Crestline said there are $100bn of assets managed by so-called zombie funds, or funds that are past their investment periods.
It added that a number of institutional investors are looking to restructure these funds and rationalise their portfolios.
Kirchner Group chairman Bud Kirchner said, “This partnership provides tremendous validation of a model that we pioneered years ago at Kirchner Group.
“Limited partners are realizing that there are alternative solutions to underperforming funds, and now is the right time for us to scale up to meet rapidly increasing market demand.
“I am excited to join with Crestline to continue building on the business lines that we have developed, giving us the institutional infrastructure and access to capital to best serve investors.”
Fort Worth, Texas-based Crestline currently has $7.2bn under management.
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