KSL's Fifth Credit Fund and Its Two Feeders Report a Combined $1.05 Billion First Sale

KSL Capital Partners Credit Opportunities Fund V, L.P. reported its first sale of securities in a Form D/A filed September 17, 2026: $1,035,304,565 sold to 21 investors, against an indefinite offering (accession 0002129387-26-000003). Two feeder vehicles in the same program filed the same day, reporting $10,152,284 from one investor and $4,111,675 from eight.

All three had reported zero sold on both of their previous notices, in April and June 2026, and all three now report the same first-sale date of June 18, 2026. The combined figure across the three is $1,049,568,524 from 30 investor slots.

What the filings show

The main fund, the offshore feeder and the domestic feeder each filed an initial Form D on April 23, 2026 and an amendment on June 3, 2026, both reporting nothing sold and the first sale yet to occur. The September 17 amendments are where each first reports sales.

Each vehicle reports a different amount, and no filing carries a clarification pointing at another. The main fund reports $1,035,304,565 from 21 investors, KSL Capital Partners Credit Opportunities Fund V (Offshore) Feeder, L.P. reports $10,152,284 from one, and KSL Capital Partners Credit Opportunities Fund V FF, L.P. reports $4,111,675 from eight.

All three are Delaware limited partnerships classified as private equity pooled investment funds, claiming Rule 506(b) with Section 3(c)(7) of the Investment Company Act, with a principal place of business in Colorado. The main fund names two promoters, KSL Capital Partners CO Fund V GP, L.P. and KSL Ultimate GP, LLC, and lists executive officers including John Ege, Craig Henrich, Peter McDermott, Kevin Neher, Marty Newburger and Eric Resnick.

• —Main fund (CIK 0002129387): $0 on 2026-04-23 and 2026-06-03, then $1,035,304,565 from 21 investors on 2026-09-17
• —Offshore Feeder (CIK 0002129889): $0, then $10,152,284 from 1 investor
• —FF, L.P. (CIK 0002129888): $0, then $4,111,675 from 8 investors
• —All three report a first sale of 2026-06-18 and an indefinite offering amount
• —Combined: $1,049,568,524 across 30 investor slots

Why the three figures are not one figure

A fund filing alongside its feeders is the classic setting for the Form D combined-totals trap, where each related vehicle repeats one program-wide Item 13 number and a database that reads them naively multiplies the money. AltStreet has published a correction on exactly that pattern before, when three Oak Hill Advisors vehicles each reported the same $1,550,225,000, and again when nine StepStone vehicles each reported $1,590,045,571.

This program is the opposite case and it is worth recording as such. The three vehicles report three different amounts and three different investor counts, and none of the filings contains the clarification language that signals an aggregated total. Each figure is its own.

One thing in the program is aggregated, and the filing says so. The main fund reports $6,000,000 of sales commissions with the note that this "represents an estimate of the total fees expected to be paid to placement agents as a result of the anticipated sales of interests in the Issuer and its related fund entities." So the commission estimate is program-wide even though the sold amounts are not, and it is an estimate of expected fees rather than fees paid. Two non-US recipients are named, Gencap Global Advisors DMCC and Hana Securities Co., Ltd., neither with a CRD number.

Why it matters

The filed record now shows a travel-and-leisure credit program reporting just over $1.05 billion of first sales in a single day's filings, three months after the first sale it reports. Because the offering amount is indefinite, the filings do not establish whether this is a first close, an interim close or a running total, and they name no target.

The distribution of investors across the three vehicles is the detail worth carrying forward. The main fund holds 98.6% of the money across 21 of the 30 investor slots, the offshore feeder holds $10.2 million on behalf of a single subscriber, and the domestic feeder holds $4.1 million across eight. Any per-investor statistic computed across the program as a whole would blur three quite different vehicles.

What the filings do not show

None of the three filings identifies an investor, discloses individual commitment sizes, or states whether any investor is affiliated with the sponsor or its general partner. None states a target size, a final close date, or whether the reported figures are interim. The offering amount is indefinite on all three.

The filings give no reason for the timing of the sales relative to the earlier zero-sold notices, and this article does not attribute the change to demand, market conditions or any other cause, because the filings state none. AltStreet has not verified the sponsor's prior fund sizes against primary sources and makes no comparison to them here.