Crestview Partners has successfully closed a continuation fund encompassing two Crestview Partners III portfolio companies – VA Capital Company and ATC Drivetrain Investors/ATC Drivetrain Group – securing nearly $600m in commitments.
Apollo’s Sponsor and Secondary Solutions (S3) platform led the transaction, with additional capital commitments from funds managed by Hamilton Lane, the Crestview team, and other institutional investors.
The continuation fund is designed to support strategic growth initiatives and acquisition opportunities for both Venerable and ATC, while simultaneously providing liquidity options to existing Fund III limited partners and reinforcing the strong performance of these investments to date.
As part of the transaction, investors have agreed to contribute their pro-rata share of additional capital to drive further expansion and M&A activity. Crestview also extended its Fund III limited partners a range of liquidity options, including a full exit, a status quo rollover, or the opportunity to reinvest in the continuation fund alongside the new capital commitments.
Lazard acted as exclusive financial advisor to Crestview, while Davis Polk & Wardwell and Paul, Weiss, Rifkind, Wharton & Garrison provided legal counsel. Weil, Gotshal & Manges served as legal counsel to Apollo S3.
