consolidated financial statements in this Quarterly Report on Form 10-Q for a discussion concerning recent accounting pronouncements.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet financings or liabilities other than contractual commitments and other legal contingencies incurred in the normal course of our business.

Contractual Obligations

See “Note 10. Commitments and Contingencies,” to our consolidated financial statements in this Quarterly Report on Form 10-Q for any contractual obligations and commitments with payments due subsequent to June 30, 2026.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Our exposure to market risks primarily relates to movements in the fair value of portfolio companies. The fair value of portfolio companies may fluctuate in response to changes in the values of portfolio companies, foreign currency exchange rates, and interest rates. The quantitative information provided in this section was prepared using estimates and assumptions that management believes are appropriate. The actual impact of a hypothetical adverse movement in these risks could be materially different from the amounts shown below. All dollar amounts in “Item 3. Quantitative and Qualitative Disclosures about Market Risk” are in thousands, unless otherwise noted.

Changes in Fair Value

All of our portfolio companies as of June 30, 2026 are reported at fair value. Net changes in the fair value of portfolio companies impact the net increase or decrease in net assets resulting from operations in our statements of operations. Based on portfolio companies held as of June 30, 2026, we estimate that an immediate 10% decrease in the fair value of portfolio companies generally would result in a commensurate change in the amount of net increase or decrease in net assets resulting from operations, regardless of whether the portfolio company was valued using observable market prices or management estimates with significant unobservable pricing inputs.

Based on the fair value of the portfolio companies as of June 30, 2026, we estimate that an immediate, hypothetical 10% decline in the fair value of Level III portfolio companies would result in a decline in net increase in net assets resulting from operations of $1,044,409, if not offset by other factors.

Exchange Rate Risk

We hold portfolio companies denominated in currencies other than the U.S. dollar. Those portfolio companies expose us to the risk that the value of the portfolio companies will be affected by changes in exchange rates between the currency in which the portfolio companies are denominated and the currency in which the portfolio companies are made. Our policy is to reduce these risks by employing hedging techniques, including using foreign currency options and foreign exchange forward contracts to reduce exposure to future changes in exchange rates.

Our primary exposure to exchange rate risk relates to movements in the value of exchange rates between the U.S. dollar and other currencies in which our portfolio companies are denominated (including euros), net of the impact of foreign exchange hedging strategies. The quantitative information that follows represents the impact that a reduction to each of the income streams shown below would have on net increase or decrease in net assets resulting from operations.

We estimate that an immediate, hypothetical 10% decline in the exchange rates between the U.S. dollar and all of the major foreign currencies in which our portfolio companies were denominated as of June 30, 2026 (i.e., an increase in the value of the U.S. dollar against these foreign currencies) would result in a decline in net increase in net assets resulting from operations of $104,099, net of the impact of foreign exchange hedging strategies, if not offset by other factors.

Interest Rate Risk

Changes in credit markets and in particular, interest rates, can impact investment valuations, particularly our Level III portfolio companies, and may have offsetting results depending on the valuation methodology used. For example, we typically use a discounted cash flow analysis as one of the methodologies to ascertain the fair value of our portfolio companies that do not have readily observable market prices. If applicable interest rates rise, then the assumed cost of capital for those portfolio companies would be expected to increase under the discounted cash flow analysis, and this effect would negatively impact their valuations if not offset by other factors. Conversely, a fall in interest rates can positively impact valuations of certain portfolio companies if not offset by other factors. These impacts could be substantial depending upon the magnitude of the change in interest rates. In certain cases, the valuations obtained from the discounted cash flow analysis and the other primary methodology we use, the market multiples approach, may yield different and offsetting results. For example, the positive impact of falling interest rates on discounted cash flow valuations may offset the negative impact of the market multiples valuation approach and may result in less of a decline in value than for those portfolio companies that had a readily observable market price. Finally, low interest rates related to monetary stimulus and economic stagnation may also negatively impact expected returns on all investments, as the demand for relatively higher return assets increases and supply decreases.

