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Fort Worth-based Crestline Investors has announced the closing of a $1 billion collateralized loan obligation, one of the largest middle-market CLOs issued in 2024, according to the global investment management firm. The deal, the firm said, highlights its expertise in middle-market direct lending and its growing presence in the alternative investment space.
The transaction, known as Crestline Direct Lending CLO I, LLC, will be managed by Crestline, with the equity owned by its Crestline Specialty Lending III fund. The portfolio consists of senior secured loans, and the CLO is backed by a strong rating from Standard & Poor's, according to a press release.
“This deal underscores the trust our investors have in us and the decades of experience we've built in middle-market lending,” said Keith Williams, managing partner of Credit Strategies at Crestline, in a statement.
Crestline Investors Inc. is an alternative investment management firm founded in 1997 and based in Fort Worth with affiliate offices in London, New York, Toronto, and Tokyo. The firm has approximately $20 billion in assets under management — as of June 30 — and is specialized in private credit strategies, offering a diverse range of investment solutions across its direct lending, opportunistic, and portfolio finance platforms.
Key players in the deal included GreensLedge Capital Markets as the lead placement agent, with NatWest Markets and KeyBanc Capital Markets playing supporting roles. The CLO features a four-month reinvestment period and a 12-month non-call period, ensuring stability for its investors.
“We’re excited to use CLOs as a reliable source of capital to deliver value to our investors through changing market conditions,” said Jeremiah Loeffler, managing director and COO of Credit at Crestline.