How many investments has Kelso made?

Kelso has 146 tracked investments, 2 of which have exited, including 1 dated in the last 24 months.

Where is Kelso located?

Kelso is headquartered in New York, US.

Who does Kelso co-invest with?

Kelso most often shares deals with Lovell Minnick, Consumer Ventures, Echo Health Ventures, among 19 tracked co-investors.

Kelso

Q: What sectors does Kelso focus on?

Kelso focuses on Advanced Manufacturing, Consumer, Energy, Fintech, FoodTech, Healthtech, InsurTech, Media & Entertainment, Sector Agnostic.

Private equity

New York · 74 people tracked

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92 people in our graph share verified history with the Kelso team — schools, employers, funds. One of them is your warm intro.

Jocelyn Doeunlockedknows Lynn Alexander · together at Kidder, Peabody & Co. (overlapped)

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×3knows the team · via SMU Cox School of Business

✨ Fox Verdict

Investment thesis

Kelso is a North American middle market private equity firm built on the ESOP-derived principle that businesses perform better when management, employees and shareholders share a strong alignment of interest through equity ownership. The firm emphasizes partnership, a long-term owner's mindset and one of the largest GP fund commitments in the industry, with Kelso employees investing on average about 15% of every dollar in its three most recent funds and 100% of the team participating in transactions. Over four decades it has developed deep sector expertise across a broad range of industries, positioning itself as a partner of choice for management teams, business owners and corporations.

Invests inAdvanced Manufacturing Consumer Energy Fintech FoodTech Healthtech InsurTech Media & EntertainmentSector AgnosticCanada New York North America United States

Source: firm website, verified Sep 29, 2026.

New York, NY, US

Instruments

Equity

Founded

1980

Last 12 months

1 investment

AUM

$14.3B

Tracked investments

146

IPOs

Acquisitions

Team · 74 people

from the firm's website & public directories

Bill Frayer· Investment Partner

Joined Kelso in 2011 from Goldman Sachs's investment banking division. Serves as a director of multiple portfolio companies; holds an MBA from Stanford and an economics degree from Colgate.

Forrest Compton· Investment Partner

Joined Kelso in 2014 after two years in Credit Suisse's Financial Sponsors group. Serves as a director of Bridgenext, J.S. Held and ReSource Pro; holds a commerce degree from the University of Virginia.

Frank Loverro· Co-Chief Executive Officer

Joined Kelso in 1993 from First Boston's private equity and high yield groups. Serves as a director of Valenz and Zenith Energy and holds an economics degree from the University of Virginia.

Hank Mannix· Investment Partner· Brooklyn, New York, United Statesin

Joined Kelso in 2004 from Credit Suisse First Boston. Co-leads the healthcare practice and focuses on business services; serves as a director of several portfolio companies.

Hugh McBride· Investment Partner· New York, New York, United Statesin

Joined Kelso in 2012 from Lazard's General Banking group. Serves as a director of several portfolio companies; holds an economics degree from Georgetown.

Jim Connors· Senior Advisory Partner

Joined Kelso in 1993 after practicing M&A and securities law at Debevoise & Plimpton. Has served on several Kelso portfolio company boards and holds a J.D. from the University of Virginia.

Lynn Alexander· Partner, Investor Relations· New York, New York, United Statesin

Joined Kelso in 2010, focusing on marketing, fundraising and investor relations. Previously spent seven years in investment banking at Merrill Lynch, becoming Director.

l•••@kelso.comreveal

Sandy Osborne· Investment Partner· New York City Metropolitan Areain

Joined Kelso in 1998 after roles at Summit Partners and J.P. Morgan. Focuses on business services and previously led energy efforts; serves on several portfolio boards.

s•••@kelso.comreveal

Tom Wall· Senior Advisory Partner

Joined Kelso in 1983 after working as a lending officer at Chemical Bank. Has served on many Kelso portfolio company boards; holds a business degree from Washington & Lee.

Alec Hufnagel· Investment Partnerin

Joined Kelso in 2008 from Deutsche Bank's Leveraged Finance group. Focuses on business services and previously energy; serves as a director of several portfolio companies.

Chris Collins· Co-Chief Executive Officer· New York, New York, United Statesin

Joined Kelso in 2001 after business school and a stint as an analyst at Stonington Partners. Co-leads the financial services practice and focuses on business services investments, serving on numerous portfolio company boards.

Church Moore· Investment Partnerin

Joined Kelso in 1998 after roles at Investcorp International and BT Securities. Co-leads the healthcare practice and focuses on business services and consumer investments.

