KSL Capital Partners has held a final closing for its latest fund focused on travel and leisure, it announced yesterday.
The Denver-based firm raised nearly $2.7 billion for KSL Capital Partners IV, exceeding its original target of $2.25 billion.
The biggest investor, according to PERE Research & Analytics, is the Washington State Investment Board, which committed $250 million, followed by the New York State Common Retirement Fund, with $225 million. Other investors include sovereign wealth funds, endowments and insurance companies, according to a company statement.
Its second fund, from 2006, returned 14.3 percent to investors, and its third fund, from 2011, returned 11.7 percent as of June 30, according to documents from the Oregon Public Employees Retirement Fund.
The firm’s recent investments include the June acquisition of WellBiz Brands, which owns hundreds of massage and fitness studios in the US and Canada.
Last November, KSL purchased the UK-based Village Urban Resorts, which operates more than two dozen hotels in the UK. KSL also owns Lake Tahoe ski resorts Squaw Valley, the host of the 1960 Winter Olympics, and Alpine Meadows.
KSL was founded in 2005 and has raised over $7 billion since its inception, according to the firm’s website.