Investment firm Crestline Investors has raised more than $1.5bn for two new funds.
The Texas-based firm has closed its Crestline Opportunity Fund II on $980m, while its Crestline Recovery Fund III has secured commitments of $738m.
Crestline has now raised $2.7bn across six funds.
Opportunity Fund II will invest in private credit strategies including direct lending, distressed credit, special situations and performing and non-performing loan pools.
Recovery Fund III acquires assets at substantial discounts to their net asset value.
Crestline Investors CEO Douglas Bratton said, “Crestline has deep experience and a strong track record in opportunistic strategies, and we are pleased to have received strong demand for our funds.
“We appreciate the continued support of many long-standing investors and remain committed to delivering superior investment performance to our clients.”
Last year Crestline teamed up with financial firm Kirchner Group to buy underperforming private equity assets, portfolios and funds.
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