KKR Private Equity Conglomerate 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-56540
Entity Registrant Name	KKR Private Equity Conglomerate LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-4368033
Entity Address, Address Line One	30 Hudson Yards,
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-8300
Title of 12(b) Security	None
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001957845
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		67,755
Class R-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,117,525
Class R-U Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,618,589
Class F Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,967
Class G Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40
Class H Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Investments at fair value (cost of $107,863)	$ 114,116	$ 0
Cash and cash equivalents	232,549	1
Prepaids and other assets	379	0
Deferred offering costs	1,164	158
Dividends receivable	1,002	0
Unrealized appreciation on foreign currency forward contract	1,455	0
Total assets	361,345	3,794
Liabilities
Management fee payable, net	459	0
Accrued performance participation allocation	1,300	0
Accrued shareholder servicing fees and distribution fees	20,651	0
Directors fees and expenses payable	55	0
Other accrued expenses and liabilities	1,787	0
Organization costs payable	7,798	3,635
Offering costs payable	1,396	158
Total liabilities	35,088	3,793
Commitments and contingencies (Note 8)
Net assets	$ 326,257	$ 1
Shares outstanding (in shares)	13,486,474	40
Class I Shares
Liabilities
Net assets	$ 1,693	$ 0
Shares outstanding (in shares)	65,811	0
Class R-I Shares
Liabilities
Net assets	$ 37,001	$ 0
Shares outstanding (in shares)	1,438,086	0
Class R-U Shares
Liabilities
Net assets	$ 287,561	$ 0
Shares outstanding (in shares)	11,982,497	0
Class G Shares
Liabilities
Net assets	$ 1	$ 1
Shares outstanding (in shares)	40	40
Class H Shares
Liabilities
Net assets	$ 1	$ 0
Shares outstanding (in shares)	40	0
Manager
Assets
Due from Manager	$ 10,680	$ 3,635
Liabilities
Management fee payable, net	459
Due to Manager	$ 1,642	$ 0

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments at cost	$ 107,863
Class I Shares
Common stock, shares authorized (in shares)	65,811
Common stock, shares issued (in shares)	65,811
Common stock, shares outstanding (in shares)	65,811
Class R-I Shares
Common stock, shares authorized (in shares)	1,438,086
Common stock, shares issued (in shares)	1,438,086
Common stock, shares outstanding (in shares)	1,438,086
Class R-U Shares
Common stock, shares authorized (in shares)	11,982,497
Common stock, shares issued (in shares)	11,982,497
Common stock, shares outstanding (in shares)	11,982,497
Class G Shares
Common stock, shares authorized (in shares)	40	40
Common stock, shares issued (in shares)	40	40
Common stock, shares outstanding (in shares)	40	40
Class H Shares
Common stock, shares authorized (in shares)	40
Common stock, shares issued (in shares)	40
Common stock, shares outstanding (in shares)	40

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Investment income
Dividend income	$ 1,873	$ 1,873
Total investment income	1,873	1,873
Operating expenses
Organization costs	813	4,589
General and administration expenses	2,600	2,600
Directors fees and expenses	77	77
Deferred offering costs amortization	233	233
Management fee expense, net	459	459
Performance participation allocation	1,300	1,300
Total operating expenses	5,482	9,258
Less: Expenses reimbursed by Manager	(3,269)	(7,045)
Net operating expenses	2,213	2,213
Net investment loss before taxes	(340)	(340)
Provision for (benefit from) income taxes	0	0
Net investment loss	(340)	(340)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and foreign currency forward contract
Investments	7,743	7,743
Foreign currency translation	(1,490)	(1,490)
Foreign currency forward contract	1,455	1,455
Total net change in unrealized appreciation on investments, foreign currency translation and foreign currency forward contract	7,708	7,708
Net increase in net assets resulting from operations	$ 7,368	$ 7,368

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ 1
Consideration from the issuance of shares		447,402
Repurchases of shares		(107,863)
Accrued shareholder servicing fees and distribution fees		(20,651)
Net investment loss	$ (340)	(340)
Net change in unrealized appreciation on investments	7,743	7,743
Net change in unrealized depreciation on foreign currency translation	(1,490)	(1,490)
Net change in unrealized appreciation on foreign currency forward contract	1,455	1,455
Ending balance	326,257	326,257
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		0
Consideration from the issuance of shares		1,675
Repurchases of shares		0
Net change in unrealized appreciation on investments		18
Net change in unrealized depreciation on foreign currency translation		(5)
Net change in unrealized appreciation on foreign currency forward contract		5
Ending balance	1,693	1,693
Class R-I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		0
Consideration from the issuance of shares		36,275
Repurchases of shares		0
Net investment loss		(31)
Net change in unrealized appreciation on investments		760
Net change in unrealized depreciation on foreign currency translation		(151)
Net change in unrealized appreciation on foreign currency forward contract		148
Ending balance	37,001	37,001
Class R-U Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		0
Consideration from the issuance of shares		301,588
Repurchases of shares		0
Accrued shareholder servicing fees and distribution fees		(20,651)
Net investment loss		(309)
Net change in unrealized appreciation on investments		6,965
Net change in unrealized depreciation on foreign currency translation		(1,334)
Net change in unrealized appreciation on foreign currency forward contract		1,302
Ending balance	287,561	287,561
Class E Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		0
Consideration from the issuance of shares		107,863
Repurchases of shares		(107,863)
Ending balance	0	0
Class G Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		1
Consideration from the issuance of shares		0
Ending balance	1	1
Class H Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		0
Consideration from the issuance of shares		1
Repurchases of shares		0
Ending balance	$ 1	$ 1

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Operating activities
Net increase in net assets from operations	$ 7,368
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Deferred offering costs amortization	233
Net change in unrealized appreciation on investments	(7,743)
Net change in unrealized depreciation on foreign currency translation	1,490
Net change in unrealized appreciation on foreign currency forward	(1,455)
Changes in operating assets and liabilities:
(Increase) in prepaids and other assets	(379)
(Increase) in deferred offering costs	(1,239)
(Increase) in due from Manager	(7,045)
(Increase) in dividends receivable	(1,002)
Increase in management fee payable	459
Increase in accrued performance participation allocation	1,300
Increase in other accrued expenses and liabilities	1,787
Increase in directors fees and expenses payable	55
Increase in due to Manager	1,642
Increase in organization costs payable	4,163
Increase in offering costs payable	1,238
Net cash provided by operating activities	872
Financing activities
Proceeds from issuance of shares	339,539
Payment on repurchases of shares	(107,863)
Net cash provided by financing activities	231,676
Net increase in cash and cash equivalents	232,548
Cash and cash equivalents, beginning of period	1
Cash and cash equivalents, end of period	232,549
Supplemental disclosure of cash flow information
Shares issued in exchange for interests in portfolio companies	$ 107,863

