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KKR CPS Insurance Dedicated Fund III

A series of SALI Multi-Series Fund, L.P., an insurance-dedicated platform, managed by Kohlberg Kravis Roberts & Co. L.P., following a private equity / private markets strategy. This file sets out what the fund and its adviser have filed with the SEC.

AdviserKohlberg Kravis Roberts & Co. L.P.
StrategyPrivate equity / private markets
StructureDelaware limited liability company, 2025
Gross assetsUSD 278.6 million
AuditorDeloitte & Touche, LLP
Adviser's record1 matter reported
Ask about this fundManager fileAll funds
PPLI.com
Fund Rating
Three stars
out of five
Editorial assessment on UHNW criteria
Reviewed 4 November 2026 · Q4 2026 edition
Updated every quarter
Rating signed byNoam CohenEditor, Fund Intelligence
About the rating
In brief

KKR CPS Insurance Dedicated Fund III at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports one beneficial owner and none outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

It is a series of SALI Multi-Series Fund, L.P., a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Kohlberg Kravis Roberts & Co. L.P. manages the investments.

One point to raise with the insurer: the filing reports that 0% of the fund's assets were valued in the last fiscal year by a person that is not related to the adviser. NESF Fund Services Corp is the administrator. The figure does not show how prices were set or checked, which is a question for the insurer.

Kohlberg Kravis Roberts & Co. L.P. reports 1 regulatory action in Item 11 of its Form ADV in 2025, all concerning the adviser itself, with reported sanctions of about USD 11 million. The full record is set out below.

The rating

Why KKR CPS Insurance Dedicated Fund III has three stars

KKR runs USD 400 billion of regulatory assets and has been registered with the SEC since 2008. Deloitte audits the fund every year and the accounts go to investors. It loses ground on independence. NESF Fund Services, which administers the series, is part of the SALI group, and none of the assets were valued by an outside party last year, as SALI reports. It is also on offer only since 2025.

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

PPLI.comFund Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameKKR CPS Insurance Dedicated Fund III Series of the SALI Multi-Series Fund, L.P.
OrganisedDelaware limited liability company, 2025
SEC CIK0002082675  EDGAR
Private fund ID805-3620021797  ADV
Investment managerKohlberg Kravis Roberts & Co. L.P.  IAPD
PlatformSALI Multi-Series Fund, L.P.  IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)
First sale7 August 2025
Minimum investmentUSD 100,000,000
Amount soldUSD 274.7 million to date
Investors in the offering1
Sales commissionsUSD 27,112
Latest filingForm D/A, 10 September 2026  Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 278,631,164 (ADV filed 25 August 2026)
Beneficial ownersAbout 1
Owned by non-US persons0%

Service providers

AuditorDeloitte & Touche, LLP
CustodianBank of New York Mellon
AdministratorNESF Fund Services Corp
Prime brokerNone reported
Valued by a person not related to the adviser0% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

Private equity returns arrive as gains when companies are sold, often years apart, and as distributions along the way. Inside a policy that meets the tax rules neither is taxed as it arrives, and the policy's death benefit passes to the beneficiaries free of income tax under section 101(a), subject to the policy's terms.

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

SALI reports that none of the fund's assets were valued last year by a person outside its group. Ask the insurer how it checks the price at which the account buys, sells and reports this fund.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Kohlberg Kravis Roberts & Co. L.P.

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202513 January 2025

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The SEC alleged that from December 2019, personnel at KKR sent and received off-channel communications that related to its advisory business. KKR did not maintain or preserve these off-channel communications, resulting in a violation of Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder. KKR also failed to implement procedures reasonably expected to prevent off- channel communications and failed to reasonably supervise its personnel within the meaning of Section 203(e)(6) of the Advisers Act.

US Securities and Exchange Commission · Settled 13 January 2025 · USD 11.0 million · Concerns the adviser itself · Form ADV, Item 11 disclosure

These are the matters Kohlberg Kravis Roberts & Co. L.P. reports in Item 11 of its Form ADV, filed 25 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.

Reader rating

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Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Fund Rating, which rests only on what the filings report.

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Your name and email are used only if the research desk needs to reply, and are never published. Comments go to the desk, which checks any factual point against the filings.

Sources

  1. Form D/A of KKR CPS Insurance Dedicated Fund III, filed 10 September 2026: sec.gov EDGAR, CIK 0002082675
  2. All Form D filings of the fund: sec.gov EDGAR filing index
  3. Form ADV of SALI Fund Management, LLC (SALI Fund Services), filed 25 August 2026, Schedule D Section 7.B.(1): adviserinfo.sec.gov
  4. Form ADV of Kohlberg Kravis Roberts & Co. L.P., Item 11 and disclosure pages: reports.adviserinfo.sec.gov, CRD 144533; adviser summary: adviserinfo.sec.gov/firm/summary/144533

About this file

Prepared by PPLI.com Fund Intelligence from the public filings listed, checked on 4 November 2026. The rating makes no judgment of the fund's returns. Facts and ratings are updated every quarter, or sooner when a new filing appears.

For the manager

If a fact here is wrong or out of date, write to [email protected] with the filing that shows it. We correct what we can verify and record the date of the change.

Important. Educational research only. Nothing here is an offer, a solicitation or a recommendation to invest in any fund or to buy any policy. Interests in insurance-dedicated funds are available to the public only through insurance policies. Tax results depend on a policy meeting the tax rules and on each family's circumstances; take advice in the countries concerned.

File KKR CPS Insurance Dedicated Fund IIIChecked 4 November 2026Published 4 November 2026
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