Alternative asset management firm Crestline Investors has announced the final closing of two of its opportunistic strategies funds after raising $1.71 billion.
Texas-based Crestline’s Opportunity Fund II platform—which aims to take advantage of market dislocations and inefficiencies by investing in private credit, niche and hedge fund secondaries strategies-- raised $980 million, while its Crestline Recovery Fund III offering—which is structured to take advantage of the illiquidity premium and can invest in direct transactions as well as co-investments and fund interests--raised $738 million.
The new funds are the fifth and sixth in a series of opportunistic funds Crestline has launched since 2005. Total assets committed to all six funds are $2.7 billion.
Founded in 1997, Crestline manages approximately $7.6 billion in assets.