KSL Capital Backs $2.6b Invited Clubs Buyout With $1.7b Private Credit Package

KSL Capital Partners has completed the acquisition of Invited Clubs from Apollo-managed funds, supported by a private credit financing package exceeding $1.7 billion led by Ares Credit, underscoring the growing role of direct lenders in financing large-scale private equity transactions.

The financing was arranged by funds managed by Ares Credit, which also served as administrative agent on the transaction. The debt package supports KSL’s approximately $2.6 billion acquisition of the operator of more than 150 private golf, country, city and business clubs across the United States. According to published reports, the transaction values the business at roughly 7.4 times projected 2025 EBITDA of approximately $350 million.

The acquisition marks a return to familiar territory for KSL, which previously owned the company after acquiring it in 2006 before taking it public in 2013. Apollo-managed funds subsequently acquired the business in 2017, overseeing a period of portfolio investment, operational improvements and expansion before agreeing to sell the company back to KSL.

The transaction also highlights the continued strength of the private credit market, where institutional direct lenders are increasingly replacing syndicated loan markets to finance large leveraged buyouts. The more than $1.7 billion financing ranks among the larger private credit-backed acquisition facilities completed this year and demonstrates lenders’ continued appetite for resilient businesses with stable cash flows and tangible assets.

Prior to the acquisition, Invited Clubs had an existing first-lien debt structure provided by a lender group that included Ares, KKR, HPS Investment Partners, Lord Abbett and MSD Partners. That facility was priced between SOFR plus 475 and 500 basis points and was scheduled to mature in July 2032.

Founded in 1957, Invited Clubs has grown into the largest owner and operator of private clubs in the United States. Its portfolio includes more than 150 golf and country clubs, city clubs, business clubs and lifestyle-focused venues serving members across major metropolitan markets. Over the past decade, the company has invested heavily in course renovations, clubhouse modernization, expanded recreational programming and upgraded member amenities.

A key component of the company’s strategy has been the continued expansion of its XLife Benefits platform, which gives members access to golf, dining, racquet sports and lifestyle experiences throughout Invited’s nationwide network as well as participating partner clubs worldwide. The platform has become an important differentiator as private club operators increasingly compete on lifestyle offerings rather than golf alone.

Michael Mohapp, partner at KSL Capital Partners, said Invited has spent nearly seven decades reshaping the private club industry by building premium destinations rooted in local communities while leveraging the advantages of a national network.

“We have a deep appreciation for the strength of Invited’s platform and the important role its clubs play in the lives of members and communities,” Mohapp said. “We look forward to working alongside the Invited team to build on the Company’s momentum through continued investment across the portfolio as we execute on a shared vision to further elevate the exceptional member experiences that have defined Invited for generations.”

David Pillsbury, chief executive officer of Invited, said the company has consistently reinvested in its properties while expanding opportunities for members to connect through sports, dining and social experiences.

He said KSL’s extensive experience investing in hospitality, travel and leisure businesses makes it well positioned to support the company’s next phase of growth while maintaining its long-term focus on enhancing member experiences across its nationwide portfolio.

Professional golfer and three-time major champion Jordan Spieth, who will continue as an investor alongside KSL following the acquisition, described the company as having played an important role throughout his golfing journey.

Spieth said KSL’s long-term investment philosophy and expertise in hospitality position the company to accelerate Invited’s strategy while building on the operational foundation established over recent years.

Apollo also expressed confidence in the company’s future following the transaction.

Daniel Cohen, partner at Apollo, said the investment firm worked closely with Invited’s management team to strengthen the business during its ownership period through operational improvements, portfolio optimization and significant investments designed to transform the company into a broader lifestyle and leisure platform.

The transaction reflects several broader themes shaping private markets in 2026. Private equity sponsors continue to pursue businesses with recurring revenue, membership-based business models and defensive cash flows despite ongoing uncertainty across broader capital markets. At the same time, private credit funds have continued to expand their role as preferred financing providers for large buyouts by offering execution certainty, flexible structures and customized financing solutions that traditional syndicated loan markets cannot always provide.

The hospitality and leisure sector has also remained an active investment area as affluent consumers continue spending on premium experiences, recreation and membership-based services. Private clubs have benefited from sustained demand since the pandemic, with many operators investing in facility upgrades, technology and expanded programming to attract and retain members.

Financial advisors on the transaction included Barclays for KSL. Simpson Thacher & Bartlett LLP served as legal counsel to KSL. Invited was advised by J.P. Morgan Securities LLC, Wells Fargo and Rothschild & Co as financial advisors, while Akin acted as legal counsel.

With fresh ownership, long-term capital support and a substantial private credit financing package, Invited Clubs is expected to continue investing across its national portfolio as KSL seeks to build on the company’s established position as the leading operator of private clubs in the United States.

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