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Crestview collects $2.4bn for Fund III, bears down on $3bn target

3 Sep 2014

50dollarsNew York-based private equity firm Crestview Partners is reportedly homing in on its target for its third fund after pulling in about $2.4bn for the vehicle.

AltAssets revealed last November that the firm was targeting $3bn for Fund III, and is well on the way according to Reuters, which cited a person with knowledge of the matter.

The new fund has roughly equalled the $2.4bn it gathered for Fund II in 2009, and could now turn its sights towards its $3.5bn hard cap.

Crestview, which was founded by ex-Goldman private equity executives Barry Volpert and Tom Murphy in 2004, raised $1.5bn for their debut fund a year later.

PAS Advisory Services, Emerald Point Capital and Magenta Capital Services are acting as placement agents for the fund according to the most recent filing with the US securities regulator.

Crestview focuses on the financial services, media, healthcare and energy sectors. Its portfolio companies currently have combined revenues of $9bn and an EBITDA of $3bn.

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