KSL Capital Partners, LLC, a prominent investor in the travel and leisure sector, has officially closed a single-asset continuation vehicle for Alterra Mountain Company with a total commitment exceeding $3 billion. PR Newswire reports this figure includes commitments from the General Partner and rollover investors.
The investor base for this continuation vehicle comprises a diverse range of entities such as state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations, and insurance companies.
Alterra, established through a joint venture with Henry Crown & Company’s affiliate in July 2017, resulted from the merger of Intrawest Resorts, Mammoth Resorts, Palisades Tahoe, and Deer Valley Resort. In 2018, Alterra introduced the Ikon Pass, offering access to over 50 mountain destinations globally.
Eric Resnick, CEO of KSL, thanked investors for their support in forming the new vehicle. Resnick looks forward to collaborating with Alterra in its next phase of expansion.
“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. 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.” – Eric Resnick
Jared Smith, Alterra’s CEO, emphasized the company’s distinctive approach in respecting and enhancing the unique qualities of each mountain destination. He expressed gratitude to partners who share the passion for these locations, foreseeing continued innovation and elevation while maintaining responsible stewardship.
KSL PRESS RELEASE:
DENVER, January 29, 2024 /PRNewswire/ — KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced the final closing of a single-asset continuation vehicle for Alterra Mountain Company (“Alterra”), with total commitments of over $3 billion, including the commitments of the General Partner and rollover investors.
The transaction underscores KSL’s commitment to Alterra, while allowing KSL to return capital to limited partners. Investors in the continuation vehicle include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.
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. In2018, Alterra created its industry-changing Ikon Pass, which today provides skiers and riders access to over 50 mountain destinations with unique terrain around the world.