Adobe Stock
Crestline Investors, a Fort Worth-based investment firm, has raised $1.7 billion for its latest fund aimed at helping private equity firms access cash without having to sell assets.
The new fund, called the Portfolio Finance Sentry Fund, is Crestline’s third dedicated to what's known as NAV financing. This type of lending allows private equity funds to borrow against the value of the investments they already own. The money can then be used to buy new assets, grow existing ones, or shore up fund structures.
The fund attracted backing from a wide range of global investors, including pension plans, sovereign wealth funds, asset managers, and family offices. Crestline said the demand for this kind of financing has grown as private equity firms face longer holding periods, fewer exit opportunities, and a less predictable economic environment.
To date, the new fund has already backed nine deals in areas such as real estate, corporate buyouts, and specialized lending across North America and Europe.
Crestline, which manages more than $16 billion in credit-focused investments, has been active in NAV-based financing for over a decade and has completed more than $3.3 billion in transactions under this strategy.
The firm maintains offices in Fort Worth, New York, London, Toronto, and Tokyo.