KPS Tops Off Fund III with $800 Million
Do you work at a private equity firm that is having trouble raising money? Then beware the green-eyed monster that may follow... KPS Capital Partners will announce this morning that it has raised $800 million in new commitments for its third fund, which originally closed in early 2007 with $1.2 billion. This is not a so-called "annex fund," in which firms raise extra capital to support existing portfolio companies. Instead, it's more of a "top-off," because KPS sees more opportunities than the original fund size can support. The New York-based turnaround firm informed LPs of its plans to raise another $800 million on June 12, asking for orders by June 28. It held a $700 million first close in mid-August, with the final close occuring last Thursday (two LPs needed extra time).
