KPMG

The investment team accesses opportunities through the firm's global advisory network, but strict independence protocols restrict co-investing alongside audit clients. Proprietary deal flow often originates from restructuring, tax, and consulting engagements where KPMG has visibility into private companies seeking growth capital. The firm typically avoids deals that would compromise its ability to serve as auditor to the target or its competitors.

KPMG manages third-party institutional capital from pension funds, insurers, and sovereign wealth funds. The firm does not disclose the size of any proprietary balance-sheet allocation to its investment funds, and the partnership structure means partners' personal capital may also participate alongside external limited partners on a case-by-case basis.

Confirmed strategies include private equity (both direct and fund-of-funds), infrastructure and real assets, and private credit. The equity strategy targets enterprise software, healthcare services, and energy transition companies in North America and Western Europe. Infrastructure investments emphasize digital assets and renewables.

The asset management entity operates as a regulated investment manager separate from the audit, tax, and advisory practices. It is governed by the relevant financial conduct authorities in the jurisdictions where it accepts capital, and its governance includes independent directors not drawn from the accounting partnership. Member firms in individual countries may also operate their own locally-regulated investment vehicles.

KPMG routinely co-invests alongside external general partners, particularly in infrastructure and private equity deals where it can leverage sector-specific diligence capabilities from the advisory side. The firm disclosed in 2022 regulatory filings an intention to expand co-investment activity as limited partners increasingly pushed for fee-efficient access to direct deals.