It was recently proposed that a large N limit of a family of minimal model CFTs is dual to a certain higher spin gravity theory in AdS3, where the ’t Hooft coupling constant of the CFT is related to a deformation parameter of the higher spin algebra. We identify the asymptotic symmetry algebra of the higher spin theory for generic ’t Hooft parameter, and show that it coincides with a family of -algebras previously discovered in the context of the KP hierarchy. We furthermore demonstrate that this family of -algebras controls the representation theory of the minimal model CFTs in the ’t Hooft limit. This provides a non-trivial consistency check of the proposal and explains part of the underlying mechanism.