Dave Wahrhaftig· Senior Advisory Partner

Joined Kelso in 1987 from Arthur Young & Company. Has served on many Kelso portfolio company boards; holds an MBA from Wake Forest University.

David Cohen· Partner, Human Capitalin

Joined Kelso in 2019 to apply human capital best practices to the firm and portfolio companies. Previously held similar and HR leadership roles at American Securities, Bristol-Myers Squibb and General Electric.

Frank Nickell· Senior Advisory Partner

Joined Kelso in 1977 and has been involved in private equity investing since. A former director of Bear, Stearns and BlackRock; a former CPA and accomplished bridge champion.

George Matelich· Senior Advisory Partner

Joined Kelso in 1985 from Lehman Brothers Kuhn Loeb. Has served as director of more than 20 former Kelso affiliated companies; holds an MBA from Stanford GSB.

Howard Matlin· Senior Advisory Partnerin

Joined Kelso in 1997 after serving as CFO and Principal at Butler Capital Corporation. A former CPA with an MBA from St. John's University.

Joe Kopilak· Partner & CFO· New York, New York, United Statesin

Joined Kelso in 2021 after serving as CFO/CCO at Pine Brook Partners and Roundtable/Truvvo Partners. A CPA with an MBA from Wharton.

Matt Edgerton· Investment Partner

Joined Kelso in 2005 from Deutsche Bank. Focuses on consumer and business services investments and serves as a director of several portfolio companies including Eagle Foods and Ferraro Foods.

Michael Goldberg· Senior Advisory Partner

Joined Kelso in 1991 after co-heading M&A at First Boston and practicing corporate law at Skadden Arps. Has served on many Kelso portfolio company boards.

Michael Nichols· Partner, Capital Marketsin

Joined Kelso in 2016 and leads the firm's capital markets activities, including acquisition financing and debt/equity co-investments. Previously a VP in Goldman Sachs's Leveraged Finance group.

Phil Berney· Chairman· New York, New York, United Statesin

Joined Kelso in 1999 after leading the High Yield Capital Markets group at Bear, Stearns. Currently a director of Eagle Foods and Ferraro Foods and has served on many Kelso portfolio boards.

Steve Dutton· Investment Partner

Joined Kelso in 2006 from Bear, Stearns's investment banking division. Co-leads the financial services practice and serves on numerous portfolio company boards.

William Woo· Partner, General Counsel, CCO

Joined Kelso in 2019 after serving as Deputy General Counsel at DTCC and General Counsel/CCO at North Cove Partners. Holds a J.D. from Northwestern.

Abbey Logan· Analyst, Investor Relations

Joined Kelso in November 2025 after two years as an Investor Relations Analyst at Gen II Fund Services. Holds neuroscience and biology degrees from Wesleyan University.

a•••@kelso.comreveal

Alban Martini· Vice President· New York City Metropolitan Areain

Joined Kelso in 2021 from Jefferies's Industrials and Business Services groups. Active in several portfolio investments; holds a finance degree from Baruch College.

Alex Steigerwald· Associate· New York, New York, United Statesin

Joined Kelso in 2025 from Santander's Financial Sponsors Group. Active in the firm's WilliamsMarston investment; holds an economics degree from Cornell.

Alexis Thompson· Fund Controller· New York, New York, United Statesin

Joined Kelso in 2023 after nine years in Ernst & Young's Financial Services audit practice. A CPA with an accounting and finance degree from Boston College.

Alice Geng· Associate· New York, New York, United Statesin

Joined Kelso in 2026 from Apollo's and Goldman Sachs's Financial Institutions groups. Active in the firm's Foundation Consumer Healthcare and Pathstone investments; holds an economics degree from Yale.

Amanda Jara· Senior Accountant

Joined Kelso in 2025 from Tilden Park Capital Management. Pursuing an MBA at Fordham University, where she also earned an undergraduate degree.

Andrew Daniels· Controller· New York City Metropolitan Areain

Joined Kelso in 2021 from KKR Financial Services Company, having earlier worked in PwC's Investment Management Tax Practice. A CPA with a Masters in Tax from Pace University.

Baily Blair Kempner· Managing Director, Investor Relations· United Statesin

Joined Kelso in 2024 to work on marketing, fundraising and investor relations. Previously a Managing Director on BC Partners' US LP coverage team; holds degrees from Yale and Harvard Business School and is a Kauffman Fellow.

b•••@kelso.comreveal

Benedict Teoh· Senior Associate, Portfolio Ops

Joined Kelso in 2024 to improve operational performance of portfolio companies. Previously a management consultant at Alvarez & Marsal; holds degrees from NYU Stern.