Schedule of Investments (Unaudi

Schedule of Investments (Unaudited) € in Thousands, $ in Thousands	Sep. 30, 2023 USD ($)		Sep. 30, 2023 EUR (€)
Schedule of Investments [Abstract]
Portfolio companies, cost	$ 107,863
Investments in money market funds, cost	232,549
Investments and cash equivalents, cost	340,412
Portfolio Companies, Estimated Fair Value	$ 114,116
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets	34.90%		34.90%
Notional | €			€ 32,900
Foreign Currency Forward Contract, Estimated Fair Value	$ 1,455
Foreign Currency Forward Contract, Estimated Fair Value as a Percentage of Net Assets	0.40%		0.40%
Investments in Money Market Funds, Estimated Fair Value	$ 232,549
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets	71.30%		71.30%
Total	$ 348,120
Total Investments, Estimated Fair Value as Percentage of Net Assets	106.60%		106.60%
Barclays Bank PLC
Foreign Currency Forward Contract, Estimated Fair Value	$ 1,455
Foreign Currency Forward Contract, Estimated Fair Value as a Percentage of Net Assets	0.40%		0.40%
April SAS | Financial | EMEA
Portfolio Companies, Estimated Fair Value	$ 46,456
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets	14.20%		14.20%
Groundworks Intermediate Holding, LLC | Consumer Discretionary | North America
Portfolio Companies, Estimated Fair Value	$ 34,000
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets	10.40%		10.40%
Other investments in portfolio companies | Industrial | North America
Portfolio Companies, Estimated Fair Value	$ 33,660	[1]
Portfolio Companies, Estimated Fair Value as a Percentage of Net Assets	10.30%	[1]	10.30%	[1]
Morgan Stanley Institutional Liquidity Funds Government Portfolio
Investments in Money Market Funds, Estimated Fair Value	$ 232,494
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets	71.30%		71.30%
JPMorgan U.S. Government Money Market Fund
Investments in Money Market Funds, Estimated Fair Value	$ 55
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets	0%		0%
[1]There were no single investments included in this category, which exceeded 5% of net assets.

Organization

Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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 permitting it to be excluded from the definition of an “investment company” under the Investment Company Act of 1940, as amended. 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. K-PEC conducts a continuous private offering of its investor shares on a monthly basis: Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (collectively, the “Investor Shares” and, collectively with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to (i) accredited investors (as defined in Regulation D under 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). 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying 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 financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. The Company’s financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”). Cash and Cash Equivalents Cash and cash equivalents consists solely of money market funds with financial institutions with maturities of three or fewer months at the time of acquisition. As of September 30, 2023, the Company was invested in the Morgan Stanley Institutional Liquidity Funds Government Portfolio and the JPMorgan U.S. Government Money Market Fund. As of December 31, 2022, the Company was invested in the JPMorgan U.S. Government Money Market Fund. Foreign Currency Translation The accounting records of the Company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net unrealized currency gains and losses arising from valuing foreign currency-denominated investments and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation (depreciation) on foreign currency translation on investments denominated in foreign currencies in the Statements of Operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. Organization and Offering Costs Organization costs are expensed as incurred. Organization costs consist of costs incurred to establish the Company and enable it legally to do business. For the three and nine months ended September 30, 2023, the Company incurred organization costs of $813 and $4,589, respectively. Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement. Offering costs are accounted for as deferred costs until operations begin. Offering costs incurred prior to the Company’s Initial Offering (as defined below) are amortized over the first twelve months of operations on a straight-line basis. As of September 30, 2023, the total amount of offering costs incurred by the Company was $1,396. For the three and nine months ended September 30, 2023, the Company amortized $233 in deferred offering costs. Valuation of Investments at Fair Value ASC 820, Fair Value Measurement , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of investments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, and are as follows: Level I — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II — Inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level III — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. The Board of Directors of the Company (the “Board”) is responsible for overseeing the valuation of the Company's investments at fair value as determined in good faith pursuant to the Company’s valuation policy. The Board has designated the Manager as the Company's valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in the Company’s valuation policy. 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, (ii) a market approach, (iii) milestone valuation analysis and (iv) last round of financing analysis. 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. The milestone valuation analysis uses various quantitative milestones (e.g., successful achievement of a regulatory approval, commercial launch of a product, achievement of significant commercial traction) in order to determine the current value of the portfolio company relative to a prior valuation. The last round of financing analysis may be used to value growth equity portfolio companies when milestones and progress achieved since the portfolio company’s last round of financing can inform the valuation of upcoming rounds of financing. 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. 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. 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 taxed as a corporation, rather than 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. Calculation of Net Asset Value Net asset value ("NAV") under GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in the Company’s NAV (whether an increase or decrease) is allocated among each Share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and repurchases that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date. The Manager is ultimately responsible for the Company’s NAV calculations. Revenue Recognition 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. Dividend income from money market funds with financial institutions is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Net Realized Gains or Losses and Net Change in Unrealized Appreciation (Depreciation) on Investments Without regard to unrealized appreciation or depreciation previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Performance Participation Allocation Under the Amended and Restated Limited Liability Company Agreement of the Company (as amended from time to time, the “LLC Agreement”), so long as the Management Agreement has not been terminated, KKR will be entitled to receive a Performance Participation Allocation equal to 15.0% of the Total Return attributable to Investor Shares, subject to a 5.0% Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement) (the “Performance Participation Allocation”). The Performance Participation Allocation will be measured and paid on an annual basis and accrued monthly; see Note 5 . Related Party Transactions, below for further detail. KKR may elect to receive the Performance Participation Allocation in cash and/or Class F Shares. If the Performance Participation Allocation is paid in Class F Shares, such shares may be repurchased at KKR’s request and are subject to the repurchase limitations of our share repurchase plan. Derivative Instruments 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 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 September 30, 2023, the fair value of the foreign currency forward contract was $1,455 and is recorded in the Statement of Assets and Liabilities as an asset. For the three and nine months ended September 30, 2023, the change in net unrealized appreciation on the foreign currency forward contract was $1,455. By using derivative instruments, the Company is exposed to the counterparty’s credit risk — 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 Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Investments	Investments As of September 30, 2023, the Company indirectly held interests in portfolio companies, as follows: • April SAS — April SAS is based in Lyon, France and is a wholesale insurance broker, which designs and distributes specialist insurance products to brokers. • CoolIT Systems, Inc . — CoolIT Systems, Inc. is based in Alberta Canada and Stamford, Connecticut and is a designer and manufacturer of direct liquid cooling technologies for data centers and desktop computing. • Groundworks Intermediate Holding, LLC — Groundworks Intermediate Holding, LLC is based in Virginia Beach, Virginia and is a provider of residential foundation repair and water management solutions. • Industrial Physics Holdings, LLC — Industrial Physics Holdings, LLC is based in New Castle, Delaware and is a global manufacturer of testing and measurement instruments and associated aftermarket parts services. • Accuris — Accuris is based in Edison, New Jersey and is an aggregator of engineering standards content and a provider of related workflow tools serving engineering and technical professionals globally. Summarized Portfolio Company Financial Information The following table presents unaudited summarized financial information for the above portfolio companies in the aggregate in which the Company has an indirect equity interest for the three and nine months ended September 30, 2023: For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023 Revenues $ 531,782 $ 1,429,377 Expenses 539,059 1,541,010 Loss before taxes (7,277) (111,633) Income tax expense 47 66 Consolidated net loss (7,324) (111,699) Net loss attributable to non-controlling interests — — Net loss $ (7,324) $ (111,699) The net loss above represents the aggregated net income attributable to the controlling interests in each of the Company’s portfolio companies and does not represent the Company’s proportionate share of income.

