KKR CPS INSURANCE DEDICATED FUND SEC REVIEW 2026
INDEPENDENT VERDICT
KKR CPS Insurance Dedicated Fund is best understood as a family of insurance-dedicated private-fund series housed inside the SALI Multi-Series Fund platform rather than as a conventional standalone KKR fund organized directly from KKR's New York headquarters. The most mature vehicle, KKR CPS Insurance Dedicated Fund Series Interests of the SALI Multi-Series Fund, L.P., files under SEC CIK 0002047940 and reported approximately $858.0 million cumulatively sold in its September 10, 2026 Form D/A, up from approximately $626.1 million in its December 23, 2024 initial Form D. A second series, KKR CPS Insurance Dedicated Fund II, CIK 0002068000, reported approximately $350.8 million cumulatively sold as of September 10, 2026 after previously reporting about $313.6 million in May 2025. Fund III, CIK 0002082675, reported approximately $274.7 million sold in its September 10, 2026 amendment following a 2025 initial filing. All three offerings are structured as pooled investment fund interests under Rule 506(b), claim the Section 3(c)(7) private-fund exclusion and use the same 6850 Austin Center Boulevard, Suite 300, Austin, Texas address. The scale and repeated amendments provide strong evidence that these are operating private-fund series with substantial historical subscriptions, but the cumulative Form D sales figures should not be treated as current NAV, current account value or KKR-wide assets.
The most important research feature is the legal separation between the KKR-branded investment exposure and the SALI fund platform. The SEC records identify the legal issuer as a series of SALI Multi-Series Fund, L.P.; Cameron J. Vail appears as an executive officer, SALI Fund Partners, LLC appears in the related-person structure, and filings use SALI's Austin address rather than KKR's 30 Hudson Yards address. SALI Fund Services' adviser disclosures separately identify the KKR CPS series among private funds associated with its platform. This matters because a reader who searches only for "KKR CPS Fund" could incorrectly assume that the Form D issuer is a normal KKR-controlled limited partnership with KKR itself serving as the named general partner in the filing. The public Form D does not establish that. What it establishes directly is a SALI series carrying KKR CPS branding. Establishing the precise investment-adviser or subadviser relationship, the meaning of "CPS," portfolio-management responsibility and KKR affiliate involved requires the current private-placement memorandum, investment-management agreement or SALI/KRR adviser disclosure rather than inference from the fund name alone.
The series progression also creates a useful evidence chain. The original KKR CPS Insurance Dedicated Fund reports a first sale of June 30, 2023 and had reached approximately $626.1 million by December 2024 before rising to approximately $858.0 million in September 2026, an increase of roughly $232 million between those filings. Fund II reports a first sale of March 8, 2024 and rose from approximately $313.6 million in May 2025 to approximately $350.8 million in September 2026. Fund III was formed in 2025 and reported approximately $270 million in its August 26, 2025 initial filing before increasing to approximately $274.7 million in September 2026. These figures demonstrate multiple vintages rather than a single vehicle being repeatedly renamed. They also show why historical Form D amendments should not be added together: the latest number for each CIK is cumulative for that series. Even across separate series, simply adding the three latest amounts can describe aggregate reported subscriptions across the family, but it still would not equal current economic assets because redemptions, investment performance, distributions and insurance-account flows are not visible in Form D.
The "insurance dedicated" element is equally important. SALI operates numerous investment-manager-branded insurance-dedicated series for institutional and alternative-investment managers, and the KKR CPS vehicles sit within that larger architecture alongside series bearing names associated with other major asset managers. An insurance-dedicated fund normally exists inside a specialized insurance investment structure rather than functioning like a broadly marketed retail hedge fund. The KKR CPS filings themselves reinforce that institutional character through unusually large stated minimum investments: the September 2026 Fund II record reports a $300 million minimum, while Fund III reports $100 million. Those figures should not automatically be interpreted as the amount every beneficial investor personally contributes; within an insurance-dedicated structure, the immediate purchaser or account arrangement can differ significantly from a conventional direct LP subscription. Investors and researchers therefore need to identify the insurance carrier, separate account, policy wrapper, underlying fund series and beneficial economic exposure before comparing these minimums with ordinary private-fund minimum investments.
The public verification case is strong on existence, continuity and capital formation but limited on underlying portfolio transparency. Form D does not reveal which KKR strategies the CPS series actually owns, whether exposure is private equity, credit, infrastructure, secondaries, a multi-strategy allocation or another mandate; nor does it disclose current NAV, performance, fee layering, liquidity, valuation methodology, underlying KKR fund commitments or insurance-wrapper expenses. That makes this a particularly important case for avoiding brand-based overreach. KKR is a major global alternative-investment manager, but KKR's corporate AUM, flagship-fund sizes or listed-company financial results cannot automatically be assigned to these SALI series. A prospective investor should obtain the current insurance contract materials, SALI offering memorandum, series supplement, investment-advisory agreement, underlying allocation schedule, audited financial statements and expense disclosures. The SEC evidence confirms substantial exempt offerings; it does not establish future performance, the precise role of every KKR affiliate or the economics experienced by a policyholder or underlying beneficial owner.