Benjamin Winston· Vice President· New York City Metropolitan Areain

Joined Kelso in 2021 from Solomon Partners's M&A and Restructuring groups. Active in several portfolio investments; holds an applied mathematics and economics degree from Brown.

Bryan Robinson· Managing Director, Human Capital· Greater Chicago Areain

Joined Kelso in 2025 with over 20 years of operating experience in organizational transformation. Most recently Chief People and Strategy Officer at Great Wolf Resorts.

Cameron Fraser· Vice President· New York, New York, United Statesin

Joined Kelso in 2020 after four years at Goldman Sachs in the TMT group. Active in several portfolio investments; holds a physics degree from Boston College.

Chelsea Latimer· Vice President, Investor Relations· New York, New York, United Statesin

Joined Kelso in 2025 to work on marketing, fundraising and investor relations. Previously Director of Investor Relations at Fin Capital and earlier at Ares Management and Citi.

c•••@kelso.comreveal

Daniel McLaren· Senior Associate· New York City Metropolitan Areain

Joined Kelso in 2022 from Credit Suisse's Financial Sponsors and Leveraged Finance groups. Active in the firm's Armada Materials investment.

Daniel Ogunlowo· Vice President· United Statesin

Joined Kelso in 2020 from J.P. Morgan's Diversified Industries Group. Active in several portfolio investments; holds a finance degree from the University of Maryland.

Dillon Kois· Controller

Joined Kelso in 2013 from Deloitte & Touche's Private Equity Investor Services practice. A CPA with accounting degrees from Fordham University.

Dominic Thelliyankal· Senior Controller· New York, New York, United Statesin

Joined Kelso in 2008 from Deloitte & Touche's Private Equity Investor Services practice. A CPA with an accounting degree from SUNY Albany.

Eric Lindgren· Managing Director, Portfolio Operations· Greater Bostonin

Joined Kelso in 2023 to support the Portfolio Operations team's technology initiatives. Brings over 20 years as a CIO, most recently at Bright Horizons.

Esther Lee· Senior Associate· New York City Metropolitan Areain

Joined Kelso in 2023 from PJT Partners. Active in several portfolio investments; holds economics and psychology degrees from Georgetown.

Haley Close· Vice President, Capital Markets· New York, New York, United Statesin

Joined Kelso in 2022 from Credit Suisse's Financial Sponsors and Loan Capital Markets groups. Works on acquisition financing and capital structure optimization for portfolio companies.

Henry Hilker· Associate· New York, New York, United Statesin

Joined Kelso in 2025 from Harris Williams's Business Services group. Active in the firm's Novvia and ReSource Pro investments; holds an economics degree from Washington and Lee University.

Hiro Motta· Associate· New York, New York, United Statesin

Joined Kelso in 2024 from Morgan Stanley's Global Industrials Group. Active in several portfolio investments; holds a finance degree from Georgetown.

Jordan Moldow· Associate

Joined Kelso in 2024 from Perella Weinberg Partners's healthcare group in San Francisco. Active in the firm's Galloway and Savant investments; holds a mechanical engineering degree from Duke.

Lauren Duffy· Associate

Joined Kelso in 2025 from Goldman Sachs's Global Industrials Group. Active in the firm's Ferraro Foods and Valenz investments; holds a management degree from Boston College.

Lauren Haag· VP, Legal & Compliance· New York, New York, United Statesin

Joined Kelso in 2022 after 13 years in the Legal and Compliance group at J.C. Flowers & Co. Previously worked at Bear Stearns and Sidley Austin.

Lena Johnson· Senior Manager, Tax

Joined Kelso in 2021 after six years as a tax accountant at Soros Fund Management and three years at Deloitte Tax. A CPA with a Masters in Tax from Fordham University.

Mansoor Safi· Senior Associate, Portfolio Ops· New York, New York, United Statesin

Joined Kelso in 2024 to improve operational performance of portfolio companies. Previously an Engagement Manager at McKinsey; holds an MBA from Kellogg.

Mark Greenberg· GP Controller· New York, New York, United Statesin

Joined Kelso in 2023 from KKR's Employee Capital Services group, having previously worked at Blackstone. A CPA with a Masters in Taxation from Binghamton University.

Michael Mitarotonda· Controller· New York City Metropolitan Areain

Joined Kelso in 2026 from CI Capital Partners, where he was Controller. Previously Fund Controller at Pine Brook Partners; a CPA.

