Peterson Partners and NorthSands Capital Close $510 Million Continuation Vehicle for Kelso Industries

Peterson Partners closed a $510 million single-asset continuation vehicle for Kelso Industries, with NorthSands Capital committing more than $450 million as sole lead investor. Peterson Partners Fund X rolled its existing Kelso position into the vehicle and invested additional capital; proceeds will support Kelso’s acquisitions, capabilities, and expansion while providing liquidity to some existing investors. Paceline Equity Partners’ structured preferred equity position was redeemed in full in connection with the vehicle’s closing.