Fair Value Measurements - Inves

Fair Value Measurements - Investments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements - Investments	Fair Value Measurements - Investments The following table presents fair value measurements of investments, by major class, as of September 30, 2023, according to the fair value hierarchy: Valuation Inputs Investments Level I Level II Level III Fair Value Portfolio companies $ — $ — $ 114,116 $ 114,116 Foreign currency forward contract — 1,455 — 1,455 Investments in Money Market Funds 232,549 — — 232,549 Total $ 232,549 $ 1,455 $ 114,116 $ 348,120 The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the nine months ended September 30, 2023: Investments Balance as of December 31, 2022 Purchases Net change in unrealized appreciation on investments Net change in unrealized depreciation on foreign currency translation Balance as of September 30, 2023 Portfolio companies $ — $ 107,863 $ 7,743 $ (1,490) $ 114,116 Total $ — $ 107,863 $ 7,743 $ (1,490) $ 114,116 The total change in unrealized appreciation (depreciation) included in the statements of operations within net change in unrealized appreciation (depreciation) for the nine months ended September 30, 2023 attributable to Level III investments and foreign currency translation still held at September 30, 2023 was $7,743 and $(1,490), respectively. The following table presents the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of September 30, 2023: Level III Assets Fair Value September 30, 2023 Valuation Methodology Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Portfolio companies $114,116 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 7.1% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 39.8% 25.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 60.2% 50.0% - 75.0% (5) Weight Ascribed to Transaction Price/Other —% Not applicable (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 14.6x 10.8x - 16.4x Increase Discounted Cash Flow Weighted Average Cost of Capital 11.1% 8.8% - 17.6% Decrease Enterprise Value / LTM EBITDA Exit Multiple 14.7x 11.0x - 16.0x 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. “LTM” means Last Twelve Months. (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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Initial Capital Contribution On December 6, 2022, KKR made an initial capital contribution that resulted in the issuance of 40 Class G Shares of the Company at an aggregate purchase price of $1 to KKR Group Assets Holdings III L.P., an affiliate of the Manager. Class H Shares Issuance On July 27, 2023, the Company issued to K-Prime GP LLC, an indirect subsidiary of KKR, a total of 40 Class H Shares of the Company at $25.00 per Class H Share for aggregate consideration of $1. For as long as the Management Agreement has not been terminated, the Class H Members (as defined in the LLC Agreement) may receive a Performance Participation Allocation from the Company. Portfolio Companies On August 1, 2023, the Company issued to KKR Alternative Assets LLC, an indirect subsidiary of KKR, a total of 4,314,539 Class E Shares of the Company at $25.00 per Class E Share for aggregate consideration of $107,863 in exchange for the contribution to the Company of ownership interests in (i) April SAS, (ii) CoolIT Systems, Inc., (iii) Groundworks Intermediate Holding, LLC, (iv) Industrial Physics Holdings, LLC, and (v) Accuris. Repurchase of Class E Shares Held by KKR On August 31, 2023, pursuant to the Company's KKR Share Repurchase Arrangement, effective July 27, 2023 (the “KKR Share Repurchase Arrangement”), the Company repurchased 4,314,539 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $25.00 per Class E Share, which may be at a price less than the transactional net asset value per share on that date, for an aggregate purchase price of $107,863. Management Agreement On July 27, 2023, the Company entered into a management agreem ent with the Manager (“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 NAV attributable to Class S Shares, Class D Shares, Class U Shares and Class I Shares, (ii) 1.00% per annum of the month-end NAV for a 60-month period following the acceptance of the initial subscription for Shares of the Company by persons that are not affiliates of the Manager (the “Initial Offering”) attributable to Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (provided that such Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares are purchased by an investor as part of an intermediary’s aggregate subscription for at least $100,000 during the 12-month period following the Initial Offering) and 1.25% 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 after the 60-month period following the Initial Offering, each before giving effect to any accruals for certain fees and expenses. Such Management Fee is calculated based on the Company’s transactional net asset value, which is 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. For the three and nine months ended September 30, 2023, the Manager earned $459 in Management Fees. As of September 30, 2023, the Company owed $459 to the Manager for Management Fees, which amounts are included in the Management Fee payable on the Statements of Assets and Liabilities. Pursuant to the Management Agreement, such amounts earned may be offset by the Manager against amounts due to the Company from the Manager. Performance Participation Allocation 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, 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 (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 (as defined in the LLC Agreement) 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 Company’s transactional net asset value, which is the price at which the Company sells and repurchases its Shares. If the Performance Participation Allocation is paid in Class F Shares, such Shares may be repurchased at KKR’s request and are subject to the repurchase limitations of our share repurchase plan. A Performance Participation Allocation accrual of $1,300 was recorded as of September 30, 2023 in the Statements of Assets and Liabilities. No Performance Participation Allocation accrual was recorded as of December 31, 2022. The Statements of Operations reflects a $1,300 Performance Participation Allocation for the three and nine months ended September 30, 2023. Distribution Fees and Servicing 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 mo nthly. Such Distribution Fee and Servicing Fee are calculated based on the Company’s transactional net asset value, which is the price at which the Company sells and repurchases its Shares. 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 (defined below) 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 we sell Class S Shares, Class U Shares, Class D Shares, Class R-S Shares, Class R-U Shares and Class R-D Shares. As of September 30, 2023 , the Company has accrued $20,651 of Servicing Fees and Distribution Fees payable to the Dealer Manager related to the Class R-U shares sold. Expense Limitation and Reimbursement Agreement On December 6, 2022, the Company entered into an Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with the Manager. Pursuant to the Expense Limitation Agreement, the Manager will 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 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 remains in effect through and including June 30, 2024, but may be renewed by the mutual agreement of the Manager and the Company for successive terms. Under the Expense Limitation Agreement, the Company has agreed to carry forward the amount of the foregone management fees 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. As of September 30, 2023, the Manager agreed to reimburse expenses of $3,269 and $7,045 incurred by the Company for the three and nine months ended September 30, 2023, respectively, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a three year period. As of September 30, 2023, the Company recorded $10,680 as Due from Manager related to amounts waived under the Expense Limitation Agreement to date and $1,642 as Due to Manager related to amounts paid by the Manager on behalf of the Company. The following table reflects the amounts incurred by the Company and subject to recoupment pursuant to the Expense Limitation Agreement and the expiration for future possible recoupments by the Company: For the Three Months Ended Amount Last Expiration Date December 31, 2022 $ 3,635 December 31, 2025 March 31, 2023 1,838 March 31, 2026 June 30, 2023 1,938 June 30, 2026 September 30, 2023 3,269 September 30, 2026 Total $ 10,680 As of September 30, 2023 and December 31, 2022, management believes that it is not probable for the Company to be required to reimburse the expenses waived by the Manager. 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.

