KPS Capital Partners has held a first and final closing of KPS Special Situations Fund IV with $3.5 billion in investor capital commitments. The fund, which had a $3 billion target, is the third oversubscribed institutional private equity fund raised by KPS. The fundraise was completed in under three months.
KPS Special Situations Fund IV (“KPS Fund IV” or the “Fund”) will focus on controlling investments in corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations. The Fund’s investment team will be managed by partners Michael Psaros, David Shapiro, Raquel Palmer and Jay Bernstein. New investments for the Fund will commence following the conclusion of KPS Special Situations Fund III’s investment campaign.
“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,” said Michael Psaros and David Shapiro, Co-Founders and Managing Partners of KPS. “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.”
KPS Capital Partners is the manager of the KPS Special Situations Funds, a group of private equity funds with over $6 billion of committed capital focused on 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. KPS portfolio companies have aggregate annual revenues of approximately $6.8 billion, operate 85 manufacturing plants in 25 countries, and employ over 29,000 associates worldwide. KPS Capital Partners is headquartered in New York (www.kpsfund.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-16-13
