Paul Weiss Aids KPS In $3.5B Turnarounds Fund Close

Law360, New York (April 15, 2013, 1:13 PM EDT) -- KPS Capital Partners LP said Monday that it has closed a $3.5 billion “special situations” fund after just three months in the market, the second private equity firm in recent weeks to quickly close a big turnarounds-focused vehicle.

The fund will target controlling investments in corporate carveouts, turnarounds, restructurings and bankruptcies, KPS said in a statement — in short, anywhere where a little money and a big appetite for risk can go a long way.

The fund, which zoomed past its $3 billion target, is the...
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