Kirkland Represents Banner Capital Management on Fund I Recapitalization and Launch of Fund II

Kirkland & Ellis advised private equity firm Banner Capital Management, LLC (Banner) on the closing of a portfolio recapitalization into Banner Capital Fund I (Fund I) and the launch of Banner Capital Fund II (Fund II). Fund I is a multi-asset, multi-vehicle continuation fund with over $400 million in capital commitments, formed to acquire interests in eight of Banner’s pre-fund portfolio companies. Following the close of Fund I, which has unfunded capital reserved solely for follow-on investments, Banner is also pleased to announce the launch of Fund II, a lower middle market buyout fund with a $200 million target. The transaction was announced June 5, 2025.

Read the transaction press release

The Kirkland team included investment funds lawyers Damian Jacobs, Jake Heyka, Jeffrey Kaplan and Matthew Pinegar; corporate lawyers Rodin Hai-Jew and Michael White; tax lawyer Mike Greenberg; and investment funds regulatory lawyer Matt Cohen.