Nick La Torre· Vice President

Joined Kelso in 2018 from Moelis & Company's M&A group. Serves as a director of Armada Materials and is active in several portfolio investments.

Nicole Weil· Vice President, Operational Effectiveness· New York, New York, United Statesin

Joined Kelso in 2023 to support Portfolio Operations and Human Capital teams. Previously at Veritas Capital and Alvarez & Marsal; holds an MBA from NYU Stern.

Pat McLaughlin· KSN member

Phoebe MacKenzie· Senior Associate· United Statesin

Joined Kelso in 2024 from Moelis & Company's healthcare services group. Active in several portfolio investments; holds a neuroscience degree from Middlebury College.

Rebecca Rosenzweig· Vice President & Counsel

Joined Kelso in 2022 with a background in RIA compliance, fund formation and corporate matters. Holds a law degree from Columbia and a Masters from the London School of Economics.

Stefan Sengun· Vice President· New York City Metropolitan Areain

Joined Kelso in 2025 from MSD Partners's Private Capital team. Serves as a director of Beacon Communications; holds a finance degree from Villanova.

Tamara O'Leary· Technology Coordinator· Putnam Valley, New York, United Statesin

Joined Kelso in 1994, managing research, development and deployment of critical business systems. Previously an independent entrepreneur developing automation solutions.

Tim Ding· Director of Taxin

Joined Kelso in 2011 after serving as a VP in Goldman Sachs's Investment Tax Services Group and prior public accounting roles at KPMG and Deloitte.

Todd Phillips· Managing Director· Louisville, Kentucky, United Statesin

Joined Kelso in 2025 with over 25 years of finance and operations leadership, primarily as an executive at PE-backed portfolio companies. Most recently CFO of Knipper Health.

Victoria Solarino· Dir. of Talent Acquisition & Success

Joined Kelso in 2020 on the Human Capital team, supporting talent acquisition across portfolio companies and internally. Previously Head of Executive Search at Two Sigma Investments.

Zena Pare· Senior Associate, Investor Relations

Joined Kelso in 2023 from J.P. Morgan's Power and Renewables Group. Holds economics, international business and communication degrees from Western Kentucky University.

z•••@kelso.comreveal

Anna Lynn Alexander· Director

Beth G. Neumann· Director

Frank K. Bynum, Jr.· Director

Joined Kelso in 1987 after working as an investment analyst at New York Life. Has served on numerous Kelso portfolio company boards and holds a history degree from the University of Virginia.

Henry Mannix III· Director

James J. Connors II· Director

John K. Kim· Director

Michael J. LeTourneau· Director

Paul A. Bridwell· Director

Stanley de J. Osborne· Director

Thomas R. Wall, IV· Director

What they invest in

from 45 of 146 portfolio companies

Energy ×12Enterprise Software ×12Advanced Manufacturing ×10Logistics & Supply Chain ×9Consumer ×8Fintech ×7InsurTech ×6New Materials ×6

HQs:United States×32Canada×3Bermuda×2Brazil×1United Kingdom×1

Who they back

founder profiles across 8 portfolio companies

50%

solo founders

4 of 8 mapped founding teams

Founding team size:solo founder×42 founders×33 founders×1

Investments · 146 tracked

founders shown can be your intro path

By year:2026 · 1 2023 · 1 2022 · 1 2020 · 2 2015 · 1 2014 · 39 dated

Kinder Morgankindermorgan.com inNYSE: KMI

Kinder Morgan provides energy transportation and storage services across North America, delivering natural gas, crude oil, refined products, and other energy commodities through pipelines and terminals for residential, commercial, and industrial customers.

EnergyLogistics & Supply ChainHouston, US

Richard D. Kinder(Executive Chairman, Co-founder)inKimberly Dang(CEO)

Co-investorsArc Light Securities

4 Refuel4refuel.com in 𝕏✓ verified

4Refuel provides 24/7 mobile on-site delivery of dyed diesel, a red-marked off-road fuel with the same formula as ultra low sulfur diesel.

CleantechConstruction TechEnergyLogistics & Supply ChainMobility & TransportationLangley, CA

Jack Lee(Founder)

Co-investorsH.I.G. Capital TorQuest Partners

Bridgenextbridgenext.com in✓ verified

Bridgenext is a digital consulting and technology services firm that delivers enterprise transformation, software development, and customer experience solutions for banking, healthcare, consumer brands, government, education, and enterprise clients.

