Kelso
Private equityNew York · 6 people tracked
Investment thesis
Kelso positions itself as a preferred private equity partner built on a long history, strong alignment of interest, and team stability. Drawing on more than 40 years of investing experience across diverse sectors and business cycles, the firm leverages the cumulative expertise of its professionals and a broad network of industry experts to deliver strategic insights and support value creation. It emphasizes deep, lasting partnerships—often re-partnering with the same managers and companies—and structures significant personal and management investments to align incentives. The firm offers meaningful long-term incentive compensation to management and centers its culture on trust, honesty, transparency, and treating people fairly.
Source: firm website, verified Aug 6, 2026.
Team · 6 people
from the firm's websiteWhat they invest in
from 2 of 166 portfolio companiesEnergy ×1Enterprise Software ×1Healthtech ×1InsurTech ×1
HQs:United States×2
Investments · 166 tracked
founders shown can be your intro pathExploration and production company focusing on oil and gas development in the Permian Basin
Leading asset management platform serving institutional and retail investors
Aggregates and asphalt platform formed in partnership with CEO Rob Duke
Leading national supplier of on-the-field team uniforms and other team related sportswear
Critical systems integrator providing communications, security, and fire & life safety solutions to healthcare, education, government and commercial customers
Canadian lumber manufacturer with ownership of sawmills and timber rights in Eastern Canada
Stamford, US
Gary Vogel(Executive Officer, Director)Gary Weston(Director)Casey Shanley(Director)Randee Day(Director)Justin Knowles(Director)Paul Leand, Jr.(Director)
Leading provider of branded food products across meal solutions, baking and ready-to-eat popcorn categories
Leading provider of home healthcare services including personal care, skilled home healthcare and hospice
Platform of seven OTC brands competing in the nasal strip, pediatric cough & cold, and oral analgesic categories
Over-the-counter pharmaceutical platform owning market-leading brands including Plan B One-Step, Theravent, Campho-Phenique, St.
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
- What sectors does Kelso focus on?
- Kelso focuses on Sector Agnostic.
- Where is Kelso located?
- Kelso is headquartered in New York, US.
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