KSL Capital completes continuation fund for Alterra at over $3bn

• Denver-based Alterra is a family of mountain destinations
• Morgan Stanley served as financial advisor to KSL Capital Partners on the transaction
• KSL Capital Partners invests in in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services

KSL Capital Partners has closed its single-asset continuation fund for Alterra Mountain Company at over $3 billion.

The fund’s investors include state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.

Alterra was established through a joint venture with an affiliate of Henry Crown & Company, Alterra was formed in July 2017 with the combination of Intrawest Resorts, Mammoth Resorts, Palisades Tahoe and Deer Valley Resort. Denver-based Alterra is a family of mountain destinations.

“Since its formation, Alterra has grown to become an industry-leading global owner and operator of mountain destinations and brands beloved by visitors around the world. We are thrilled to reaffirm our long-term commitment to the business, and we are very grateful to our investors for supporting us in the formation of this new vehicle,” said Eric Resnick, CEO of KSL in a statement. “This transaction allowed us to provide a significant return of capital to those existing investors who desired liquidity while welcoming a new set of investors who share our excitement about the future of Alterra. We look forward to continuing to work with Alterra in its next stage of growth.”

Morgan Stanley served as financial advisor to KSL Capital Partners on the transaction. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP served as legal advisors to KSL Capital Partners on the transaction.

KSL Capital Partners invests in in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services.