Shareholders_ Equity

Shareholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders’ Equity	Shareholders’ EquityThe following table is a summary of the Shares issued and repurchased during the nine months ended September 30, 2023 and shares outstanding as of September 30, 2023: Shares Outstanding as of December 31, 2022 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of September 30, 2023 Class I Shares — 65,811 — 65,811 Class R-I Shares — 1,438,086 — 1,438,086 Class R-U Shares — 11,982,497 — 11,982,497 Class E Shares — 4,314,539 (4,314,539) — Class G Shares 40 — — 40 Class H Shares — 40 — 40 Total 40 17,800,973 (4,314,539) 13,486,474 The consideration from Shares sold and the aggregate purchase price of Shares repurchased pursuant to the Share Repurchase Plan or the KKR Share Repurchase Arrangement for each class of Shares for the nine months ended September 30, 2023 were as follows: Class I Shares Class R-I Shares Class R-U Shares Class E Shares Class H Share Total Consideration from Shares Issued $ 1,675 $ 36,275 $ 301,588 $ 107,863 $ 1 $ 447,402 Aggregate purchase price of Shares repurchased $ — $ — $ — $ (107,863) $ — $ (107,863) 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 NAV per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, all outstanding Class S Shares and Class R-S Shares will be subject to a dealer manager fee, all outstanding Class S Shares, Class U Shares, Class R-S Shares and Class R-U Shares, including those purchased under our DRIP, will be subject to ongoing Distribution Fees, and 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 ongoing Servicing Fees. As of September 30, 2023, the Company has not issued any Shares under the DRIP. Share Repurchases 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 per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). As of September 30, 2023, the Company has not repurchased any Shares under the share repurchase plan. Repurchase Arrangement for Class E Shares held by KKR On the last calendar day of each month the Company offers to repurchase Class E Shares from KKR having an aggregate NAV (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions accepted during such month less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price paid using Excess Operating Cash Flow (as defined below)) of Shares repurchased by the Company during such month pursuant to our share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per Class E Share for repurchases from KKR will be the transaction price in effect for the Class E Shares at the time of repurchase. This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for KKR is not subject to the repurchase limitations in our share repurchase plan. “Excess Operating Cash Flow” means, for any given quarter, the Company’s net cash provided by operating activities, if any, less any amounts of such cash used, or designated for use, to pay distributions to Shareholders. Notwithstanding the foregoing, no repurchase offer will be made to KKR during any month in which (1) the 5% quarterly repurchase limitation of its share repurchase plan has been decreased or (2) the full amount of all Shares requested to be repurchased under our share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from KKR, or may offer to purchase less than the Monthly Repurchase Amount, if, in the Company’s judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Board may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of its Shareholders. KKR will not request that its Class E Shares be repurchased under our share repurchase plan. On August 31, 2023, pursuant to the KKR Share Repurchase Arrangement, the Company repurchased 4,314,539 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $25.00 per Class E Share, which may be at a price less than the transactional net asset value per share on that date, for an aggregate purchase price of $107,863.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Distributions	Shareholders’ EquityThe following table is a summary of the Shares issued and repurchased during the nine months ended September 30, 2023 and shares outstanding as of September 30, 2023: Shares Outstanding as of December 31, 2022 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of September 30, 2023 Class I Shares — 65,811 — 65,811 Class R-I Shares — 1,438,086 — 1,438,086 Class R-U Shares — 11,982,497 — 11,982,497 Class E Shares — 4,314,539 (4,314,539) — Class G Shares 40 — — 40 Class H Shares — 40 — 40 Total 40 17,800,973 (4,314,539) 13,486,474 The consideration from Shares sold and the aggregate purchase price of Shares repurchased pursuant to the Share Repurchase Plan or the KKR Share Repurchase Arrangement for each class of Shares for the nine months ended September 30, 2023 were as follows: Class I Shares Class R-I Shares Class R-U Shares Class E Shares Class H Share Total Consideration from Shares Issued $ 1,675 $ 36,275 $ 301,588 $ 107,863 $ 1 $ 447,402 Aggregate purchase price of Shares repurchased $ — $ — $ — $ (107,863) $ — $ (107,863) 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 NAV per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, all outstanding Class S Shares and Class R-S Shares will be subject to a dealer manager fee, all outstanding Class S Shares, Class U Shares, Class R-S Shares and Class R-U Shares, including those purchased under our DRIP, will be subject to ongoing Distribution Fees, and 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 ongoing Servicing Fees. As of September 30, 2023, the Company has not issued any Shares under the DRIP. Share Repurchases 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 per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). As of September 30, 2023, the Company has not repurchased any Shares under the share repurchase plan. Repurchase Arrangement for Class E Shares held by KKR On the last calendar day of each month the Company offers to repurchase Class E Shares from KKR having an aggregate NAV (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions accepted during such month less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price paid using Excess Operating Cash Flow (as defined below)) of Shares repurchased by the Company during such month pursuant to our share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per Class E Share for repurchases from KKR will be the transaction price in effect for the Class E Shares at the time of repurchase. This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for KKR is not subject to the repurchase limitations in our share repurchase plan. “Excess Operating Cash Flow” means, for any given quarter, the Company’s net cash provided by operating activities, if any, less any amounts of such cash used, or designated for use, to pay distributions to Shareholders. Notwithstanding the foregoing, no repurchase offer will be made to KKR during any month in which (1) the 5% quarterly repurchase limitation of its share repurchase plan has been decreased or (2) the full amount of all Shares requested to be repurchased under our share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from KKR, or may offer to purchase less than the Monthly Repurchase Amount, if, in the Company’s judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Board may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of its Shareholders. KKR will not request that its Class E Shares be repurchased under our share repurchase plan. On August 31, 2023, pursuant to the KKR Share Repurchase Arrangement, the Company repurchased 4,314,539 Class E Shares of the Company from KKR Alternative Assets LLC at a price of $25.00 per Class E Share, which may be at a price less than the transactional net asset value per share on that date, for an aggregate purchase price of $107,863.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it. Funding Commitments and Others As of September 30, 2023, the Company had no unfunded commitments in portfolio companies. 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.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2023
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Financial Highlights The following is a schedule of the financial highlights of the Company attributed to each class of Shares for the period from August 1, 2023 (commencement of principal operations) through September 30, 2023: Class I Shares Class R-I Shares Class R-U Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (August 1, 2023) $ — $ — $ — $ 25.00 $ 25.00 Consideration from the issuance of shares, net 25.45 25.22 25.17 — — Repurchases of shares (2) — — — — — Accrued shareholder servicing fees and distribution fees (2) — — (2.15) — — Net investment loss (2) — (0.03) (0.03) — Net change in unrealized appreciation (2) 0.27 0.54 1.01 0.90 0.90 Net increase (decrease) in net assets attributed to shareholders $ 0.27 $ 0.51 $ (1.17) $ 0.90 $ 0.90 Net asset value per share at the end of period (September 30, 2023) $ 25.72 $ 25.73 $ 24.00 $ 25.90 $ 25.90 Net assets at end of period (September 30, 2023) 1,693 37,001 287,561 1 1 Shares outstanding at end of period (September 30, 2023) 65,811 1,438,086 11,982,497 40 40 Weighted average shares outstanding at end of period (September 30, 2023) 65,811 1,074,681 9,603,295 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to net asset value (3) : Total operating expenses before Performance Participation Allocation (4) 0.13 % 0.32 % 0.35 % 0.20 % 0.20 % Total operating expenses before expenses reimbursed by Manager (4) (5) 0.68 % 1.67 % 1.80 % 1.15 % 1.15 % Total operating expenses after expenses reimbursed by Manager (4) (5) 0.32 % 0.79 % 0.85 % 0.20 % 0.20 % Total operating expenses after Performance Participation Allocation (4) (6) 0.32 % 0.79 % 0.85 % 0.20 % 0.20 % Net investment (loss) income (4) (0.03) % (0.11) % (0.13) % 0.51 % 0.51 % Total return attributed to Shares based on net asset value (4) (7) 1.07 % 2.65 % (6.02) % 3.54 % 3.54 % (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) 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. (4) Weighted average net assets during the applicable period are used for this calculation. (5) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (6) Ratios presented after expenses reimbursed by Manager. (7) 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 5. 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

