Crestview Partners raises more than $3 bln for third fund: UPDATED

Crestview Partners has closed its third fund, beating its $3 billion target, the firm said in a statement. Update: Along with a $250 million GP commitment, Fund III raised more than $3.2 billion.

Fund III had a $3.5 billion hard cap.

Fund III will focus on “identifying and investing in companies with a contrarian, value orientation.” Crestview invests $100 million to $400 million in companies with enterprise values of up to $2 billion.

Crestview’s Fund II, a 2009 vintage, raised about $2.4 billion. Fund II was generating a 16.6 percent internal rate of return and a 1.6x multiple as of June 30, 2014, according to performance information from the California Public Employees’ Retirement System.

Since 2005, Crestview has backed 25 companies across its three funds, mostly in media, energy, financial services, healthcare and industrials.

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