AI & Machine LearningData & InfrastructureDeveloper ToolsDigital HealthEnterprise SoftwareSector AgnosticPhiladelphia, US

John Castleman(Chief Executive Officer)in

BoardSunil Misra(Chairman of the Board)

Eagle Foodseaglefoods.com in✓ verified

Eagle Foods is a food company that builds and acquires consumer brands, led by executives with extensive experience in the food and consumer goods industry.

ConsumerFoodTechRetail Tech

Bernard Kreilmann(Chief Executive Officer)in Debbie Sebastian(Chief Financial Officer)in Mala Wiedemann(Executive Vice President Marketing and R&D)in Rob Miller(Executive Vice President Supply Chain & Operations)inMarco Leal(Executive Vice President Human Resources)inMike Grindstaff(Executive Vice President Sales)in

Gallowaygallowayus.com in✓ verified

Galloway & Company provides civil engineering, land survey, land planning, and architectural design services for development projects including master-planned communities and commercial centers.

Construction TechEnterprise SoftwareDenver, US

Dave Guetig(President)in

ReSource Proresourcepro.com in✓ verified

ReSource Pro provides outsourcing, technology, and data services to insurance organizations including retail brokers, MGAs, and carriers, covering operations, strategy, implementation, and analytics.

AI & Machine LearningEnterprise SoftwareFuture of WorkInsurTechSaaSTeaneck, US

Daniel Epstein(Executive Officer, Director)Dan Epstein Tagger(CEO)in Gene Hugh(Chief Financial Officer)inViolet Xu(Chief Service Delivery Officer)in Christopher Watkins(Chief Information Officer)in Michael Costonis(President, Insurance Solutions)in

Valenzhealthvalenzhealth.com✓ verified

Vālenz Health operates an integrated platform for self-funded/self-insured health plans, combining cost containment, care navigation, and member engagement to guide members to higher-value, lower-cost providers.

Digital HealthHealthtechInsurTech

Vince Cole(CEO)in

Co-investorsEcho Health Ventures

Ajax Resourcesajaxres.com

Exploration and production company focusing on oil and gas development in the Permian Basin

Houston, US

Ragan Altizer(Chief Financial Officer)Michael Hinds(Vice President of Business Development and M&A)Forrest E. Wylie(Executive Chairman and Interim Chief Executive Officer)

BoardHoward A. Matlin(Vice President)Frank Loverro(Director)Steven B. Wyatt(Director)

American Beaconamericanbeaconfunds.com in

American Beacon is an investment management firm that has managed assets for corporate, institutional, and individual investors since 1986, with a focus on employee benefit plans and institutional advisory services.

Fintech

Americoldamericold.com in 𝕏Dec 2020

Americold provides cold chain logistics and supply chain solutions, including warehouse design, inventory optimization, transportation planning, and value-added services for businesses managing temperature-controlled distribution networks.

Enterprise SoftwareFoodTechLogistics & Supply ChainAtlanta, US

Fred W. Boehler(Executive Officer, Director)inMarc J. Smernoff(Executive Officer)inCarlos V. Rodriguez(Executive Officer)inRobert S. Chambers(Executive Officer)

BoardKelly H. Barrett(Director)Antonio F. Fernandez(Director)

Co-investorsEQT

AMF Bowlingamf.com 𝕏

AMF operates bowling entertainment centers offering bowling, food, drinks, and hosted parties and events.

Consumer

Armadaarmadamaterials.com

Armada Materials mines and processes aggregates including crushed stone, sand, and gravel, and provides asphalt, ready-mix concrete, paving services, and precast concrete products for construction, infrastructure, and utility projects.

Advanced ManufacturingConstruction TechNew MaterialsTampa, US

Rob Duke(Founder)

Augusta Sportswearaugustasportswear.com in

Augusta Sportswear Brands, now part of Momentec Brands, sells team sportswear and athletic apparel.

ConsumerE-commerceSports Tech

Co-investorsWP Global Partners Platinum

Beaconcombeaconcom.com in 𝕏

Beacon Communications is a technology integrator and consulting company that deploys customized solutions for healthcare, government, education, and commercial facility operations.

CybersecurityDigital HealthEnterprise SoftwareGovTechHardwareHealthtech

Bradyplusbradyplus.com in 𝕏

BradyPLUS supplies commercial facility products including paper products and dispensers, cleaning chemicals, floorcare machines, restroom equipment, foodservice disposables, commercial kitchen equipment, and packaging/shipping supplies.

Advanced ManufacturingB2B MarketplacesEnterprise SoftwareLogistics & Supply ChainRetail Tech

Co-investorsWarburg Pincus

Buckeye Partnersbuckeye.com in

Buckeye owns and operates a diversified global network of midstream energy infrastructure, including over 5,000 miles of domestic pipelines, 130+ liquid petroleum products terminals, and 125 million barrels of tank capacity.

