Searchlight Capital Partners L.P. has announced the closing of a single-asset continuation fund to advance its partnership with Integrated Power Services (IPS or the Company). IPS will continue to be managed by Searchlight, and the newly formed vehicle will provide IPS access to follow-on capital to support the Company’s growth. Funds managed by Goldman Sachs Asset Management were the anchor lead investors and funds managed by Neuberger Berman were the co-lead investors.
Latham & Watkins LLP advised Searchlight Capital Partners on the formation of a new single asset continuation vehicle, Searchlight Capital CF SPK, LP, and its acquisition of Integrated Power Services with an Investment Funds team led by New York partners Andrea Schwartzman, John Kelley, and Oliver Prakash-Jenkins, with associates Syed Madani, Michelle Aizin, Anna LeBleu, and Victoria Cappucci, and an M&A team led by New York partner Jane Greyf, with associates Jennifer Wong and Eric Giray. Advice was also provided on tax matters by New York partner Gregory Hannibal, with associate Arash Lotfi; on investment funds regulatory matters by Washington, D.C. partner Aaron Gilbride, with associates Daniel Filstrup, Haley Hohensee, and Tim Cummings; and on insurance matters by Los Angeles partner Drew Levin, with associate Hannah Cary.