Crestline Investors has locked down $1.34 billion across a commingled vehicle and separately managed accounts, the firm said, capital with an investment mandate to target an array of opportunities.
The Fort Worth, Texas-based asset manager wrapped up Crestline Opportunity Fund III, which had set a fundraising target of $1 billion to $1.25 billion, according to an October 2015 investor presentation to the San Joaquin County Employees’ Retirement Association. The vehicle held a close on $720 million in June 2016. Fund II closed in March 2014 on $980 million.
The vehicle carries a three-year investment period and set return goals of a 1.5x multiple on invested capital and a 15 percent net internal rate of return, the pension fund documents showed. Fund III’s fee structure was not outlined. However, Crestline’s management fees currently range from 0.62 percent to 1.75 percent and carried interest ranges from 5 percent to 20 percent, materials filed with the US Securities and Exchange Commission showed.
Fund III’s investors include public and private pension plans, insurance companies and sovereign wealth funds. The firm’s credit opportunities strategy targets asset- and cash flow-based investment opportunities, performing credit, distressed situations and special situations in North America and Europe, according to its website.
“There are large numbers of companies in the North American and European markets with capital requirements that are not easily addressed by traditional capital providers,” Keith Williams, a Crestline partner and Fund III’s senior portfolio manager, said in the statement.
The firm declined to comment further.
Founded in 1997, Crestline manages $9.8 billion in assets. In addition to its Fort Worth office, it maintains offices in Chicago, London, New York, Tokyo and Toronto.