KPS Capital Partners held first and final closings of its KPS Special Situations Fund V and KPS Special Situations Mid-Cap Fund, spokesman Mark Semer said.
KPS Fund V, closed on its hard cap of $6 billion, above its $5 billion target, while KPS Mid-Cap closed on its $1 billion hard cap, over its $750 million target.
Both funds will focus on investments in “complex corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations,” a news release Wednesday said.
KPS Mid-Cap will focus on investments in the lower end of the middle market that require up to $100 million of initial equity capital.
KPS Capital Partners closed KPS Special Situations Fund IV on April 12, 2013, with $3.5 billion in investor capital commitments
Investors in both funds include New Jersey Division of Investment, which handles investments for the $76 billion New Jersey Pension Fund, Trenton; and the $11.6 billion Louisiana State Employees' Retirement System, Baton Rouge.
Investors in just Fund V include the $26.1 billion New Mexico State Investment Council, Santa Fe; and the $20.9 billion Louisiana Teachers' Retirement System, Baton Rouge.