SEC SNAPSHOT
PRIMARY ISSUER: KKR CPS Insurance Dedicated Fund Series Interests of the SALI Multi-Series Fund, L.P. SEC FILE NUMBER: 021-533154 LATEST FORM D/A: September 10, 2026 YEAR FORMED: 2023 SECURITY TYPE: Pooled Investment Fund Interests FEDERAL EXEMPTION: Rule 506(b) LATEST REPORTED TOTAL SOLD: Approximately $858,032,382 PRIOR REPORTED TOTAL SOLD: Approximately $626,061,413 on December 23, 2024 APPROXIMATE INCREASE SINCE PRIOR FILING: $231,970,969 RELATED PERSONS: Cameron Vail; SALI Fund Partners, LLC; Thomas A. Nieman appears in related historical fund records SALES COMMISSIONS: No material commission amount publicly highlighted in the reviewed Form D summary FINDERS' FEES: No material amount publicly highlighted
FUND II
SEC FILE NUMBER: 021-545892 LATEST FORM D/A: September 10, 2026 YEAR FORMED: 2024 LATEST REPORTED TOTAL SOLD: $350,787,418 PRIOR REPORTED TOTAL SOLD: $313,566,729 APPROXIMATE INCREASE: $37,220,689 REPORTED MINIMUM INVESTMENT: $300,000,000 EXEMPTION: Rule 506(b) PRIVATE-FUND EXCLUSION: Section 3(c)(7)
FUND III
SEC FILE NUMBER: 021-555828 LATEST FORM D/A: September 10, 2026 YEAR FORMED: 2025 FIRST FORM D: August 26, 2025 LATEST REPORTED TOTAL SOLD: $274,687,440 INITIAL REPORTED TOTAL SOLD: Approximately $270,000,000 REPORTED MINIMUM INVESTMENT: $100,000,000 EXEMPTION: Rule 506(b) PRIVATE-FUND EXCLUSION: Section 3(c)(7) ADDRESS: 6850 Austin Center Boulevard, Suite 300, Austin, TX 78731 RELATED EXECUTIVE: Cameron J. Vail GENERAL-PARTNER PLATFORM: SALI Fund Partners, LLC appears in current related-person records
CAPITAL INTERPRETATION
ORIGINAL SERIES $858.0M: Cumulative Regulation D amount reported sold, not current NAV. FUND II $350.8M: Cumulative amount reported sold in Fund II, not current NAV. FUND III $274.7M: Cumulative amount reported sold in Fund III, not current NAV. DO NOT ADD HISTORICAL AMENDMENTS: Each amended Form D generally carries forward cumulative sales for the same issuer. DO NOT EQUATE FAMILY SALES WITH KKR AUM: KKR corporate or strategy-level AUM measures a different population of assets. DO NOT EQUATE MINIMUM INVESTMENT WITH EVERY POLICYHOLDER'S PERSONAL CONTRIBUTION: Insurance-dedicated structures can involve insurance-company separate accounts and different beneficial ownership layers.
ENTITY / WEBSITE PENETRATION
Original KKR CPS SALI series SEC identity — CONFIRMED Fund II SEC identity — CONFIRMED Fund III SEC identity — CONFIRMED September 10, 2026 amendments — CONFIRMED SALI Austin address across the series — CONFIRMED SALI Fund Partners relationship — CONFIRMED IN FORM D STRUCTURE SALI Fund Services association — CORROBORATED THROUGH ADVISER FUND DISCLOSURES KKR branding in legal series names — CONFIRMED Direct KKR entity named as Form D issuer — NO KKR 30 Hudson Yards used as issuer address — NO Exact meaning of CPS — NOT ESTABLISHED BY FORM D Exact KKR investment-adviser affiliate — REQUIRES CURRENT FUND DOCUMENTS Underlying KKR strategy allocation — NOT DISCLOSED BY FORM D Current series NAV — NOT DISCLOSED BY FORM D Current beneficial investor count — NOT RELIABLY DISCLOSED IN PUBLIC SUMMARY Current audited performance — REQUIRES FINANCIAL STATEMENTS Insurance carrier / separate-account counterparties — REQUIRES OFFERING OR INSURANCE DOCUMENTS Management fee — REQUIRES FUND DOCUMENTS Underlying KKR fund fees — REQUIRES ALLOCATION DOCUMENTATION Insurance-wrapper costs — REQUIRES POLICY DOCUMENTATION Current redemption / transfer mechanics — REQUIRES FUND AND INSURANCE DOCUMENTS
STRUCTURAL DISTINCTION
KKR CPS INSURANCE DEDICATED FUND SERIES: Original 2023 vintage within SALI Multi-Series Fund. KKR CPS INSURANCE DEDICATED FUND II: Separate 2024 vintage with separate CIK. KKR CPS INSURANCE DEDICATED FUND III: Separate 2025 vintage with separate CIK. SALI MULTI-SERIES FUND, L.P.: Umbrella / series fund platform in which numerous manager-branded insurance-dedicated series operate. SALI FUND PARTNERS, LLC: Related general-partner entity appearing in series records. SALI FUND SERVICES: Adviser/platform entity linked to numerous SALI private-fund series. KKR: Brand appearing in the series names; precise adviser/subadviser responsibilities should be established from current governing documents rather than inferred solely from naming.