CleantechEnergyLogistics & Supply Chain

Co-investorsIFM Investors

Cambridge Display Technologycdtltd.co.uk in

CDT is a research and innovation centre focused on developing advanced materials, particularly polymer OLED and next-generation display technologies, with a heritage rooted in Cambridge University spin-out research since 1989.

AI & Machine LearningDeep TechEnergyNew MaterialsCambridge, GB

Richard Friend(Professor)inAndrew Holmes(Professor)

Co-investorsETCapital

Club Carclubcar.com in

Club Car manufactures customized utility, golf, and personal vehicles configured for specific commercial and residential use cases.

Advanced ManufacturingHardwareMobility & Transportation

Co-investorsPlatinum

EACOM Timbereacom.caacquired by Interfor

Advanced ManufacturingNew MaterialsBurnaby, CA

Elara Caringelara.com in

Elara Caring is a Medicaid provider offering direct care services.

Digital HealthEnterprise SoftwareHealthtechIndiana, US

Ananth Mohan(Chief Executive Officer)in John McMahon(Chief Financial Officer)in Betta Swanson(Chief Transformation Officer)inTom Firmani(President of Personal Care Services)inKimberly Nystrom(President of Skilled Home Health, Behavioral Health and Hospice)inKim Spano(Chief Growth Officer)in

Co-investorsAccel Ares SoftBank Group

Ferraro Foodsferrarofoods.com in

Ferraro Foods is a food distributor that supplies restaurants and pizzerias across the eastern United States with over 14,000 food products.

FoodTechLogistics & Supply ChainGreenbrook, US

Bill(President and CEO)PJ Mingle(Chief Financial Officer)in Faris H. Faris(Chief Information Officer)inMichael Giammarino(Owner)

Co-investorsKainos

Foundation Consumer Brandsfoundationconsumerbrands.com

Foundation Consumer Healthcare develops and markets a portfolio of over-the-counter (OTC) healthcare products for consumers, positioning itself as a privately-held OTC manufacturer in the United States.

ConsumerHealthtechWellness & Fitness

Foundationchfoundationch.com

Foundation Consumer Healthcare develops and commercializes a portfolio of over-the-counter health and wellness products for consumers.

ConsumerHealthtechWellness & FitnessPittsburgh, US

Rupa Bahri(President and CEO)May Petracco(CFO)

Global Geophysical Services inFeb 2015

Provider of land, transition zone and shallow marine seismic data acquisition and processing

EnergyMissouri City, US

Ross Peebles(Executive Officer)James Brasher(Executive Officer)inRichard White(Executive Officer)Tom Fleure(Executive Officer)Sean Gore(Executive Officer)

Inovarinovarsistemas.com inMay 2022

Inovar offers an ERP system integrated with EVA, a native Brazilian AI assistant for retail.

AI & Machine LearningRetail TechSaaSSão Paulo, BR

Co-investorsAea Investors FEBACAPITAL

Inovar Packaginginovarpackaging.com in 𝕏

Inovar Packaging Group manufactures high-end labels, sleeves, and pouches using flexographic and digital printing technology.

Advanced ManufacturingCircular EconomyConsumerNew MaterialsDallas, US

Co-investorsAea Investors Consumer Ventures

Js Heldjsheld.com

Diversified specialty advisory firm that evolved beyond property loss services.

Co-investorsLovell Minnick

Logan's Roadhouselogansroadhouse.com in 𝕏

Logan's Roadhouse is a casual steakhouse restaurant chain that serves grilled steaks, a full bar, and made-from-scratch rolls in a relaxed, laid-back atmosphere.

ConsumerFoodTechLexington, US

Dave WachtelCharles McWhorter

Nivelpartsnivelparts.com in 𝕏

Nivel is a global supplier of aftermarket parts and accessories for golf carts and personal transportation vehicles, serving golf enthusiasts, families, and rural/outdoor users.

Advanced ManufacturingB2B MarketplacesE-commerceMarketplacesRetail TechMiami, US

Novvia Groupnovviagroup.com inApr 2026

Novvia Group is a packaging distributor and manufacturer that supplies stock and custom packaging—including glass, metal, plastic, and corrugated containers—along with design, labeling, and decoration services.

Advanced ManufacturingLogistics & Supply ChainNew Materials

Pathstonepathstone.com inMar 2023

Pathstone provides wealth management and advisory services to clients with complex financial needs, offering integrated portfolio management, tax and estate planning, and family governance services.

