KPS Raises $9.7B for Two Special Situations Funds

KPS Capital Partners closed its oversubscribed KPS Special Situations Fund VI and KPS Special Situations Mid-Cap Fund II with $9.7 billion in aggregate capital commitments.

The funds will continue to make control investments in complex corporate carve-outs, turnarounds, restructurings and other special situations, in line with the firm’s overall strategy.

Mid-Cap Fund II will focus on investments in the lower end of the middle market that generally require less than about $200 million of initial equity capital.

“We have $13.6 billion of equity capital to invest across our KPS platform today. We raised Fund VI and Mid-Cap Fund II at precisely the right time, in precisely the right market and look forward to aggressively capitalizing on the immense investment opportunity to come,” said Raquel Palmer, co-managing partner and chair of KPS’ investment committee.

The Fund VI investment team will be managed by co-managing partners Michael Psaros, David Shapiro and Raquel Palmer, and partners Jay Bernstein, Ryan Baker, Kyle Mumford and Rahul Sevani.

KPS’ Special Situations Funds manage approximately $21.6 billion in assets.

Kirkland & Ellis LLP served as legal counsel to Fund VI and Mid-Cap Fund II.