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Unregistered Sale of Equity Securities On October 1, 2023, the Company sold the following Investor Shares of the Company (with the final number of shares determined on October 23, 2023) to third party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class I Shares 1,944 $ 50 Class R-I Shares 679,439 $ 17,482 Class R-U Shares 3,636,092 $ 93,421 (1) Share and dollar amounts are rounded to the nearest whole number. Second Amended and Restated Limited Liability Company Agreement On November 7, 2023, the Second Amended and Restated Limited Liability Company Agreement (the “Second A&R LLCA”) of the Company was executed, which amended and restated the LLC Agreement. The amendment and restatement effects certain changes, including, among other things, changing the definition of “Reference Period” for which the “Performance Participation Allocation” (as defined in the Second A&R LLCA) will be calculated. As revised, the Reference Period will begin on October 1 of each year and will end on September 30 of the next succeeding year, except that the initial Reference Period shall be the period from August 1, 2023 (date of the Company’s commencement of principal operations) to September 30, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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 financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. The Company’s financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists solely of money market funds with financial institutions with maturities of three or fewer months at the time of acquisition. As of September 30, 2023, the Company was invested in the Morgan Stanley Institutional Liquidity Funds Government Portfolio and the JPMorgan U.S. Government Money Market Fund. As of December 31, 2022, the Company was invested in the JPMorgan U.S. Government Money Market Fund.
Foreign Currency Translation	Foreign Currency Translation The accounting records of the Company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net unrealized currency gains and losses arising from valuing foreign currency-denominated investments and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation (depreciation) on foreign currency translation on investments denominated in foreign currencies in the Statements of Operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.
Organization Costs	Organization costs are expensed as incurred. Organization costs consist of costs incurred to establish the Company and enable it legally to do business.
Offering Costs	Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement. Offering costs are accounted for as deferred costs until operations begin. Offering costs incurred prior to the Company’s Initial Offering (as defined below) are amortized over the first twelve months of operations on a straight-line basis.
Valuation of Investments at Fair Value	Valuation of Investments at Fair Value ASC 820, Fair Value Measurement , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of investments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, and are as follows: Level I — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II — Inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level III — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. The Board of Directors of the Company (the “Board”) is responsible for overseeing the valuation of the Company's investments at fair value as determined in good faith pursuant to the Company’s valuation policy. The Board has designated the Manager as the Company's valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in the Company’s valuation policy. 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, (ii) a market approach, (iii) milestone valuation analysis and (iv) last round of financing analysis. 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. The milestone valuation analysis uses various quantitative milestones (e.g., successful achievement of a regulatory approval, commercial launch of a product, achievement of significant commercial traction) in order to determine the current value of the portfolio company relative to a prior valuation. The last round of financing analysis may be used to value growth equity portfolio companies when milestones and progress achieved since the portfolio company’s last round of financing can inform the valuation of upcoming rounds of financing. 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. 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.
Income Taxes	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 taxed as a corporation, rather than 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.
Calculation of Net Asset Value	Calculation of Net Asset Value Net asset value ("NAV") under GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in the Company’s NAV (whether an increase or decrease) is allocated among each Share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and repurchases that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date. The Manager is ultimately responsible for the Company’s NAV calculations.
Revenue Recognition	Revenue Recognition 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. Dividend income from money market funds with financial institutions is recorded on an accrual basis to the extent that the Company expects to collect such amounts.
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments	Net Realized Gains or Losses and Net Change in Unrealized Appreciation (Depreciation) on Investments Without regard to unrealized appreciation or depreciation previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.
Derivative Instruments	Derivative Instruments 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 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 September 30, 2023, the fair value of the foreign currency forward contract was $1,455 and is recorded in the Statement of Assets and Liabilities as an asset. For the three and nine months ended September 30, 2023, the change in net unrealized appreciation on the foreign currency forward contract was $1,455. By using derivative instruments, the Company is exposed to the counterparty’s credit risk — 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 Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Summarized Infrastructure Assets Financial Information	The following table presents unaudited summarized financial information for the above portfolio companies in the aggregate in which the Company has an indirect equity interest for the three and nine months ended September 30, 2023: For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023 Revenues $ 531,782 $ 1,429,377 Expenses 539,059 1,541,010 Loss before taxes (7,277) (111,633) Income tax expense 47 66 Consolidated net loss (7,324) (111,699) Net loss attributable to non-controlling interests — — Net loss $ (7,324) $ (111,699)

Fair Value Measurements - Inv_2

Fair Value Measurements - Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements of Investments, by Major Class	The following table presents fair value measurements of investments, by major class, as of September 30, 2023, according to the fair value hierarchy: Valuation Inputs Investments Level I Level II Level III Fair Value Portfolio companies $ — $ — $ 114,116 $ 114,116 Foreign currency forward contract — 1,455 — 1,455 Investments in Money Market Funds 232,549 — — 232,549 Total $ 232,549 $ 1,455 $ 114,116 $ 348,120
Reconciliation of Infrastructure Assets, Level III Inputs	The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the nine months ended September 30, 2023: Investments Balance as of December 31, 2022 Purchases Net change in unrealized appreciation on investments Net change in unrealized depreciation on foreign currency translation Balance as of September 30, 2023 Portfolio companies $ — $ 107,863 $ 7,743 $ (1,490) $ 114,116 Total $ — $ 107,863 $ 7,743 $ (1,490) $ 114,116
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table presents the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of September 30, 2023: Level III Assets Fair Value September 30, 2023 Valuation Methodology Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Portfolio companies $114,116 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 7.1% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 39.8% 25.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 60.2% 50.0% - 75.0% (5) Weight Ascribed to Transaction Price/Other —% Not applicable (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 14.6x 10.8x - 16.4x Increase Discounted Cash Flow Weighted Average Cost of Capital 11.1% 8.8% - 17.6% Decrease Enterprise Value / LTM EBITDA Exit Multiple 14.7x 11.0x - 16.0x 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. “LTM” means Last Twelve Months. (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.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Subject to Recoupment Pursuant to the Expense Limitation Agreement	The following table reflects the amounts incurred by the Company and subject to recoupment pursuant to the Expense Limitation Agreement and the expiration for future possible recoupments by the Company: For the Three Months Ended Amount Last Expiration Date December 31, 2022 $ 3,635 December 31, 2025 March 31, 2023 1,838 March 31, 2026 June 30, 2023 1,938 June 30, 2026 September 30, 2023 3,269 September 30, 2026 Total $ 10,680

Shareholders_ Equity (Tables)

Shareholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Accelerated Share Repurchases	The following table is a summary of the Shares issued and repurchased during the nine months ended September 30, 2023 and shares outstanding as of September 30, 2023: Shares Outstanding as of December 31, 2022 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of September 30, 2023 Class I Shares — 65,811 — 65,811 Class R-I Shares — 1,438,086 — 1,438,086 Class R-U Shares — 11,982,497 — 11,982,497 Class E Shares — 4,314,539 (4,314,539) — Class G Shares 40 — — 40 Class H Shares — 40 — 40 Total 40 17,800,973 (4,314,539) 13,486,474 The consideration from Shares sold and the aggregate purchase price of Shares repurchased pursuant to the Share Repurchase Plan or the KKR Share Repurchase Arrangement for each class of Shares for the nine months ended September 30, 2023 were as follows: Class I Shares Class R-I Shares Class R-U Shares Class E Shares Class H Share Total Consideration from Shares Issued $ 1,675 $ 36,275 $ 301,588 $ 107,863 $ 1 $ 447,402 Aggregate purchase price of Shares repurchased $ — $ — $ — $ (107,863) $ — $ (107,863)

