Capital Group KKR U.S. Equity

Capital Group KKR U.S. Equity+: A Landmark Public-Private Equity Fund

Capital Group KKR U.S. Equity+ represents a tipping point for the democratization of private equity. Launched in March 2026, this interval fund was the first product launched out of the partnership between Capital Group, one of the world’s largest and oldest investment management firms overseeing $3.4 trillion globally, and KKR, one of the largest alternatives firms in the world with $600 billion of assets and 45 years of private equity expertise. Simply stated, the strategy of the fund is to buy 60% of the equity of the US along with 40% of the equity of US businesses bought and transformed by KKR, providing the wider public with access to the private equity alpha historically captured by institutional investors such as endowments, sovereign wealth funds and ultra-high net worth individuals. In this case, the $1,000 minimum investment barrier and the accreditation requirement that blocks access to such products for retail investors has been lifted.

Investment Strategy

Our Dual-Track Capital Appreciation Fund, actively managed by Capital Group experts, seeks to generate attractive long-term capital appreciation with moderate volatility through a unique approach to investing in two distinct asset classes: Public Equities and Private Equities. Public Equities The public equity portion, comprised of approximately 60% of the portfolio, represents the heart of our dual-track approach. It seeks to capitalize on investment opportunities across the spectrum of U.S. large and mid-cap equities while having exposure across a diverse set of sectors, as the managers actively pursue opportunities in financial services, technology, healthcare, consumer and industrials. The portion is sourced by our equity team, comprised of experts in the Capital Group’s Global Equity Group, employing its core strengths as the world’s oldest and one of the largest investment management organizations in the world that are dedicated to generating attractive returns for our clients on a long-term basis. The team leverages sophisticated techniques to conduct meaningful and unique analysis, combined with rigorous fundamental analysis and many years of expertise to search the world of marketable securities for compelling opportunities for clients. Additionally, this portion of the portfolio gives access to liquid equities and therefore, exposure to daily market moves, allowing for regular opportunities to enhance overall portfolio performance through selective purchasing and selling, giving clients the most current insights from on-the-ground issuer visits and engaging management at some of the largest, as well as the most dynamic companies in the United States. The team provides timely, informed analysis by examining the myriad of securities that exist in the various stock markets. Its thorough examination and due diligence by locating and determining the highest and best investment opportunities the United States has to offer in an effort to capture appreciation in their clients’ portfolios. Private Equities Approximately 40% of the portfolio is comprised of Private Equities sourced from KKR. The structure is composed of two layers of investments: Layer One — The Primary Allocation (approximately 30% of assets) will be invested in KKR Private Equity Conglomerate LLC (K-PEC) as a fund-of-funds holding company dedicated to opportunities in buyout and growth equity. Layer Two — Co-Investments in KKR Funds (approximately 10% of assets) The fund manager, in partnership with Capital Group, may co-invest in the broader suite of private equity strategies pursued by KKR and make the investments on a selected basis. Clients benefit from the diverse and broad-range sourcing capabilities provided by one of the most successful global investment firms providing private equity solutions, as well as expertise of capital management at an institutional level in respect of investing directly in portfolio companies, and the fact that KKR also manages investments for some of the world’s most respected institutions, pensions and sovereign wealth. Historically, the Private Equities asset class provides its clients with: The opportunity to earn premium income associated with less liquid investments, thereby maximizing potential total returns and providing exposure to a different source of gain, a larger and more diversified portfolio of investee companies through which the investment manager can select higher earning opportunities for investors and direct access to value-added strategies and substantial expertise derived from operational involvement in target businesses, while leveraging expertise, in particular for structuring and due diligence associated with more complex transactions to promote more robust revenue and margin performance in acquired and related businesses and to offer access to unique and generally valuable skills associated with business and financial operations to participating companies. For the portfolio, this layer of alternative assets may not be directly traded on an exchange; hence, a portion of the potential gains from an investment are due to illiquidity. Overall, the fund shall invest at least 80% of its net assets in U.S. equity securities with financial services equating to more than 25% of the total net assets of the fund. As noted, no leverage will be employed.