CORE INVESTOR QUESTIONS
Which KKR legal adviser or subadviser manages each CPS series What does "CPS" mean in the current governing documents Which underlying KKR funds or strategies are held Are allocations made to credit, private equity, infrastructure, real estate, secondaries or multiple strategies What is current NAV for each series How much capital has been redeemed or distributed What is the net performance since each first-sale date What is the gross performance before SALI, insurance and underlying-fund expenses What management fee does SALI charge What fee does the KKR investment manager charge Are underlying KKR fund management fees and carried interest charged in addition What insurance-wrapper charges apply Which life-insurance or annuity carriers make the series available Are investments held through separate accounts Who legally owns the fund interests What rights does the ultimate policyholder have What liquidity does the underlying series provide What liquidity does the insurance policy provide Can the series suspend redemptions Can underlying private funds restrict distributions How are illiquid underlying assets valued Who is the current auditor Who is the administrator How are conflicts among KKR funds handled Can the series invest in affiliated KKR vehicles Are fees rebated when investing in affiliated funds What concentration limits apply What leverage can be used directly or indirectly What tax and diversification requirements apply to the insurance structure What happens if an insurance carrier becomes insolvent What happens if an underlying KKR fund extends its term What current reports are available to beneficial investors
CORE RISKS
Multi-layer legal structure; insurance-wrapper complexity; underlying private-fund illiquidity; valuation uncertainty; manager-affiliate conflicts; fee layering; carried-interest layering; limited public portfolio transparency; leverage at underlying fund level; credit risk where applicable; private-equity valuation risk; market risk; liquidity mismatch; insurance-carrier credit exposure; separate-account structural risk; tax-qualification risk; diversification-rule compliance risk; transfer restrictions; long lockups; underlying fund extensions; limited beneficial-owner control; cumulative Form D sales are not current NAV; KKR corporate AUM is not series AUM; SALI legal issuer should not be confused with a directly issued KKR flagship fund.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission KKR CPS Insurance Dedicated Fund Series Interests of the SALI Multi-Series Fund, L.P. CIK 0002047940 December 23, 2024 Form D September 10, 2026 Form D/A
U.S. Securities and Exchange Commission KKR CPS Insurance Dedicated Fund II Series Interests of the SALI Multi-Series Fund, L.P. CIK 0002068000 May 13, 2025 Form D September 10, 2026 Form D/A
U.S. Securities and Exchange Commission KKR CPS Insurance Dedicated Fund III Series of the SALI Multi-Series Fund, L.P. CIK 0002082675 August 26, 2025 Form D September 10, 2026 Form D/A
SALI FUND SERVICES Form ADV-linked private-fund disclosures Used to establish the broader SALI series-platform relationship
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering. It is not SEC approval of KKR, SALI, an insurance carrier, the CPS strategy, any underlying investment or the expected tax treatment of an insurance product.
The September 2026 filings provide strong evidence of three separate KKR CPS-branded SALI series with substantial cumulative subscriptions.
They do not disclose current NAV, current policyholder exposure, complete underlying holdings, complete fees or future returns.
INDEPENDENT ASSESSMENT
The distinctive feature of KKR CPS is the structure itself.
This is not simply "a KKR fund with $858 million."
The public record instead shows a sequence of KKR-branded insurance-dedicated fund series operating inside SALI's multi-series legal platform, with separate CIKs, separate vintages and cumulative Regulation D sales of approximately $858.0 million, $350.8 million and $274.7 million respectively.
That makes legal-entity mapping unusually important.
The SEC records strongly verify the SALI series, fundraising continuity and institutional scale.
The remaining diligence must establish the exact KKR adviser relationship, underlying portfolio, insurance-account structure, NAV, performance, fee layering and liquidity.
Form D verifies the exempt offerings.
It does not collapse SALI, KKR, the insurance carrier and the beneficial investor into one legal entity.