KSL wraps up credit fund at $753m

KSL Capital Partners has closed its latest travel and leisure-focused credit fund at $753 million, beating its $675 million target.

KSL Capital Partners has closed its latest travel and leisure-focused credit fund at $753 million, beating its $675 million target. KSL Credit III’s investors include state pension funds, sovereign wealth funds, endowments, foundations, insurance companies and family offices. Simpson Thacher & Bartlett LLP served as counsel to KSL and the fund.

PRESS RELEASE
DENVER – July 1, 2021 – KSL Capital Partners, LLC (“KSL”) has completed the final closing of its latest travel and leisure focused credit fund, KSL Capital Partners Credit Opportunities Fund III (“KSL Credit III” or the “Fund”). The Fund targets dollar denominated performing credit in travel and leisure businesses in North America and the Caribbean.

Against an initial target of $675 million, together with commitments from the General Partner, KSL Credit III exceeded its target with aggregate capital commitments of $753 million. Surpassing the size of KSL’s prior private credit fund, KSL Credit III is backed by a diverse group of existing and new investors including state pension funds, sovereign wealth funds, endowments, foundations, insurance companies and family offices.

“For nearly 30 years, KSL has invested solely in travel and leisure businesses, and we began investing in performing credit in 2013 with our first dedicated credit fund,” said Eric Resnick, Chief Executive Officer of KSL. “As an owner, operator or lender, today, we are uniquely suited to provide customized solutions to borrowers, owners, sponsors and companies from performing loans to minority investments to control investments. KSL Credit III will continue our successful strategy of assisting borrowers in implementing their business plans.”

Craig Henrich, Head of Credit of KSL, added “We believe that our ability to raise KSL Credit III in less than a year and entirely virtually during the pandemic is a testament to the attractiveness to the opportunities of investing in travel and leisure notwithstanding the near-term impact of Covid-19. We are immensely grateful to our Limited Partners and the support that they have and continue to show our platform.”

Since the firm’s inception in 2005, KSL has raised approximately $15 billion in equity and debt commitments. Simpson Thacher & Bartlett LLP served as counsel to KSL and the Fund.

About KSL Capital Partners
KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; London, England; Singapore; and Stamford, Connecticut. For additional information, please see www.kslcapital.com.