• First-of-its-kind public-private equity interval fund from the exclusive Capital Group and KKR strategic partnership
• Blends approximately 60% actively managed U.S. large/mid-cap public equities with approximately 40% KKR-sourced private equity
• Low $1,000 minimum investment with no accreditation requirements — designed to democratize access to institutional-quality private equity
• Private equity exposure through K-PEC (buyout and growth equity) and direct co-investments alongside KKR strategies
• Quarterly liquidity via repurchase offers of 5% of outstanding shares, providing a structured exit mechanism uncommon in private equity
• Daily NAV calculation and benchmarked against the S&P 500 Index for transparent performance measurement
• No leverage employed — returns are driven by security selection and private equity value creation, not financial engineering
• Multiple share classes (A, A-2, F-2, F-3, R-6) distributed through investment advisers and independent brokerage platforms

Fund Structure & Access

Capital Group KKR U.S. Equity+ Capital Group KKR U.S. Equity+ is offered by Capital Group as a Delaware Statutory Trust and is organized as a non-diversified, closed-end interval fund registered under the Investment Company Act of 1940 (the “1940 Act”) and the Securities Act of 1933. The interval fund structure provides a way to achieve meaningful exposure to private equity, which can be an illiquid asset class, while still providing periodic liquidity to the shareholders. The fund will make quarterly repurchase offers to permit shareholders to tender up to 5% of the fund’s net asset value (NAV) for repurchase each quarter, subject to the authorization of the board of directors. In the event that redemptions exceed such 5% amount in any calendar quarter, such redemptions will be subject to customary terms including proration. There is no lock-up period. The first repurchase offer is expected to be made no later than the second full calendar quarter following the registration effective date. The fund accepts continuous subscriptions with a minimum initial investment of $1,000. Shares are available in five classes (Class A USEPX and Class A-2, Class F-2 USEAX, Class F-3 and Class R-6). Capital Group plans to distribute the Class A and Class A-2 shares directly to the public through certain brokerage firms and other financial institutions, while distributing the Class F-2 shares primarily to institutional clients, Class F-3 shares to financial institutions and other broker-dealers, and the Class R-6 shares to the Capital Group retirement plans. Each share class has its own different expense structure, which reflects different fees to different types of shareholders and distribution channels. Shareholders in the Fund will indirectly bear their pro rata share of the asset-based fees, the incentive fees and the other expenses incurred by the investments made by KKR in K-PEC and other KKR affiliated vehicles. Capital Research and Management Company has agreed to reimburse all expenses of the Fund and certain affiliates related to the Fund and shares of the Fund through February 20, 2027, and has agreed to waive a portion of its fee for managing the Fund equal to the amount of expenses of the Fund (other than certain fees and expenses not borne by the Fund) that are attributable to the Fund’s investments in affiliated investment companies.

Performance & Track Record

The Capital Group KKR U.S. Equity+ Fund was launched in March 2026 and does not yet have a track record of performance. The experienced managers draw on the resources of two firms with long histories of expertise in the public equity markets. Capital Group’s investment management business, Capital Research and Management Company, invests for the benefit of long-term shareholders and has invested in public equities for over 89 years—nearly a century in which to navigate every major market up and down turn since the market reopening from the Depression in 1931. The firm’s largest mutual fund organization, The American Funds, is one of the largest mutual fund organizations in the United States and is known for its long term and research oriented approach to investing. KKR is one of the pioneering firms of the leveraged buyout industry, having been founded in 1976. Over time, KKR has diversified out of being a single strategy buyout firm and is now a global investment firm with a broad range of investment products and services across the spectrum of buyout, growth equity and co-investment strategies. The Fund is benchmarked to the S&P 500 Index, a benchmark that is widely understood by most investors as a means of measuring the impact of the private equity component on performance.

Capital Group KKR U.S. Equity+ sits at a point in time where several of the trends in the investment industry are coming together. From an evolutionary standpoint, we are seeing a next generation of products, combined with the convergence of trends such as fee pressures, increased distribution channels for alternative products and a desire by more retail clients for alternative exposures in their portfolios. In the context of institutional quality private equity being an alternative to a traditional public market bond and stock allocation, the fund we are talking about is at the vanguard of innovation. It is for those with a long term view and who are comfortable with the semi liquid interval fund structure and all of the associated risks that come with a private equity play – valuation risk, a heavy concentration of the underlying holdings, limited ability to exit or trade out of the underlying positions. Overall the fund provides investors with a truly unique tool in terms of portfolio construction. Capital Group brings the professionalism associated with managing billions of dollars in public money to the table, while KKR provides access to more quality deals than even the largest of institutional money managers would ever be able to purchase alone. All the normal caveats would apply in terms of investor due diligence around the potential risks and pitfalls, but ultimately Capital Group KKR U.S. Equity+ should be seen as part of a broader portfolio where such a concentrated, less liquid allocation can be meaningfully hedged out.