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KSL Capital Partners Closes ~$2 Billion Private Equity Fund
DENVER, March 13, 2024 /PRNewswire/ -- KSL Capital Partners, LLC (“KSL”),a leading investor in travel and leisure businesses, today announced that it has completed the final closing of its latest travel and leisure focused private equity fund, KSL Capital Partners VI, L.P. (“KSL VI”). Together with commitments from the General Partner, KSL VI closed on approximately $2 billion in capital commitments. The fund is backed by a diverse group of existing and new investors including state and corporate pension funds, sovereign wealth funds, endowments, foundations, insurance companies, asset managers and family offices.
In late 2021, KSL Capital Partners set a multi-year goal to raise new vehicles across various investment strategies, including Private Equity, Credit and Tactical Opportunities. Since October 2021, KSL has raised over $10.5 billion across these strategies.
“When we began fundraising, we set out an ambitious goal of raising capital for each of our strategies in a compressed timeframe. One of our primary goals in raising new capital was to provide a return of capital to our existing investors which we accomplished in raising a single asset continuation vehicle for each of Ross Aviation and Alterra Mountain Company, the latter being one of the largest continuation vehicles completed to date. The remaining capital is, of course, for new investments,” said Eric Resnick, CEO of KSL Capital Partners. “Our investors have positioned us well to take advantage of what we believe is a unique time in the market, particularly for travel and leisure businesses where we are able to leverage our deep operational expertise for the benefit of all our investment vehicles. We are tremendously grateful for the support shown to us by our investors across our strategies.”
Ana Goizueta, KSL’s Head of Investor Relations & Marketing added, “We are incredibly proud of our team’s efforts in this challenging fundraising environment. We believe that the capital we have raised reflects our long-standing sector focus, our investors’ understanding of the attractiveness of travel and leisure as an investment sector and with capital to deploy across equity, credit and tactical opportunities, our ability to take advantage of changing markets.”
Simpson Thacher & Bartlett LLP served as counsel to KSL and the Fund.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
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KSL Capital Partners Closes Over $3 Billion Continuation Vehicle for Alterra Mountain Company
DENVER, January 29, 2024 /PRNewswire/ -- KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced the final closing of a single-asset continuation vehicle for Alterra Mountain Company (“Alterra”), with total commitments of over $3 billion, including the commitments of the General Partner and rollover investors.
The transaction underscores KSL’s commitment to Alterra, while allowing KSL to return capital to limited partners. Investors in the continuation vehicle include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.
Established through a joint venture with an affiliate of Henry Crown & Company, Alterra was formed in July 2017 with the combination of Intrawest Resorts, Mammoth Resorts, Palisades Tahoe and Deer Valley Resort. In2018, Alterra created its industry-changing Ikon Pass, which today provides skiers and riders access to over 50 mountain destinations with unique terrain around the world.
“Since its formation, Alterra has grown to become an industry-leading global owner and operator of mountain destinations and brands beloved by visitors around the world. We are thrilled to reaffirm our long-term commitment to the business, and we are very grateful to our investors for supporting us in the formation of this new vehicle,” said Eric Resnick, CEO of KSL. “This transaction allowed us to provide a significant return of capital to those existing investors who desired liquidity while welcoming a new set of investors who share our excitement about the future of Alterra. We look forward to continuing to work with Alterra in its next stage of growth.”
Jared Smith, CEO of Alterra said: “What we believe makes Alterra special is that we endeavor to respect and accentuate the elements that make each of our mountain destinations unique. Our passion for the places where we operate is only exceeded by the passion of our team members and our guests. We are extremely fortunate to have partners who share this passion and who recognize that their interests and the interests of our communities, team members, and guests are inextricably linked. We thank the entire KSL team for their continued partnership and are confident that, together, we will continue to innovate and elevate while remaining good stewards of these incredible places we get to call home.”
Morgan Stanley & Co. LLC served as financial advisor to KSL Capital Partners on the transaction. Simpson Thacher &Bartlett LLP and Hogan Lovells US LLP served as legal advisors to KSL Capital Partners on the transaction.
