KSL Capital Partners has raised $1.3bn (€1.19bn) for its latest US travel and leisure private credit fund, exceeding the fund’s $1bn target.

The private equity firm that specialises in travel and leisure opportunities said its KSL Capital Partners Credit Opportunities Fund IV fund’s total commitments included a commitment of the general partner.

Investors in Credit Fund IV include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies, KSL said.

Craig Henrich, partner and head of credit at KSL Capital Partners, said: “Similar to our prior credit funds, Credit Fund IV will seek to provide flexible capital solutions exclusively in the travel and leisure sector with a primary focus on high barrier to entry urban and resort destinations across the US.

“Travel and leisure businesses have shown to be resilient throughout economic cycles, and we are excited about the opportunity ahead to deepen our current partnerships and build new partnerships with many of the respected owners in the sector.”

Eric Resnick, CEO of KSL Capital Partners, said: “Given our over 30-year history of owning and operating travel and leisure businesses, we believe we bring a unique perspective to travel and leisure credit investments. We are grateful for the trust placed in us by our investors and so many well-respected hotel owners.”

KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. The firm’s current portfolio includes properties in travel and leisure.

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