Knighthead, Certares Plan $1 Billion Fund for Travel Industry
- Investment firms targeting sector after distressed debt swells
- New fund will take positions in both debt and equity
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Knighthead Capital Management and private equity firm Certares Management are raising $1 billion for a new fund that would seek to capitalize on a rebound in travel businesses disrupted by the Covid-19 pandemic, according to people with knowledge of the plan.
Knighthead, the investment company led by co-founder Tom Wagner, will be equal partners with Certares in the venture, said the people, who asked not to be named because the plans aren’t public. The fund would take about 10 to 15 debt and equity positions over a five-year period.