This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Envision Healthcare (KKR portfolio): systemic surprise medical billing from emergency physicians. BrightSpring (KKR portfolio): Senate investigation documented dangerous understaffing and systemic neglect in group homes for people with intellectual and developmental disabilities.
KKR & Co. Inc. has been sued by the U.S. Department of Justice for serial violations of the Hart-Scott-Rodino (HSR) Act, a federal antitrust law. The January 2025 civil complaint alleges KKR failed to make required HSR filings for at least 16 separate acquisitions, withheld and altered documents, and submitted false compliance certifications over a period of years. This pattern of failing to provide regulators with mandatory information about its corporate acquisitions risks allowing anticompetitive deals to proceed unchecked.
Separately, KKR is the subject of an ongoing securities fraud investigation by the Pomerantz law firm, announced in March 2026. The investigation concerns whether KKR and its officers engaged in securities fraud or other unlawful business practices. This pattern of regulatory non-compliance and legal scrutiny, spanning antitrust and securities law, demonstrates a systemic failure of governance that exposes investors and the market to harm.
Research Sources
9 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.