Kirkland & Ellis advised private equity firm KPS Capital Partners LP on the fundraises for its flagship fund, KPS Special Situations Fund VI, which acquires control positions in manufacturing and industrial businesses in the U.S. and Europe, and KPS Special Situations Mid-Cap Fund II, which targets smaller companies that fit the same description. The two funds raised $9.7 billion in aggregate capital commitments ($8 billion for KPS Special Situations Fund VI and $1.7 billion for KPS Special Situations Mid-Cap Fund II). The aggregate commitments made to the funds combined are 36% larger than the predecessor funds, which collectively closed on $7.1 billion in capital commitments in 2019. The final closings for both funds were announced on November 1, 2023.
The Kirkland team was led by investment funds partners Erica Berthou and Carrie VanFleet.