KKR & Co. hired its first head of defined contribution as the alternative asset manager looks to make its investments a bigger presence in retirement products for individuals.
Melissa Kivett joined KKR last month to lead the firm’s efforts to build investment products and develop distribution partnerships to sell its private assets in the defined-contribution market, including 401(k)s.
She’ll spearhead that work for the firm’s alternatives business as well as its Global Atlantic annuities arm. Kivett was recently head of corporate retirement solutions and business development at TIAA, where she oversaw its work in the defined-contribution market.
Kivett will report to Global Atlantic Co-President Rob Arena and Daniel Celeghin, KKR’s chief operating officer for global client solutions.
“Melissa brings deep knowledge and experience building partnerships with stakeholders across the DC ecosystem,” Celeghin said in an emailed statement. “She will help us to bring all the pieces together and lead our long-term focus on serving this segment of the market.”
KKR is among the largest private equity firms racing to build investment products for wealthy individuals and the broader retirement landscape as they seek fresh sources of capital. Traditional investors such as pension funds and endowments are increasingly tapped out on private markets and unable to allocate more money as the firms seek to raise bigger funds.
President Donald Trump’s return to the White House is widely expected to create an opening for KKR and its peers to expand their presence in individual retirement accounts. Roughly $12 trillion sits in defined-contribution plans such as 401(k)s, and tapping even a fraction of that could unlock a significant source of capital.
KKR has developed its suite of “K-Series” products for accredited investors and in early 2024 assumed full ownership of Global Atlantic as it seeks to grow its private credit origination capabilities. The firm also struck a deal with Capital Group to create two credit funds that straddle public and private markets, and it aims to sell those investments to wealthy investors this year.
Prior to joining TIAA, Kivett held several senior roles at Prudential Financial Inc.’s U.S. business, including head of enterprise strategic relationship management.
