KPS Capital Partners has closed its KPS Special Situations Fund IV with with $3.5 billion in investor capital commitments. The firm will focus on controlling investments in corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations. KPS Capital said the fund surpassed its $3 billion target.
KPS Capital Partners, LP (“KPS”), a leading private equity firm, announced today the first and final closing of KPS Special Situations Fund IV (“KPS Fund IV” or the “Fund”) was held on April 12, 2013. KPS Fund IV, with $3.5 billion in investor capital commitments, will be focused on controlling investments in corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations.
KPS Fund IV, which had a $3.0 billion target, is the third oversubscribed institutional private equity fund raised by KPS. The fundraise was completed in under three months.
Michael Psaros and David Shapiro, Co-Founders and Managing Partners of KPS, said “We are humbled by the demand from the global investment community for KPS Fund IV and we are very grateful for the support of a group of prestigious investors from North America, Europe, Asia and Australia.
“We believe that the demand for the Fund reflects our ability, over decades and across economic cycles, to add real value as a general partner by seeing value where other investors do not, buying right and making businesses better. We believe our success is the result of our operations focused investment strategy, the long term continuity of our partnership and the strength of our core investment team.”
The KPS Fund IV investment team will be managed by partners Michael Psaros, David Shapiro, Raquel Palmer and Jay Bernstein, who lead a team of experienced and talented professionals.
The investment period for KPS Fund IV will commence following the conclusion of KPS Special Situations Fund III’s investment campaign.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel in the formation of KPS Fund IV.
About KPS Capital Partners, LP
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with $6.0 billion of assets under management focused on constructive investing in restructurings, turnarounds and other special situations. The KPS investment strategy targets manufacturing and industrial companies with strong market positions that are going through a period of transition or experiencing operating or financial difficulties. For over two decades, the partners of KPS have worked with the management teams and associates of its portfolio companies to improve operating and financial performance by focusing on cost reduction, efficiency, operational excellence and strategic growth initiatives. KPS Portfolio Companies, as of December 31, 2012, have aggregate annual revenues of approximately $6.8 billion, operate 85 manufacturing plants in 25 countries, and employ over 29,000 associates, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at the firm’s website: www.kpsfund.com.
SOURCE KPS Capital Partners, LP