Press Release

KSL Capital Partners Closes Over $3 Billion Continuation Vehicle for Alterra Mountain Company

Denver, CO / Jan 29, 2024 / KSL Capital Partners

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. In 2018, 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.

“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,” said Eric Resnick, CEO of KSL. “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.”

Jared Smith, CEO of Alterra said: “What we believe makes Alterra special is that we endeavor to respect and accentuate the elements that make each of our mountain destinations unique. Our passion for the places where we operate is only exceeded by the passion of our team members and our guests. We are extremely fortunate to have partners who share this passion and who recognize that their interests and the interests of our communities, team members, and guests are inextricably linked. We thank the entire KSL team for their continued partnership and are confident that, together, we will continue to innovate and elevate while remaining good stewards of these incredible places we get to call home.”

Morgan Stanley & Co. LLC served as financial advisor to KSL Capital Partners on the transaction. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP served as legal advisors to KSL Capital Partners on the transaction.

About KSL Capital Partners

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, ColoradoStamford, ConnecticutNew York, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL’s current portfolio includes some of the premier properties in travel and leisure. For more information, please visit

About Alterra Mountain Company

Alterra Mountain Company is a family of iconic year-round mountain destinations, the world’s largest heli-skiing operation, and Ikon Pass – a premier ski and snowboard season pass offering access to more than 50 iconic mountain destinations around the world. Headquartered in Denver, Colorado and born out of a shared love of the mountains and adventure, the company has brought together some of the world’s most aspirational brands, including: Steamboat and Winter Park in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley in CaliforniaStratton Mountain and Sugarbush Resort in Vermont; Snowshoe Mountain in West Virginia; Tremblant in Quebec and Blue Mountain in Ontario, CanadaCrystal Mountain in Washington; Schweitzer in Idaho; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia. Also included in the portfolio are Alpine Aerotech, a worldwide helicopter support and maintenance service center in British Columbia, Canada, Aspenware, the ski industry leader in technology services and e-commerce, and Ski Butlers, a leader in ski and snowboard rental delivery. For more information, please visit

Press Contact Jon Keehner / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
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