Kelso Seeks About $2 Billion to Hold on to Assets for Longer

Middle-market private equity firm Kelso & Co. is looking to raise about $2 billion in a secondary sale to extend its ownership of roughly half a dozen assets, people familiar with the matter said.

The firm is seeking to raise a multi-asset continuation fund, with bids expected by next month, said the people, who asked not to be identified because the information is private. Lazard Inc.’s private capital advisory group is helping the New York-based firm with the transaction, these people said.

Kelso is among several private equity firms that are attempting to raise capital from the secondary market ...