Kirkland & Ellis counseled KPS Capital Partners, LP on its first and final closings of KPS Special Situations Fund V and KPS Mid-Cap Fund. KPS Fund V and KPS Mid-Cap, with $7 billion in total investor capital commitments, will both focus on control investments in highly complex corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations. KPS Fund V, with a $5 billion target and a $6 billion self-imposed hard cap, and KPS Mid-Cap, with a $750 million target and a $1 billion self-imposed hard cap, were both oversubscribed. The capital commitments for the two funds were raised in approximately four weeks.
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The Kirkland team was led by investment funds partners Erica Berthou and Carrie VanFleet, and included investment funds partner Aaron Schlaphoff; and tax partners David Grenker and Don Rocap.
Kirkland is a global leader in providing sophisticated advice to investment fund sponsors, institutional investors and other market participants in the alternative investment fund space. Kirkland offers clients the unsurpassed resources of a large, integrated, multidisciplinary, global team located across offices in the United States, Europe and Asia-Pacific. With more than 380 dedicated Investment Funds attorneys, few firms approach the breadth, depth and scope of Kirkland’s experience in investment funds legal services. Since January 2016, Kirkland has advised over 400 funds with total capital commitments in excess of $650 billion.