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following is a schedule of the financial highlights of the Company attributed to each class of Shares for the period from August 1, 2023 (commencement of principal operations) through September 30, 2023: Class I Shares Class R-I Shares Class R-U Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (August 1, 2023) $ — $ — $ — $ 25.00 $ 25.00 Consideration from the issuance of shares, net 25.45 25.22 25.17 — — Repurchases of shares (2) — — — — — Accrued shareholder servicing fees and distribution fees (2) — — (2.15) — — Net investment loss (2) — (0.03) (0.03) — Net change in unrealized appreciation (2) 0.27 0.54 1.01 0.90 0.90 Net increase (decrease) in net assets attributed to shareholders $ 0.27 $ 0.51 $ (1.17) $ 0.90 $ 0.90 Net asset value per share at the end of period (September 30, 2023) $ 25.72 $ 25.73 $ 24.00 $ 25.90 $ 25.90 Net assets at end of period (September 30, 2023) 1,693 37,001 287,561 1 1 Shares outstanding at end of period (September 30, 2023) 65,811 1,438,086 11,982,497 40 40 Weighted average shares outstanding at end of period (September 30, 2023) 65,811 1,074,681 9,603,295 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to net asset value (3) : Total operating expenses before Performance Participation Allocation (4) 0.13 % 0.32 % 0.35 % 0.20 % 0.20 % Total operating expenses before expenses reimbursed by Manager (4) (5) 0.68 % 1.67 % 1.80 % 1.15 % 1.15 % Total operating expenses after expenses reimbursed by Manager (4) (5) 0.32 % 0.79 % 0.85 % 0.20 % 0.20 % Total operating expenses after Performance Participation Allocation (4) (6) 0.32 % 0.79 % 0.85 % 0.20 % 0.20 % Net investment (loss) income (4) (0.03) % (0.11) % (0.13) % 0.51 % 0.51 % Total return attributed to Shares based on net asset value (4) (7) 1.07 % 2.65 % (6.02) % 3.54 % 3.54 % (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) 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. (4) Weighted average net assets during the applicable period are used for this calculation. (5) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (6) Ratios presented after expenses reimbursed by Manager. (7) 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 5. 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

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Schedule of Issued and Sold Investor Shares	On October 1, 2023, the Company sold the following Investor Shares of the Company (with the final number of shares determined on October 23, 2023) to third party investors for cash: Class Number of Shares Sold (1) Consideration (1) Class I Shares 1,944 $ 50 Class R-I Shares 679,439 $ 17,482 Class R-U Shares 3,636,092 $ 93,421 (1) Share and dollar amounts are rounded to the nearest whole number.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Organization costs	$ 813	$ 4,589
Offering cost amortization, period (in months)		12 months
Offering costs		$ 1,396
Deferred offering costs amortization	233	233
Unrealized appreciation on foreign currency forward contract	1,455	1,455	$ 0
Foreign currency forward contract	$ 1,455	$ 1,455
Total Return
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)		15%
Total Return | Class H Shares
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)		15%
Hurdle Amount | Class H Shares
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)		5%
Catch-Up Rate | Class H Shares
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)		100%

Investments - Schedule of Infra

Investments - Schedule of Infrastructure Asset Income Loss (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Investment Company, Nonconsolidated Subsidiary [Line Items]
Net increase in net assets resulting from operations	$ 7,368	$ 7,368
Investment Company, Nonconsolidated Subsidiaries
Investment Company, Nonconsolidated Subsidiary [Line Items]
Revenues	531,782	1,429,377
Expenses	539,059	1,541,010
Loss before taxes	(7,277)	(111,633)
Income tax expense	47	66
Consolidated net loss	(7,324)	(111,699)
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	$ (7,324)	$ (111,699)

Fair Value Measurements - Inv_3

Fair Value Measurements - Investments - Schedule of Fair Value Measurements of Investments by Major Class (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Portfolio companies	$ 114,116	$ 0
Foreign currency forward contract	1,455	$ 0
Investments in Money Market Funds	232,549
Total	348,120
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Portfolio companies	0
Foreign currency forward contract	0
Investments in Money Market Funds	232,549
Total	232,549
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Portfolio companies	0
Foreign currency forward contract	1,455
Investments in Money Market Funds	0
Total	1,455
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Portfolio companies	114,116
Foreign currency forward contract	0
Investments in Money Market Funds	0
Total	$ 114,116

Fair Value Measurements - Inv_4

Fair Value Measurements - Investments - Schedule of Investment Holdings (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Infrastructure Assets [Roll Forward]
Balance as of December 31, 2022	$ 0
Purchases	107,863
Net change in unrealized appreciation on investments	7,743
Net change in unrealized depreciation on foreign currency translation	(1,490)
Balance as of September 30, 2023	114,116
Portfolio companies
Infrastructure Assets [Roll Forward]
Balance as of December 31, 2022	0
Purchases	107,863
Net change in unrealized appreciation on investments	7,743
Net change in unrealized depreciation on foreign currency translation	(1,490)
Balance as of September 30, 2023	$ 114,116

Fair Value Measurements - Inv_5

Fair Value Measurements - Investments - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Investments	$ 7,743	$ 7,743
Foreign currency translation	$ (1,490)	$ (1,490)

Fair Value Measurements - Inv_6

Fair Value Measurements - Investments - Quantitative Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Portfolio companies	$ 114,116	$ 0
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Portfolio companies	$ 114,116
Level III | Weighted Average | Illiquidity Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.071
Level III | Weighted Average | Weight Ascribed to Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.398
Level III | Weighted Average | Weight Ascribed to Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.602
Level III | Weighted Average | Weight Ascribed to Transaction Price/Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0
Level III | Weighted Average | Market Comparables | Enterprise Value / Forward EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	14.6
Level III | Weighted Average | Discounted Cash Flow | Weighted Average Cost of Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.111
Level III | Weighted Average | Discounted Cash Flow | Enterprise Value / LTM EBITDA Exit Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	14.7
Level III | Minimum | Illiquidity Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.050
Level III | Minimum | Weight Ascribed to Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.250
Level III | Minimum | Weight Ascribed to Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.500
Level III | Minimum | Market Comparables | Enterprise Value / Forward EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	10.8
Level III | Minimum | Discounted Cash Flow | Weighted Average Cost of Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.088
Level III | Minimum | Discounted Cash Flow | Enterprise Value / LTM EBITDA Exit Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	11
Level III | Maximum | Illiquidity Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.150
Level III | Maximum | Weight Ascribed to Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.500
Level III | Maximum | Weight Ascribed to Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.750
Level III | Maximum | Market Comparables | Enterprise Value / Forward EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	16.4
Level III | Maximum | Discounted Cash Flow | Weighted Average Cost of Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	0.176
Level III | Maximum | Discounted Cash Flow | Enterprise Value / LTM EBITDA Exit Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input	16