Enterprise SoftwareFintech

Co-investorsLovell Minnick

PowerTeam Servicespowerteamservices.com

Provider of outsourced services for the maintenance, repair and installation of electric and natural gas infrastructure

EnergyNew York, US

James WiggintoninRoxanne R. Bowman(Executive Officer, Director)James J. Connors, II(Executive Officer)Roy Campbell(Director)Charles Casalinova(Executive Officer)Ronald R. Ridout(Executive Officer)

Co-investorsCIVC Partners

Premiaholdingspremiaholdings.com

Premia Holdings is the parent company of Dominion Insurance Company Ltd and Trent Insurance Company Ltd, both of which have been in run-off since 1994 and 1968 respectively.

Enterprise SoftwareFintechInsurTechPembroke, BM

Renfrorenfro.com

Renfro designs, manufactures, and markets socks, legwear, and apparel for consumers worldwide.

Advanced ManufacturingConsumer

Risk Strategiesrisk-strategies.com in 𝕏

Brown & Brown provides insurance, risk management, and employee benefits solutions for businesses, individuals, and families, ranging from day-to-day risk considerations to long-term planning.

InsurTech

Sentinel Data Centerssentineldatacenters.com in

Sentinel develops and operates data centers—primary production and failover facilities totaling over 3 million square feet across the United States—serving Fortune 500 companies and hyperscale cloud, AI, financial services, healthcare, technology, media, and biotechnology sectors.

Cloud ComputingData & InfrastructureEnergyEnterprise SoftwareNorthern Virginia, US

Josh Rabina(CEO)in

Southerncarlsonsoutherncarlson.com in

SouthernCarlson supplies construction fasteners, tools, packaging, and related products along with services such as plant installs, takeoffs, and deliveries.

Advanced ManufacturingB2B MarketplacesConstruction Tech

Co-investorsTruelink Capital

Tallgrassenergytallgrassenergy.com

Tallgrass is an energy infrastructure company that transports and provides solutions across natural gas, oil, CO2, hydrogen, and water.

CleantechEnergy

Third Point Rethirdpointre.com in

SiriusPoint is a specialty underwriter offering Property & Casualty and Accident & Health insurance and reinsurance to clients and brokers globally, working through partnerships with Managing General Agents and program managers.

FintechInsurTechHamilton, BM

Co-investorsPine Brook Third Point

US LBMuslbm.com in

US LBM operates a network of more than 450 building materials distribution locations across North America under various regional brand names.

Advanced ManufacturingConstruction TechEnterprise SoftwareLogistics & Supply ChainNew MaterialsRetail TechUS LBM, US

Co-investorsBain Capital Platinum

Wellington Altuswellington-altus.ca in 𝕏

Wellington-Altus is a Canadian independent investment dealer and wealth management firm serving entrepreneurial advisors and their high-net-worth clients, offering portfolio management, insurance, and group retirement and benefits solutions.

Fintech

Williamsmarstonwilliamsmarston.com in 𝕏

WilliamsMarston is an accounting and tax advisory firm that guides public and private companies through complex financial transformations, IPO readiness, and SEC reporting matters.

Enterprise SoftwareFintechBoston, US

Landen Williams(Co-Founder & Co-Chairman)inJonathan T. Marston(Co-Founder & Co-Chairman)

Wilton Rewiltonre.com inOct 2020

Wilton Re provides life reinsurance solutions to insurance companies, including in-force block acquisitions to manage legacy liabilities and new business capital support, as well as primary insurance offered through its subsidiary Texas Life to the U.S. worksite market.

FintechInsurTechHalifax, US

Sylvia Oliveira(Executive Officer)inMark R. Sarlitto(Executive Officer)inSteven Lash(Executive Officer)Michael Douglas(Director)Mary Ann Brown(Director)Bruce Winterhof(Director)

Co-investorsVestar Capital Partners Stone Point

Zenithemzenithem.com

Zenith Energy is a midstream company that owns and operates liquid storage terminals, running 7 terminals across 5 states that each specialize in a type of liquid storage.

