KPS Capital Partners raises $7.12bn

The New York-headquartered firm closes two funds above target.

KPS Capital Partners has closed its fifth flagship fund, KPS Special Situations Fund V, at $6.12 billion, surpassing the target size of $5 billion. The firm has also closed its debut midcap fund, KPS Mid-Cap Fund, at $1 billion, which was $250 million more than the original target.

The Pennsylvania State Employees’ Retirement System, the New Jersey Division of Investment and the Louisiana State Employees’ Retirement System are known to have committed to both vehicles.

KPS Special Situations Fund IV closed at $3.57 billion in April 2013.