Related Party Transactions - Na

Related Party Transactions - Narratives (Details) - USD ($)					3 Months Ended				9 Months Ended	12 Months Ended
	Aug. 31, 2023	Aug. 01, 2023	Jul. 27, 2023	Dec. 06, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Number of shares sold									17,800,973
Consideration from the issuance of shares									$ 447,402,000
Number of shares repurchased (in shares)									4,314,539
Aggregate purchase price of shares repurchased									$ 107,863,000
Management fee expense, net					$ 459,000				459,000
Management fee payable, net					459,000			$ 0	459,000	$ 459,000
Accrued performance participation allocation					1,300,000			0	1,300,000	1,300,000
Performance participation allocation					1,300,000				1,300,000
Accrued shareholder servicing fees and distribution fees					20,651,000			0	20,651,000	20,651,000
Reimbursed expenses					3,269,000				$ 7,045,000
Total Return
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									15%
Performance Participation Allocation, Percentage of Excess Profits
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									100%
Performance Participation Allocation, Percentage of Remaining Excess Profits
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									15%
Manager
Related Party Transaction [Line Items]
Initial offering period			60 months
Minimum aggregate subscriptions required			$ 100,000,000
Minimum aggregate subscription, purchase period			12 months
Management fee expense, net					459,000				$ 459,000
Management fee payable, net					459,000				459,000	459,000
Reimbursed expenses					3,269,000	$ 1,938,000	$ 1,838,000	3,635,000		10,680,000
Due from Manager					10,680,000			3,635,000	10,680,000	10,680,000
Due to Manager					1,642,000			$ 0	$ 1,642,000	1,642,000
Manager | Management Fee Percentage Attributable To Class S, D, U and I Shares
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)			1.25%
Manager | Management Fee Percentage Attributable to Class R-S, R-D, Class R-U And R-I Shares Following Acceptance of Initial Subscription of Shares
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)			1%
Manager | Management Fee Percentage Attributable To Class R-S, R-D, R-U and R-I Shares Following Acceptance of Initial Subscription of Shares
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)			1.25%
Manager | Expense Limitation and Reimbursement Agreement
Related Party Transaction [Line Items]
Agreement term									3 years
Manager | Expense Limitation and Reimbursement Agreement | Maximum
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0.60%
Class G Shares
Related Party Transaction [Line Items]
Number of shares sold									0
Consideration from the issuance of shares									$ 0
Number of shares repurchased (in shares)									0
Class G Shares | Subsidiaries | KKR Group Asset Holdings III L.P.
Related Party Transaction [Line Items]
Number of shares sold				40
Consideration from the issuance of shares				$ 1,000
Class G Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0%
Class H Shares
Related Party Transaction [Line Items]
Number of shares sold									40
Consideration from the issuance of shares									$ 1,000
Number of shares repurchased (in shares)									0
Aggregate purchase price of shares repurchased									$ 0
Class H Shares | Total Return
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									15%
Class H Shares | Hurdle Amount
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									5%
Class H Shares | Catch-Up Rate
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									100%
Class H Shares | Subsidiaries | K-Prime GP LLC
Related Party Transaction [Line Items]
Number of shares sold			40
Consideration from the issuance of shares			$ 1,000
Price per share (in dollars per share)			$ 25
Class H Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0%
Class E Shares
Related Party Transaction [Line Items]
Number of shares sold									4,314,539
Consideration from the issuance of shares									$ 107,863,000
Number of shares repurchased (in shares)									4,314,539
Aggregate purchase price of shares repurchased									$ 107,863,000
Class E Shares | Subsidiaries | KKR Alternative Assets LLC
Related Party Transaction [Line Items]
Number of shares sold		4,314,539
Consideration from the issuance of shares		$ 107,863,000
Price per share (in dollars per share)		$ 25
Number of shares repurchased (in shares)	4,314,539
Repurchase price per share (in dollars per share)	$ 25
Aggregate purchase price of shares repurchased	$ 107,863,000
Class E Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0%
Class S, U, R-S and R-U Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0.85%
Class S, U, R-S and R-U Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fee
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0.60%
Class S, U, R-S and R-U Shares | Affiliated Entity | KKR Capital Markets LLC | Servicing Fee
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0.25%
Class D and R-D Shares | Affiliated Entity | KKR Capital Markets LLC | Servicing Fee
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0.25%
Class I Shares
Related Party Transaction [Line Items]
Number of shares sold									65,811
Consideration from the issuance of shares									$ 1,675,000
Number of shares repurchased (in shares)									0
Aggregate purchase price of shares repurchased									$ 0
Class I Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0%
Class R-I Shares
Related Party Transaction [Line Items]
Number of shares sold									1,438,086
Consideration from the issuance of shares									$ 36,275,000
Number of shares repurchased (in shares)									0
Aggregate purchase price of shares repurchased									$ 0
Class R-I Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0%
Class F Shares | Affiliated Entity | KKR Capital Markets LLC | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)									0%
Class R-U Shares
Related Party Transaction [Line Items]
Number of shares sold									11,982,497
Consideration from the issuance of shares									$ 301,588,000
Number of shares repurchased (in shares)									0
Aggregate purchase price of shares repurchased									$ 0
Class R-U Shares | Distribution Fees and Servicing Fees
Related Party Transaction [Line Items]
Accrued shareholder servicing fees and distribution fees					$ 20,651,000				$ 20,651,000	$ 20,651,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Subject to Recoupment Pursuant to the Expense Limitation Agreement (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Reimbursed expenses	$ 3,269				$ 7,045
Manager
Related Party Transaction [Line Items]
Reimbursed expenses	$ 3,269	$ 1,938	$ 1,838	$ 3,635		$ 10,680

Shareholders_ Equity - Schedule

Shareholders’ Equity - Schedule of Shares Issued and Repurchased (Details)	9 Months Ended
	Sep. 30, 2023 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	40
Shares Issued During the Period (in shares)	17,800,973
Shares Repurchased During the Period (in shares)	(4,314,539)
Shares Outstanding as of End of Period (in shares)	13,486,474
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	0
Shares Issued During the Period (in shares)	65,811
Shares Repurchased During the Period (in shares)	0
Shares Outstanding as of End of Period (in shares)	65,811
Class R-I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	0
Shares Issued During the Period (in shares)	1,438,086
Shares Repurchased During the Period (in shares)	0
Shares Outstanding as of End of Period (in shares)	1,438,086
Class R-U Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	0
Shares Issued During the Period (in shares)	11,982,497
Shares Repurchased During the Period (in shares)	0
Shares Outstanding as of End of Period (in shares)	11,982,497
Class E Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	0
Shares Issued During the Period (in shares)	4,314,539
Shares Repurchased During the Period (in shares)	(4,314,539)
Shares Outstanding as of End of Period (in shares)	0
Class G Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	40
Shares Issued During the Period (in shares)	0
Shares Repurchased During the Period (in shares)	0
Shares Outstanding as of End of Period (in shares)	40
Class H Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Outstanding as of Beginning of Period (in shares)	0
Shares Issued During the Period (in shares)	40
Shares Repurchased During the Period (in shares)	0
Shares Outstanding as of End of Period (in shares)	40

Shareholders_ Equity - Schedu_2

Shareholders’ Equity - Schedule of Shares Sold and Aggregate Purchase Price of Shares Repurchased (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Class of Stock [Line Items]
Consideration from Shares Issued	$ 447,402
Aggregate purchase price of Shares repurchased	(107,863)
Class I Shares
Class of Stock [Line Items]
Consideration from Shares Issued	1,675
Aggregate purchase price of Shares repurchased	0
Class R-I Shares
Class of Stock [Line Items]
Consideration from Shares Issued	36,275
Aggregate purchase price of Shares repurchased	0
Class R-U Shares
Class of Stock [Line Items]
Consideration from Shares Issued	301,588
Aggregate purchase price of Shares repurchased	0
Class E Shares
Class of Stock [Line Items]
Consideration from Shares Issued	107,863
Aggregate purchase price of Shares repurchased	(107,863)
Class G Shares
Class of Stock [Line Items]
Consideration from Shares Issued	0
Class H Shares
Class of Stock [Line Items]
Consideration from Shares Issued	1
Aggregate purchase price of Shares repurchased	$ 0

Shareholders_ Equity - Narrativ

Shareholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 31, 2023	Sep. 30, 2023
Class of Stock [Line Items]
Number of shares repurchased (in shares)		4,314,539
Aggregate purchase price of shares repurchased		$ 107,863
Class S, Class D, Class U, Class I, Class R-S, Class R-D, Class R-U, Class R-I or Class F Shares
Class of Stock [Line Items]
Share repurchase limitation, maximum percentage		5%
Class E Shares
Class of Stock [Line Items]
Number of shares repurchased (in shares)		4,314,539
Aggregate purchase price of shares repurchased		$ 107,863
Class E Shares | KKR Alternative Assets LLC | Subsidiaries
Class of Stock [Line Items]
Number of shares repurchased (in shares)	4,314,539
Repurchase price per share (in dollars per share)	$ 25
Aggregate purchase price of shares repurchased	$ 107,863

Commitment and Contingencies (D

Commitment and Contingencies (Details)	Sep. 30, 2023 USD ($)
Unfunded Commitment
Other Commitments [Line Items]
Other commitment	$ 0

