| Type | Private |
|---|---|
| Industry | Private equity |
| Founded | 1997 |
| Founder(s) | Eugene Keilin, Michael Psaros, David Shapiro |
| Headquarters | New York, New York, United States |
| Products | Turnarounds, Restructurings, Bankruptcy and Corporate divestitures |
| Total assets | $2.6 billion |
| Employees | 20+ |
| Website | www.kpsfund.com |
KPS Capital Partners is a private equity firm focused on control investments in middle-market companies through special situations transactions such as turnarounds, restructurings, bankruptcies, and corporate divestitures (distressed-to-control transactions). KPS will pursue opportunities involving companies operating in bankruptcy, in default of obligations to creditors, or with a history of recurring operating losses. KPS has created stand-alone independent companies from assets divested by large corporate parents and made equity infusions to recapitalize highly leveraged companies.
The firm, which is based in New York City, was founded in 1997. The firm has raised approximately $2.6 billion since inception across three funds. KPS recently completed fundraising for its third fund with $2.0 billion of capital commitments. KPS's institutional investors include public and private pension funds, large financial institutions, endowments and foundations, among others.[1]
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KPS Capital Partners was founded in 1997 by Eugene Keilin, Michael Psaros and David Shapiro. Keilin, who was the senior partner of the firm, retains a senior advisor role but is no longer involved in the day-to-day operations of the firm. Keilin was previously a long time investment banker at Lazard. KPS raised $200 million of capital for its first fund in 1997, at the time one of the largest funds for a first time private equity manager. The firm raised a second fund with $404 million in 2003.[2] The firm's third fund has been significantly oversubscribed and will be closed at $2.0 billion.
Psaros and Keilin first came across each other when Keilin was involved in the 1980 leveraged buyout of Weirton Steel. Psaros spent his teenage years in Weirton, West Virginia, where his father worked in a mill. Psaros has said that he was aware of the joint employee- ownership buy-out which saved the company and 10,000 jobs.
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