Additionally, with respect to our business operations, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase and the value of our fixed income investments to decline. Conversely,

general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of our fixed income investments to increase. As of June 30, 2026, we had no indebtedness.

Credit Risk

We are party to agreements providing for various financial services and transactions that contain an element of risk in the event that the counterparties are unable to meet the terms of such agreements. In these agreements, we depend on these counterparties to make payment or otherwise perform. We generally endeavor to reduce our risk of exposure by limiting the counterparties with which we enter into financial transactions to reputable financial institutions. In addition, availability of financing from financial institutions may be uncertain due to market events, and we may not be able to access these financing markets.

See “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Hedging Activities” in this Quarterly Report on Form 10-Q for a discussion of the Company’s hedging transactions.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to management, including the Co-Chief Executive Officers and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives.

We carried out an evaluation, under the supervision and with the participation of our management, including the Co-Chief Executive Officers and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based upon that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) occurred during the quarter ended June 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings

For a discussion of the Company’s legal proceedings, see the section entitled “Legal Proceedings” appearing in Note 10. Commitments and Contingencies to our consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

Item 1A. Risk Factors

For information regarding the risk factors that could affect the Company’s business, operating results, financial condition and liquidity, see the information under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended June 30, 2026, the Company repurchased Shares in the following amounts:


	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1)
Month #1 (April 1, 2026 to April 30, 2026)	—	—		—	—
Month #2 (May 1, 2026 to May 31, 2026)	1,900,701	$	34.49	1,900,701	—
Month #3 (June 1, 2026 to June 30, 2026)	—	$	—	—	—
Total	1,900,701			1,900,701	—

(1) The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. In addition, the aggregate NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares, Class R-I Shares or Class F Shares under our share repurchase plan will be limited to no more than 5% of our aggregate NAV attributable to such classes of Shares per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). See “Part I, Item 1. Business–Share Repurchases” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations–Share Repurchases” in this Quarterly Report on Form 10-Q for more information regarding the Company’s share repurchase plan.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

The following is a list of all exhibits filed or furnished as part of this report:


Exhibit Number						Description
3.1						Certificate of Formation, dated December 6, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10 filed with the SEC on April 14, 2023)

3.2						Seventh Amended and Restated Limited Liability Company Agreement, dated as of July 2, 2026, between KKR DAV Manager LLC and the Members (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 2, 2026)

4.1						Share Repurchase Plan, dated as of July 2, 2026 (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 2, 2026)

10.1						Second Amended and Restated Management Agreement, dated July 2, 2026, between KKR Private Equity Conglomerate LLC and KKR DAV Manager LLC (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 2, 2026)

10.2						Amended and Restated Dealer-Manager Agreement, dated July 2, 2026, between KKR Private Equity Conglomerate LLC and KKR Capital Markets LLC (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 2, 2026)

10.3						Facility Upsize and Lender Joinder Agreement, dated as of June 3, 2026, by and among K-PEC Liquidity Limited, as borrower representative, Sumitomo Mitsui Banking Corporation, as joint lead arranger and administrative agent, KKR Capital Markets LLC, an indirect subsidiary of KKR & Co. Inc. and affiliate of the Company, as joint lead arranger, and the lenders party thereto

10.4						Facility Upsize and Lender Joinder Agreement, dated as of June 17, 2026, by and among K-PEC Liquidity Limited, as borrower representative, Sumitomo Mitsui Banking Corporation, as joint lead arranger and administrative agent, KKR Capital Markets LLC, an indirect subsidiary of KKR & Co. Inc. and affiliate of the Company, as joint lead arranger, and the lenders party thereto

31.1						Certification of Co-Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of Co-Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.3						Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1						Certification of Co-Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2						Certification of Co-Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.3						Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS						XBRL Instance Document

101.SCH						XBRL Taxonomy Extension Schema Document

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

The agreements and other documents filed as exhibits to this Quarterly Report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and Shareholders should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		KKR PRIVATE EQUITY CONGLOMERATE LLC


		/s/ Elizabeth Van Aken
Date:	August 12, 2026	Elizabeth Van Aken
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)