KPS Capital Partners held final closings of its KPS Special Situations Fund VI and KPS Special Situations Mid-Cap Fund II simultaneously on Oct. 25, with an aggregate of $9.7 billion in capital commitments.
Specifically, KPS raised $8 billion for Fund VI and $1.7 billion for Mid-Cap Fund II, said a Nov. 1 release.
The two funds were oversubscribed with aggregate capital commitments more than 36% greater than their predecessor funds with $7.1 billion in aggregate capital commitments,
Fund VI, a buyout fund, will be managed by Michael Psaros and David Shapiro, co-founders and managing partners of KPS, as well as by Raquel Palmer, co-managing partner and chair of KPS' Investment Committee, and partners Jay Bernstein, Ryan Baker, Kyle Mumford and Rahul Sevani.
Mid-Cap Fund II, a buyout fund, will focus on investments in the lower end of the middle market which typically require less than $200 million of initial equity capital.
Mid-Cap Fund II will be managed by partners Pierre de Villeméjane and Ryan Harrison.
Investors in Fund VI include the $24.5 billion Louisiana Teachers' Retirement System, Baton Rouge; the $22.4 billion Los Angeles City Employees' Retirement System; the $12.8 billion Louisiana State Employees' Retirement System, Baton Rouge; and the $4 billion Santa Barbara County (Calif.) Employees' Retirement System.
Investors in Mid-Cap Fund II include the $94.7 billion Massachusetts Pension Reserves Investment Management Board, Boston;
$42.7 billion Texas County & District Retirement System, Austin; the $34.7 billion Pennsylvania State Employees' Retirement System, Harrisburg; and the $22.4 billion Los Angeles City Employees' Retirement System.
KPS has approximately $21.6 billion of assets under management as of June 30, 2023, pro forma for the final close of Fund VI and Mid-Cap Fund II.