About Alterra Mountain Company
Alterra Mountain Company is a family of iconic year-round mountain destinations, the world’s largest heli-skiing operation, and Ikon Pass- a premier ski and snowboard season pass offering access to more than 50iconic mountain destinations around the world. Headquartered in Denver, Colorado and born out of a shared love of the mountains and adventure, the company has brought together some of the world’s most aspirational brands, including: Steamboat and Winter Park in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley in California; Stratton Mountain and Sugarbush Resort in Vermont; Snowshoe Mountain in West Virginia; Tremblant in Quebec and Blue Mountain in Ontario, Canada; Crystal Mountain in Washington; Schweitzer in Idaho; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia. Also included in the portfolio are Alpine Aerotech, a worldwide helicopter support and maintenance service center in British Columbia, Canada, Aspenware, the ski industry leader in technology services and e-commerce, and Ski Butlers, a leader in ski and snowboard rental delivery. For more information, please visit www.alterramtn.co.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
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Kristin Rust
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KSL Capital Partners
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KSL Capital Partners Appoints Kevin Neher as Partner and Co-Head of Strategic Operations
DENVER, January 18, 2024 --KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced that Kevin Neher has joined the firm as a partner and Co-Head of Strategic Operations.
Kevin joins KSL after a 17-year career with McKinsey & Company, where he served as a Senior Partner and founded the company’s Denver office. With a background advising travel and leisure businesses at McKinsey, he advised public- and private-sector clients on challenges that cut across strategy, operations, and technology. Strongly focused on understanding and improving the experience for customers, his work centered on assessing and transforming customer-facing operations and services. Most recently, Kevin led McKinsey’s global Customer Experience practice, emphasizing understanding and improving customer relationships and experiences. At KSL, he will utilize his unique expertise to drive operational transformations and strategic decisions across the KSL portfolio. Kevin received a B.A. from the University of Virginia and an MBA with high distinction from Harvard Business School.
Eric Resnick, Chief Executive Officer of KSL, said “We could not be more thrilled to welcome Kevin to KSL after an extraordinary career at McKinsey. His client focus, background driving tangible, positive change at consumer facing businesses and passion fortravel will only further enhance KSL’s operational approach to investing.”
Bryan Traficanti, Co-Head of Strategic Operations at KSL, added: “I have had the pleasure of working with Kevin several times over the years for KSL. As our firm continues to grow, so have the demands on our Strategic Operations team as we help create value for our investments. I look forward to working alongside Kevin and leveraging his expertise as we strive to continually enhance our capabilities and deliver results for our investors.”
Kevin Neher added: “Knowing firsthand KSL’s track record and focus, I view this as an extraordinary opportunity to transfer my skills from being client-focused to being investor-focused, and having the ability to have a long-term positive impact on KSL’s investments, which consistently set the standard for innovation, experience, sustainability and operational excellence within the travel and leisure industry.”
About KSL Capital Partners
KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. Since 2005, KSL has raised in excess of $21billion of capital across its equity, credit and tactical opportunities funds. KSL’s current and past portfolio contains some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com
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Jon Keehner / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
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KSL Capital Partners Closes Fourth Private Credit Fund at Hard Cap of $1.26 Billion
DENVER, January 16, 2023 /PRNewswire/ -- KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced that it has completed the final closing of its latest travel and leisure focused private credit fund, KSL Capital Partners Credit Opportunities Fund IV, L.P. (“Credit Fund IV”) with total commitments of $1.26billion, including the commitment of the General Partner. The fund exceeded its$1 billion target, closing at its hard cap of limited partner commitments. Investors in Credit Fund IV include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.
“Similar to our prior credit funds, Credit Fund IV will seek to provide flexible capital solutions exclusively in the travel and leisure sector with a primary focus on high barrier to entry urban and resort destinations across the United States,” said Craig Henrich, Partner and Head of Credit at KSL Capital Partners. “Travel and leisure businesses have shown to be resilient throughout economic cycles, and we are excited about the opportunity ahead to deepen our current partnerships and build new partnerships with many of the respected owners in the sector.”
“Given our over 30-year history of owning and operating travel and leisure businesses, we believe we bring a unique perspective to travel and leisure credit investments,” said Eric Resnick, CEO of KSL Capital Partners. “We are grateful for the trust placed in us by our investors and so many well-respected hotel owners.”
