KPS Capital Partners LP closed a fund with $3.5 billion in capital commitments.
The fund, called KPS Fund IV, will focus on making controlled investments in corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations.
The fund had a $3 billion target, which KPS surpassed in less than three months of fundraising.
Investors for the fund came from North America, Europe, Asia and Australia.
KPS Capital, headquartered in New York, manages more than $6 billion in assets. The private equity firm focuses on restructuring, turnarounds and other special situations, especially for manufacturing and industrial companies.
The firm’s previous fund closed in May 2007 with $1.2 billion in committed capital. In September 2009, KPS announced it closed on $800 million in additional capital that would be added to the fund.
Paul Weiss Rifkind Wharton & Garrison LLP served as legal counsel for the formation, which was announced April 15.