Mutual fund group Fidelity is teaming up with Kohlberg Kravis Roberts, the private equity firm, in an unusual deal that will give Fidelity’s huge retail client base access to future public listings of KKR-owned and underwritten companies.

The exclusive arrangement will give KKR guaranteed retail distribution for its initial public offerings, and will allow Fidelity to offer its brokerage customers an equity investment they might not find elsewhere.