CleantechEnergyLogistics & Supply Chain

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

21st Century Newspapers360networksABFAmerican buildingsAmerican standardAquilexArkansas BestArmkelAudio Visual ServicesBPBwayCharter Communications CompaniesCitationConsolidated VisionCrescent Point EnergyCronosCustom Building ProductsCVR Energy CompaniesCygnus PublishingDakota Growers PastaDel LaboratoriesDelphin ShippingDouglas BroadcastingDS Waters of AmericaEagle Bulk ShippingEarle M JorgensenEllis 1993Ellis 2006Ellis CommunicationsEndo PharmaceuticalsEndocentersEndurance Business MediaFairPoint CommunicationsFoundation Consumer HealthcareGeneral medicalGlobal Ship LeaseGSLHarbor bankHarbor Community BankHarborcbHarris Specialty ChemicalsHCI directHeliosHiliteHillside BroadcastingHumpherysHunt MarcellusiGPSIHOPInvestment Beacon CommunicationsInvestment Wellington AltusKar Auction ServicesKCIKelso OverlandKing BroadcastingLandstar systemsLebanon Valley OffsetMasland IndustriesMerchantsMitchell Supreme FuelMoslerNewport GroupnivelNortekOasis OutsourcingOasisadvantageOceana TherapeuticsOptigasOverwatch SystemsPeeblesPhysicians EndoscopyPremia ReRefresh Mental HealthRefreshmhRetirement Plan - AscensusRHI EntertainmentRPSandler O'Neill + PartnersSandleroneillSavantSavantwealthScient CompaniesSirius Computer SolutionsSiriuscomSomers ReSpectramedTervitaTexas FoundriesTransdigmTraxys CompaniesTruck-liteTyler RefrigerationUnilabUniversal OutdoorURS LogisticsUs Electrical ServicesValenzVenariVenari ResourcesWaste ServicesWickes FurnitureZenith Energy

Exits · 2

1 IPOs · 1 acquisitions

Kinder MorganNYSE: KMIEACOM Timberacq. by Interfor

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Fund performance · per public LP disclosures · 14

as of Sep 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Kelso XI Heights Co-InvestmentLPs: Maine Public Employees Retirement System	2022	—	-0.1%	1.00x	—
Kelso Investment Associates XI, L.P.LPs: District of Columbia Retirement Board, New Mexico Public Employees Retirement Association, Hawaii Employees' Retirement System +2 more	2021	—	—	1.21x	0.02x
Kelso Investment Associates X PELPs: Maine Public Employees Retirement System	2018	—	40.4%	1.36x	0.07x
Kelso Investment Associates X, L.P.LPs: Michigan Municipal Employees' Retirement System, New Mexico Public Employees Retirement Association, Hawaii Employees' Retirement System +4 more	2018	—	—	1.90x	0.57x
Kelso Investment Associates IX, L.P.LPs: New Mexico Public Employees Retirement Association, Maine Public Employees Retirement System, Michigan Municipal Employees' Retirement System +3 more	2015	—	—	1.69x	1.37x
Kelso Investment Associates IX PELPs: Maine Public Employees Retirement System	2014	—	20.6%	1.59x	1.06x
Kelso Investment Associates VIII PELPs: Maine Public Employees Retirement System	2011	—	7.9%	1.42x	1.25x
Kelso Invcstmc'lll A-.ociatcs VIII, L.P.LPs: The Regents of the University of California	2007	—	7.8%	3.00x	0.57x
Kelso Investment Associates VIIILPs: Empire State Development – New York Ventures, Florida State Board of Administration, The Regents of the University of California +5 more	2007	—	7.9%	1.43x	1.43x
Kelso VIIILPs: Pennsylvania Public School Employees' Retirement System	2007	—	7.2%	1.40x	1.44x
Kelso Investment A<Sociatcs VII, L.P.LPs: The Regents of the University of California	2003	—	11.0%	—	1.62x
Kelso Investment Associates VIILPs: Florida State Board of Administration, The Regents of the University of California, Los Angeles City Employees' Retirement System +2 more	2003	—	12.2%	1.73x	1.73x
Kelso VIILPs: Pennsylvania Public School Employees' Retirement System	2003	—	11.4%	1.60x	1.60x
Kelso Investment Associates VI, L.P.LPs: Connecticut Retirement Plans and Trust Funds, Los Angeles City Employees' Retirement System	1998	—	9.3%	1.40x	1.40x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has Kelso made?: Kelso has 146 tracked investments, 2 of which have exited, including 1 dated in the last 24 months.
What sectors does Kelso focus on?: Kelso focuses on Advanced Manufacturing, Consumer, Energy, Fintech, FoodTech, Healthtech, InsurTech, Media & Entertainment, Sector Agnostic.
Where is Kelso located?: Kelso is headquartered in New York, US.
Who does Kelso co-invest with?: Kelso most often shares deals with Lovell Minnick, Consumer Ventures, Echo Health Ventures, among 19 tracked co-investors.

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