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Crestline-Kirchner assumes management of Medley Opportunity Fund I

Crestline-Kirchner has replaced Medley Capital as the investment manager of Medley Opportunity Fund Ltd. and Medley Opportunity Fund (MOF I Funds).  

In conjunction with the transition, the MOF I Funds have been renamed CK Pearl Fund Ltd and CK Pearl Fund LP, respectively. Following consultation with fund investors, the offshore fund's board of directors and Medley, the foregoing selected Crestline-Kirchner as the replacement investment manager for the MOF I Funds.

Crestline-Kirchner is a specialty investment firm that employs a proprietary "Successor GP" model to deliver human and financial resources to alternative investment funds that are typically at the end of their life or undergoing a structural transformation. Crestline-Kirchner is a partnership launched in 2013 combining the robust Crestline Investors investment platform with the hands-on operational approach to building and realising value in private assets developed within the Kirchner Group. Crestline-Kirchner, including engagements by the Kirchner Group prior to the partnership with Crestline Investors, has participated in seven transactions representing more than 100 investors and 107 portfolio companies.

"Our goal is to try and maximise portfolio value by delivering investment and operating expertise tailored to the assets, investing new capital where required and re-aligning the key stakeholders. Historically we have focused exclusively on VC and PE funds, but we have realised there are a number of similar assets trapped in hedge fund structures so we have expanded our scope," says Bud Kirchner, President of Crestline-Kirchner.

"It has been a pleasure working with the Crestline-Kirchner team throughout their portfolio assessment, triage strategy and implementation. The residual assets in the funds and corresponding opportunities to monetise the holdings effectively for investors are tailor made for a group like this. Their ability to navigate a complex transaction and also handle a wide range of asset classes and disparate holdings allowed us to engage a single group with confidence," said Michael Pearson, board director from Fund Fiduciary Partners, who specialises in complex situations and approved the selection of Crestline-Kirchner.

"We recently purchased the position in this fund on the secondary market in anticipation of bringing the Crestline-Kirchner team to take over and oversee the portfolio. The new manager's skill set is very well matched for the remaining assets. Their approach, historical success, transparency and actions are consistent with what we would expect from a group that specialises in creating and harvesting value in the post-investment period," says Claudio Phillips, Managing Principal, MB Global Partners.

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