Travel and leisure private equity firm
KSL Capital Partners
- HeadquartersDenver, CO S1
- Founded2005 S2
- Websitekslcapital.com
- Last verifiedOctober 22, 2026
At a glance
| Assets under management | $26B (as of Dec 2025) S1 |
|---|---|
| Latest fund | KSL Capital Partners VI, $2B (Mar 2024) S5 |
| Deal types | Platform, Minority S6 |
| Geography | North America, Europe, Asia Pacific S4 |
| Sectors | Consumer & Food |
What KSL Capital Partners buys
KSL Capital Partners is a Denver firm that invests only in travel and leisure. Its founders began investing in the industry in 1992 and formed KSL in 2005. It now manages about $26 billion across equity, private credit and tactical opportunities strategies, with teams in Denver, Stamford, New York and London. This profile covers its private equity investing in operating businesses: ski and mountain resorts, private and golf clubs, hotel and resort companies, restaurant groups, fitness clubs, upscale camping and private aviation. A large share of its equity also goes into single hotels and resort real estate, which is not covered here.
KSL does not publish revenue, EBITDA or check-size limits. Its current flagship fund, KSL Capital Partners VI, closed at about $2 billion in March 2024, and recent operating deals have been large, such as buying Invited Clubs, the biggest US private club operator, in June 2026. It has also backed founder-built companies, such as Hai Hospitality, whose founding chef stayed at the helm, and Under Canvas.
Recent deals
Announced in the 24 months before October 22, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jun 2026 | Invited ClubsBought the largest US owner and operator of private clubs, with more than 150 golf, country, city and business clubs, from Apollo-managed funds | Platform | Consumer & Food | Source |
| Apr 2026 | Southern MarinasSold the owner and operator of 16 US marinas, a KSL partnership since 2021, to Stonepeak | Exit | Consumer & Food | Source |
| Jul 2025 | FlexjetKSL affiliates joined an $800 million equity investment led by L Catterton in the Cleveland private jet company | Investment | Source | |
| May 2025 | SonevaMoved from a minority stake taken in 2019 to majority control of the Maldives luxury resort operator | Investment | Consumer & Food | Source |
| Apr 2025 | KSL Capital Partners Tactical Opportunities IISecond tactical opportunities fund closed at its $1.44 billion hard cap | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S4.
Equity
- Alterra Mountain Company
- Invited Clubs
- Heritage Golf Group
- Under Canvas
- Hai Hospitality
- Third Space
- Outrigger Hospitality Group
- Hersha Hotels and Resorts
- Mission Hill Hospitality
- Soneva
- Sereno Hotels
- The PIG Hotels
- Beaumier
- Beckons
Tactical Opportunities
- Flexjet
- Atlantic Aviation Holdings
Greymont’s take
How KSL Capital Partners fits a seller
KSL is a natural buyer for owners of leisure businesses with strong guest demand and valuable property: golf and country clubs, resorts, upscale camping, marinas, restaurant groups and fitness clubs. It was founded by former operators and has a dedicated operating team that works with management on organic growth and acquisitions. When Hai Hospitality took KSL's money in 2020, founding chef Tyson Cole and his leadership team stayed in charge.
Most KSL deals are large or tied to real estate, so a smaller club, camp or restaurant owner is more likely to sell to a KSL company such as Invited Clubs or Heritage Golf Group than to KSL directly. Owners should ask whether KSL is valuing the operating business or the property, and how long it plans to hold; Southern Marinas, for example, was sold about five years after KSL partnered with it.
Questions owners ask
What kinds of businesses does KSL Capital Partners invest in?
Only travel and leisure: hospitality, recreation, clubs, real estate and travel services. Current operating holdings include Alterra Mountain Company, Invited Clubs, Heritage Golf Group, Under Canvas, Hai Hospitality, Third Space and Flexjet.
Does KSL buy golf and country clubs?
Yes. In June 2026 it bought Invited Clubs, which owns and operates more than 150 golf, country, city and business clubs, from Apollo-managed funds, and it has owned Heritage Golf Group since February 2020.
Does KSL keep founders involved after it invests?
It has in several deals. Hai Hospitality's founding chef stayed at the helm after KSL's 2020 investment, and The Pig Hotels' co-founder kept a stake and stayed on as chairman when KSL bought the company in 2022.
Sources
- S1KSL Capital Partners home page (AUM as of December 2025, offices) Accessed October 22, 2026
- S2About KSL Capital Partners (history and current funds) Accessed October 22, 2026
- S3KSL Capital Partners: Strategies (equity, private credit, tactical opportunities) Accessed October 22, 2026
- S4KSL Capital Partners: Investments (fund, status, strategy and region for each holding) Accessed October 22, 2026
- S5KSL Capital Partners Closes ~$2 Billion Private Equity Fund (March 13, 2024) Accessed October 22, 2026
- S6KSL Capital Partners Has Taken a Majority Stake in Soneva (May 23, 2025) Accessed October 22, 2026
- S7Hai Hospitality Announces Partnership with KSL Capital Partners (November 9, 2020) Accessed October 22, 2026
- S8KSL Capital Acquires Heritage Golf Group (February 10, 2020) Accessed October 22, 2026
- S9KSL Capital Partners Invests in The Pig Hotels (March 31, 2022) Accessed October 22, 2026
- S10KSL Capital Partners: News Accessed October 22, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with KSL Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction