Kelso & Company Closes Fund XI at $3.25 Billion, Surpassing Target
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NEW YORK, October 3, 2023-- Kelso & Company, L.P. (“Kelso” or the “Firm”), a private equity firm specializing in middle market investing, is pleased to announce the closing of Kelso Investment Associates XI and affiliated funds (collectively, “Fund XI”). Fund XI closed with aggregate capital commitments of $3.25 billion, surpassing the original target. Included in Fund XI’s capital is participation by Kelso partners and employees of more than $400 million, representing a GP commitment of over 12%. This GP commitment continues the Firm’s industry-leading alignment with its limited partners.
Chris Collins and Frank Loverro, Co-CEOs of Kelso, commented, “We are deeply grateful for the support from investors, as well as for the work by our employees and management team partners who contribute to delivering our consistent performance. We are excited to deploy Fund XI utilizing our disciplined strategy of investing in strong middle market businesses where we see opportunities to accelerate growth.”
Lynn Alexander, Partner and Head of Investor Relations & Fundraising at Kelso, added, “We appreciate the continued commitment of our existing limited partners, with a re-up rate of 95% from the prior fund and several investing with us for more than 30 years. We are also pleased to have added a meaningful number of new investors.”
Debevoise & Plimpton served as legal counsel in connection with the fundraise and formation of Fund XI.
About Kelso & Company, L.P.
Kelso is a North America-focused, middle market buyout private equity firm founded in 1980 on the principles of partnership and alignment of interest, an investment philosophy championed by Louis Kelso, the inventor of the Employee Stock Ownership Plan (or ESOP). The Firm believes that a strong alignment between management, employees and shareholders through shared equity ownership leads to better performance. Utilizing a disciplined and focused approach, the Firm invests in targeted sectors where we have the expertise and capabilities to support our management teams in working to drive accelerated growth. Kelso is owned in its entirety by the employees of the Firm. Since inception, Kelso has raised a total of 11 private equity funds and invested approximately $19 billion of equity capital in more than 140 companies. The Firm’s investors represent a diverse group of limited partners, including public and corporate pensions, sovereign wealth funds, insurance companies, consultants, financial institutions, and family offices. For more information, please visit www.kelso.com.
Partner/Head of Investor Relations & Fundraising
Kelso & Company