Behind KPS's Top-Up Fund
I'm reporting from the Private Equity Analyst Conference and the first panel of the day addressed the issues that buyout firms have been facing for a year now: LP capital constraints, fundraising difficulties, whether or not to do deals, how will private equity make it through this downturn... But as is usually the case, the most interesting comments were about a specific situation. Michael Psaros, co-founder of turnaround firm KPS Capital Partners explained his firm's recent success in raising a top-up fund. In a moment that defied the current fundraising market, the firm raised $800 million in new commitments for its third fund, which originally closed in early 2007 with $1.2 billion.
16 September 2009•2 mins read