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Per share data attributed to shares
Net assets at end of period (September 30, 2023)	$ 326,257	$ 1
Shares outstanding at end of period (September 30, 2023)	13,486,474	40
Class R-I Shares
Per share data attributed to shares
Net asset value per share at beginning of period (in usd per share)	$ 0
Consideration from the issuance of shares, net (in usd per share)	25.22
Repurchases of shares (in usd per share)	0
Accrued shareholder servicing fees and distribution fees (in usd per share)	0
Net investment loss (in usd per share)	(0.03)
Net change in unrealized appreciation (in usd per share)	0.54
Net increase (decrease) in net assets attributed to shareholders (in usd per share)	0.51
Net asset value per share at end of period (in usd per share)	$ 25.73
Net assets at end of period (September 30, 2023)	$ 37,001	$ 0
Shares outstanding at end of period (September 30, 2023)	1,438,086	0
Investment Company, Total Return [Abstract]
Total operating expenses before Performance Participation Allocation (as a percent)	0.32%
Total operating expenses before expenses reimbursed by Manager (as a percent)	1.67%
Total operating expenses after expenses reimbursed by Manager (as a percent)	0.79%
Total operating expenses after Performance Participation Allocation (as a percent)	0.79%
Net investment (loss) income (as a percent)	(0.11%)
Total return attributed to Shares based on net asset value (as a percent)	2.65%
Class R-I Shares | Weighted Average
Per share data attributed to shares
Shares outstanding at end of period (September 30, 2023)	1,074,681
Class R-U Shares
Per share data attributed to shares
Net asset value per share at beginning of period (in usd per share)	$ 0
Consideration from the issuance of shares, net (in usd per share)	25.17
Repurchases of shares (in usd per share)	0
Accrued shareholder servicing fees and distribution fees (in usd per share)	(2.15)
Net investment loss (in usd per share)	(0.03)
Net change in unrealized appreciation (in usd per share)	1.01
Net increase (decrease) in net assets attributed to shareholders (in usd per share)	(1.17)
Net asset value per share at end of period (in usd per share)	$ 24
Net assets at end of period (September 30, 2023)	$ 287,561	$ 0
Shares outstanding at end of period (September 30, 2023)	11,982,497	0
Investment Company, Total Return [Abstract]
Total operating expenses before Performance Participation Allocation (as a percent)	0.35%
Total operating expenses before expenses reimbursed by Manager (as a percent)	1.80%
Total operating expenses after expenses reimbursed by Manager (as a percent)	0.85%
Total operating expenses after Performance Participation Allocation (as a percent)	0.85%
Net investment (loss) income (as a percent)	(0.13%)
Total return attributed to Shares based on net asset value (as a percent)	(6.02%)
Class R-U Shares | Weighted Average
Per share data attributed to shares
Shares outstanding at end of period (September 30, 2023)	9,603,295
Class E Shares
Per share data attributed to shares
Shares outstanding at end of period (September 30, 2023)	0	0
Class G Shares
Per share data attributed to shares
Net asset value per share at beginning of period (in usd per share)	$ 25
Consideration from the issuance of shares, net (in usd per share)	0
Repurchases of shares (in usd per share)	0
Accrued shareholder servicing fees and distribution fees (in usd per share)	0
Net investment loss (in usd per share)
Net change in unrealized appreciation (in usd per share)	0.90
Net increase (decrease) in net assets attributed to shareholders (in usd per share)	0.90
Net asset value per share at end of period (in usd per share)	$ 25.90
Net assets at end of period (September 30, 2023)	$ 1	$ 1
Shares outstanding at end of period (September 30, 2023)	40	40
Investment Company, Total Return [Abstract]
Total operating expenses before Performance Participation Allocation (as a percent)	0.20%
Total operating expenses before expenses reimbursed by Manager (as a percent)	1.15%
Total operating expenses after expenses reimbursed by Manager (as a percent)	0.20%
Total operating expenses after Performance Participation Allocation (as a percent)	0.20%
Net investment (loss) income (as a percent)	0.51%
Total return attributed to Shares based on net asset value (as a percent)	3.54%
Class G Shares | Weighted Average
Per share data attributed to shares
Shares outstanding at end of period (September 30, 2023)	40
Class H Shares
Per share data attributed to shares
Net asset value per share at beginning of period (in usd per share)	$ 25
Consideration from the issuance of shares, net (in usd per share)	0
Repurchases of shares (in usd per share)	0
Accrued shareholder servicing fees and distribution fees (in usd per share)	0
Net investment loss (in usd per share)	0
Net change in unrealized appreciation (in usd per share)	0.90
Net increase (decrease) in net assets attributed to shareholders (in usd per share)	0.90
Net asset value per share at end of period (in usd per share)	$ 25.90
Net assets at end of period (September 30, 2023)	$ 1	$ 0
Shares outstanding at end of period (September 30, 2023)	40	0
Investment Company, Total Return [Abstract]
Total operating expenses before Performance Participation Allocation (as a percent)	0.20%
Total operating expenses before expenses reimbursed by Manager (as a percent)	1.15%
Total operating expenses after expenses reimbursed by Manager (as a percent)	0.20%
Total operating expenses after Performance Participation Allocation (as a percent)	0.20%
Net investment (loss) income (as a percent)	0.51%
Total return attributed to Shares based on net asset value (as a percent)	3.54%
Class H Shares | Weighted Average
Per share data attributed to shares
Shares outstanding at end of period (September 30, 2023)	40
Class I Shares
Per share data attributed to shares
Net asset value per share at beginning of period (in usd per share)	$ 0
Consideration from the issuance of shares, net (in usd per share)	25.45
Repurchases of shares (in usd per share)	0
Accrued shareholder servicing fees and distribution fees (in usd per share)	0
Net investment loss (in usd per share)	0
Net change in unrealized appreciation (in usd per share)	0.27
Net increase (decrease) in net assets attributed to shareholders (in usd per share)	0.27
Net asset value per share at end of period (in usd per share)	$ 25.72
Net assets at end of period (September 30, 2023)	$ 1,693	$ 0
Shares outstanding at end of period (September 30, 2023)	65,811	0
Investment Company, Total Return [Abstract]
Total operating expenses before Performance Participation Allocation (as a percent)	0.13%
Total operating expenses before expenses reimbursed by Manager (as a percent)	0.68%
Total operating expenses after expenses reimbursed by Manager (as a percent)	0.32%
Total operating expenses after Performance Participation Allocation (as a percent)	0.32%
Net investment (loss) income (as a percent)	(0.03%)
Total return attributed to Shares based on net asset value (as a percent)	1.07%
Class I Shares | Weighted Average
Per share data attributed to shares
Shares outstanding at end of period (September 30, 2023)	65,811

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2023	Sep. 30, 2023
Subsequent Event [Line Items]
Number of Shares Sold (in shares)		17,800,973
Consideration		$ 447,402
Class I Shares
Subsequent Event [Line Items]
Number of Shares Sold (in shares)		65,811
Consideration		$ 1,675
Class R-I Shares
Subsequent Event [Line Items]
Number of Shares Sold (in shares)		1,438,086
Consideration		$ 36,275
Class R-U Shares
Subsequent Event [Line Items]
Number of Shares Sold (in shares)		11,982,497
Consideration		$ 301,588
Subsequent Event | Class I Shares
Subsequent Event [Line Items]
Number of Shares Sold (in shares)	1,944
Consideration	$ 50
Subsequent Event | Class R-I Shares
Subsequent Event [Line Items]
Number of Shares Sold (in shares)	679,439
Consideration	$ 17,482
Subsequent Event | Class R-U Shares
Subsequent Event [Line Items]
Number of Shares Sold (in shares)	3,636,092
Consideration	$ 93,421