Crestline Raising up to $1.25B for Third Opportunity Fund

Oct 12 2015 | 5:07pm ET

Fort Worth, TX-based Crestline Investors is in the market for its third opportunity fund, targeting up to $1.25 billion.

The new fund comes a year and half after Crestline closed on its $980 million second vehicle, Crestline Opportunity Fund II, which closed in March of last year. It will reportedly invest across a wide range of credit-related strategies, primarily in North America.

Crestline is aiming to execute a first close on the new fund as early as January of 2016, according to PEHub citing materials released by San Joaqin County Employees Retirement System, a $29 million investor into Fund II reportedly considering participation in Fund III. 

Structure for the new fund will be fairly typical, with investors levied 1.5% in management fees and 20% of profits over an 8% performance hurdle, according to the materials. 

Founded in 1997, Crestline is an alternative investment manager focusing on a broad array of investment solutions including diversified multi-manager hedge fund portfolios and credit and opportunistic strategies across private credit, specialty lending, CLOs, and opportunistic funds. The company and its affiliated investment team manage around $9.9 billion of assets.

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