SecondaryLink previously reported on the deal that will help KKR build a new platform for sports, GP solutions, and secondaries.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The facility for a GP stakes fund provides incremental capital to support the borrower's acquisition strategy.
The secondary market specialist will remain independently managed by its existing leadership team, with no changes to its investment strategy.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The partnership will allow LIM to broaden its product range and bring mutual funds and ETFs to market for advisers and their clients.
The 2025 SecLink Awards winner has returned $4.6 billion of capital to investors through five strip sales over the past two years.
The firms have reportedly held discussions over a potential tie-up, which would boost Ares' secondaries AUM closer to the $50 billion mark.
The GP stakes deal builds on a 2024 strategic partnership, which established Lazard Elaia Capital as a technology-focused private equity investment platform.
The GP stakes deal is part of an expanded strategic partnership aimed at supporting the alternative asset manager's direct lending strategy.
