KPS Capital Partners, a New York-based special situations private equity firm, has made a double appointment, hiring a managing director of business development and a vice president of investor relations and marketing.
Managing director Daniel Gray previously worked in the same role for The Gores Group, a private equity firm currently competing to win the auction for struggling film house Miramax.
Irene Hong, now a vice president with KPS, has joined from Jefferies & Co, where she was a member of the fund placement group after a stint at Lexington Partners and Lehman Brothers’ private equity group.
KPS’s third fund, KPS Special Situations Fund III, closed in May 2007 on $1.2bn. Due to an “unprecedented number of opportunities in the market” the firm notified investors in June last year that it wanted to raise more cash and collected a further $800m, upsizing the vehicle to $2bn.
KPS manages $2.6n across its fund family and invests in turnarounds, restructurings, bankruptcies and other special situations.
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