Crestline Investors Closes Third Opportunity Fund

Nov 1 2017 | 9:49pm ET

Alternative credit specialist Crestline Investors has closed its third opportunity fund and related accounts with $1.34 billion in capital commitments, exceeding the manager’s target. 

The new fund, named Crestline Opportunity Fund III, was backed by public and private pension plans, sovereign wealth funds, insurance companies, and other institutional investors, the company said in a statement. It is the ninth in Crestline’s series of opportunistic funds, which started in 2005 and have attracted more than $5.6 billion in client commitments to date. 

The strategy seeks to take advantage of dislocations and inefficiencies in the primary and secondary credit markets in North America and Europe, Crestline explained. The fund focuses on under-served or capital constrained asset classes, including SMEs, out-of-favor sectors, companies in transition and stressed or special situations, and will provide sub-$50 million capital solutions in the form of direct lending, distressed credit, and structured finance, among others.

Crestline raised $980 million in commitments for its second Opportunties fund in March 2014.

Founded in 1997, Fort Worth, Texas-based Crestline is an alternative investment manager specializing in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund, and provides beta and hedging solutions for institutional clients. The company manages around $9.1 billion of assets.

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