KSL Closes $3B Continuation Fund To Invest In Ski Resort Biz

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KSL Closes $3B Continuation Fund To Invest In Ski Resort Biz

Private Equity Powerhouse KSL Capital Partners has sealed a monumental deal, locking in over $3 billion in commitments for its single-asset continuation vehicle aimed at fortifying Alterra Mountain Company. Advised by legal heavyweights Simpson Thacher & Bartlett LLP and Hogan Lovells U.S. LLP, the move underscores a strategic push to bolster the ski resort business.

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Commitments Surge Beyond $3 Billion Mark

In a decisive move announced Monday, KSL Capital Partners unveiled the closure of its continuation vehicle, drawing substantial support from both the general partner and rollover investors. This financial maneuver not only empowers KSL to sustain its backing of Alterra Mountain Company but also marks a pivotal moment in capital redistribution to limited partners, as revealed in an official statement.

Alterra Mountain Company: A Dominant Force in the Industry

Alterra Mountain Company, headquartered in Denver, Colorado, emerged in July 2017 as a dynamic joint venture with Henry Crown & Company. Its impressive portfolio boasts an array of renowned mountain destinations, including but not limited to Steamboat and Winter Park in Colorado, Palisades Tahoe, Mammoth Mountain, and Big Bear Mountain Resort in California, and Stratton Mountain in Vermont. With a constellation of iconic brands under its wing, Alterra is poised as a dominant force in the ski resort industry.

KSL Closes $3B Continuation Fund To Invest In Ski Resort Biz : Visionary Leadership and Innovation

KSL CEO Eric Resnick emphasized the transformative nature of the venture, hailing Alterra’s ascent as an industry leader globally. Expressing gratitude to investors for their unwavering support, Resnick underscored the strategic significance of returning capital to existing investors while attracting fresh backers eager to partake in Alterra’s promising trajectory.

KSL Closes $3B Continuation Fund To Invest In Ski Resort Biz : The Ikon Pass

Noteworthy among Alterra’s milestones is the creation of the groundbreaking Ikon Pass in 2018, hailed as a game-changer in ski resort accessibility. Offering enthusiasts access to over 50 mountain destinations worldwide, the Ikon Pass epitomizes Alterra’s commitment to innovation and customer experience, reaffirming its status as an industry trailblazer.

Shared Passion and Stewardship

Jared Smith, CEO of Alterra Mountain Company, echoed sentiments of gratitude towards KSL Capital Partners, emphasizing a shared commitment to preserving the unique essence of each mountain destination. With an unwavering focus on community, team members, and guests, Alterra and its partners vow to uphold stewardship while fostering innovation and growth.

Diverse Backing Signals Confidence

A diverse array of institutional players, including state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations, and insurance companies, rallied behind KSL’s continuation vehicle. The robust support underscores market confidence in the strategic vision driving Alterra’s expansion.

KSL Closes $3B Continuation Fund To Invest In Ski Resort Biz : Legal Counsel and Financial Advisory

The strategic maneuvering was further bolstered by Morgan Stanley & Co. LLC, which provided financial advisory support to KSL Capital Partners. Legal expertise from Simpson Thacher & Bartlett LLP, led by funds partners Thomas Wuchenich and John Kreager, played a pivotal role in navigating the intricate landscape of private equity investments.