(Bloomberg) -- KSL Capital Partners LLC, a private equity firm that specializes in travel and leisure bets, is seeking $3 billion for its newest flagship fund, according to people with knowledge of the matter.
The Denver-based firm has begun conversations with potential investors about the vehicle, known as KSL Capital Partners VI LP, said the people, requesting anonymity discussing private talks. Institutional backers of its predecessor fifth fund include Washington State Retirement System, New York State Common Retirement Fund and European Investment Fund, data compiled by Bloomberg shows.
KSL had generated preliminary net internal rates of return of 18.1% and 29.6% for its fourth and fifth funds as of Sept. 30, according to a person with knowledge of the matter. The firm is led by Chief Executive Officer Eric Resnick, and its chief investment officer is Peter McDermott.
KSL was an active investor during the pandemic. It deployed more than $3 billion in the 18 months from April 2020 through Sept. 30 across its credit, flagship equity and tactical opportunities vehicles, the person said.
A KSL representative declined to comment.
Read more: Hyatt to Buy KKR, KSL-Backed Apple Leisure Group for $2.7 Billion
Earlier this year, the firm acquired hotels in Islamorada, Florida, and launched Mission Hill Hospitality, a platform through which it plans to acquire select service and extended-stay hotels. KSL also inked a partnership with Southern Marinas and outlined ambitions to buy and operate a North American marina portfolio.
In May, a KSL-sponsored SPAC completed its merger with Blade Air Mobility Inc.
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