KKR & Co. Inc. took a less than 25% stake in iCapital Network unit iCapital RF Adviser, which was concurrently tapped as investment adviser of the iCapital KKR Private Markets Fund.

The private equity giant, which also provided equity capital to iCapital Network, will have no control over or voting interests in iCapital RF.

ICapital RF took charge of investment selection, portfolio construction and operational oversight of the vehicle, effective Feb. 12. ICapital Securities LLC, another iCapital Network unit, was picked as the fund's distributor.

The fund will invest and/or commit capital equating to at least 80% of its assets to any type of private equity investments sponsored or advised by KKR while seeking to diversify its portfolio across vintages, industries and geographies.

The deal with KKR follows iCapital Network's purchase of the majority of Artivest Holdings Inc.'s assets in 2020.