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
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Joele Frank, Wilkinson Brimmer Katcher
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KSL Capital Partners Announces Promotions, Including Four New Partners
KSL Capital Partners Announces Promotions, Including Four New Partners
Kirk Adamson, Martin Edsinger, Kevin Rohnstock and Tina Yu Named Partner
Michael Acierno and Harris Levinson Promoted to Principal
DENVER, December 15, 2023 /PRNewswire/ -- KSL Capital Partners, LLC ("KSL"), a leading investor in travel and leisure businesses, today announced its 2024 promotions, including the addition of four individuals to the firm’s partnership.
The following individuals have been promoted to Partner effective January 1, 2024.
· Kirk Adamson
· Martin Edsinger
· Kevin Rohnstock
· Tina Yu
“Our people are our single most important asset, and we could not be more pleased to welcome four new Partners who reflect the strength of our firm and global team,” said Eric Resnick, Chief Executive Officer and co-founder of KSL. “On behalf of the entire KSL team, I want to congratulate Kirk, Martin, Kevin and Tina on their well-deserved promotions to Partner and thank them for their unique strengths and exceptional leadership, which have been instrumental to KSL’s success to date. Each will support our continued growth in the years to come.”
KSL also announced Michael Acierno and Harris Levinson have been promoted to Principal, effective January 1, 2024.
“KSL is committed to building the next generation of private equity leaders and promoting from within our firm, and we are thrilled to see the continued progression of our team,” said Peter McDermott, Chief Investment Officer and co-founder of KSL. “Mike and Harris both joined us as associates and are now key leaders in our tactical opportunities and credit fund strategies, and we thank them for their hard work and commitment. We look forward to their continued growth at KSL.”
Mr. Acierno, who focuses on tactical opportunities, and Mr. Levinson, who focuses on credit investments, are also members of the firm’s Investment Committee.
About Kirk Adamson
Prior to joining KSL in 2017, Kirk was a Principal in Blackstone’s Real Estate Debt Strategies team (BREDS) based in London. Prior to Blackstone, Kirk was an Associate in Deutsche Bank's Commercial Real Estate Group from 2010 to 2012. Earlier in his career, Kirk worked as an Investment Banking Analyst at Deutsche Bank, based in both New York and London. Kirk holds a B.S. in Accounting & Business Administration from Washington & Lee University, where he graduated magna cum laude. Kirk focuses on North American investments.
About Martin Edsinger
Prior to joining KSL in 2017, Martin worked as an Investment Manager with ARLE Capital Partners. Prior to ARLE Capital Partners, Martin worked as an Experienced Associate Consultant with Bain & Company and an Economic Analyst with NERA Economic Consulting. Martin graduated from The Stockholm School of Economics(SSE), where he holds a degree in Accounting and Financial Management and an MSc in Economics and Business. Martin focuses on European investments.
About Kevin Rohnstock
Kevin serves as the firm’s General Counsel. Prior to joining KSL in 2011 as Chief Compliance Officer, Kevin served as Associate General Counsel of Royal Gold, Inc. from2009 to 2011 and as Senior Corporate Counsel for Newmont Mining Corporation from 2005 to 2009. Kevin began his legal career in 2002 as an Associate in the Corporate and Securities Department of Brownstein Hyatt & Farber, P.C. Kevin is a former member of the Board of Trustees of the Legal Aid Foundation of Colorado. Kevin holds a B.A. from Holy Cross and a J.D. from the University of Denver.
About Tina Yu
Prior to joining KSL in 2011, Tina was an Investment Banking Analyst at Citigroup in the Real Estate group. Tina was awarded in 2018 The International Hotel Investment Forum (IHIF) and The International Society of Hospitality Consultants (ISHC)Young Leader Award and featured as one of the Influential Women in Hospitality by Hotel Magazine in 2018. Tina graduated magna cum laude from The University of Pennsylvania, where she holds a B.S. in Finance and Real Estate from the Wharton School and a B.A. in International Studies from the College of Arts and Sciences. Tina focuses on European investments.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
Media Contact
Jon Keehner / Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449