Crestline Investors has reached a final close of two investment funds including $980 million of investor commitments to the Crestline Opportunity Fund II platform and $738 million of investor commitments to the Crestline Recovery Fund III platform. These funds are the fifth and sixth in a series of opportunistic funds the firm has launched since 2005. Total assets committed to all six funds are $2.7 billion.
Crestline Investors, Inc., an alternative asset management firm, today announced the final closing of two investment funds, including $980 million of investor commitments to the Crestline Opportunity Fund II platform and $738 million of investor commitments to the Crestline Recovery Fund III platform. These funds are the fifth and sixth in a series of opportunistic funds the firm has launched since 2005. Total assets committed to all six funds are $2.7 billion.
“Crestline has deep experience and a strong track record in opportunistic strategies, and we are pleased to have received strong demand for our funds,” said Douglas Bratton, Chief Executive Officer. “We appreciate the continued support of many long-standing investors and remain committed to delivering superior investment performance to our clients.”
The Opportunity Fund II has a flexible and opportunistic mandate, seeking to take advantage of market dislocations and inefficiencies through investing in:
• Private credit strategies, such as direct lending, distressed credit (control and non-control), special situations and performing and non-performing loan pools;
• Niche strategies, such as real assets, royalty streams, cash flow strategies and structured finance; and
• Hedge fund secondaries, including both fund interests and liquidating assets generally purchased at a discount to net asset value.
The Opportunity Fund II is structured to take advantage of the illiquidity premium and can invest in direct transactions as well as co-investments and fund interests.
The Crestline Recovery Fund III is the third in a series of funds dedicated to investing in hedge fund secondaries. Crestline’s first Recovery Fund was launched in early 2009. The Recovery funds seek to acquire attractive assets at substantial discounts to net asset value. Total assets committed to all three Crestline Recovery Funds are $1.3 billion. Investments generally fall into two categories:
• Interests in investment funds managed by independent portfolio managers purchased in the secondary market; and
• Assets from investment funds that are illiquid, difficult to value or require an identified event that could unlock hidden value.
About Crestline Investors, Inc.
Crestline Investors, Inc. is an alternative asset management firm headquartered in Fort Worth, Texas. Founded in 1997, Crestline is employee-owned and manages approximately $7.6 billion in assets, primarily for institutional investors.DON'T MISS IT! After two successful conferences on the East Coast, we’re bringing our LPs and fund managers to San Francisco for the first annual Emerging Manager Connect West on May 11. Don’t miss out on insightful panels and great networking! CLICK HERE for details.