Hellman & Friedman Has Held UKG for 19 Years

The private equity firm remains the owner of the company formerly known as Kronos Inc. after nearly two decades.

Updated on Sept. 22, 2026 in Business Strategy

Bold flat-color editorial illustration featuring a large gear and pendulum, representing long-term financial holding and institutional stability. — Private equity firm Hellman & Friedman has held UKG for 19 years, an unusually long ownership period that demonstrates a shift toward indefinite asset retention. AI Illustration. Upload story photo >

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Hellman & Friedman has maintained its investment in the company now known as UKG for 19 years. This tenure far exceeds the traditional 10-year lifespan typical of private equity funds.

Why it matters

The extended holding period reflects a growing trend among private equity firms to maintain assets for much longer than historical models suggested. By cycling companies through different internal funds, firms are finding ways to retain ownership of high-performing entities indefinitely.

Hellman & Friedman and JMI Equity initially took the company private in 2007. The firm has retained control of the entity, now operating as UKG, through a 19-year period that challenges the standard 10-year private equity fund duration.

The players

Hellman & Friedman

This is a private equity firm that manages large-scale investments and holds significant positions in various corporate entities.

UKG

This company, formerly known as Kronos Inc., provides workforce management and human capital management software solutions.

JMI Equity

This is a private equity firm that focuses on investing in growing software and technology-enabled services companies.

The details

Hellman & Friedman has utilized internal fund-cycling mechanisms to keep ownership of the business long after a traditional exit would have occurred. This strategy allows the firm to continue managing the operations of what was once known as Kronos Inc. while bypassing the need for a divestment.

Hellman & Friedman and JMI Equity acquired Kronos Inc. in 2007.
The firm still maintains ownership of the company as of 2026.

Market Landscape

This extended holding strategy highlights a shift in private equity where firms move away from the traditional 10-year private equity fund model to capture long-term value. This maneuver allows major investors to bypass exit requirements, creating a competitive environment where firms retain control of mature assets rather than liquidating them.

For customers of UKG, this long-term ownership stability may mean more consistent product roadmaps and service delivery models. Unlike companies that are flipped frequently between owners, this stable tenure suggests a focus on long-term operational continuity rather than short-term cost-cutting.

The takeaway

Longer holding periods signify that private equity firms are increasingly viewing their assets as permanent fixtures rather than temporary investments. Investors and stakeholders should anticipate more companies remaining under the same private umbrella for multiple decades.