Private equity firm Crestview Partners has closed its latest fund, Crestview Partners III, surpassing its USD3 billion target.
The new fund includes over USD3 billion of third-party limited partner capital commitments and USD250 million in general partner participation, including affiliates. Fund III is Crestview's largest fund raised to date.
Fund III will pursue the same investment strategy on which Crestview was founded in 2004 and has closely followed ever since—namely identifying and investing in companies with a contrarian, value orientation. Crestview's investment strategy focuses on opportunities that arise from market dislocations or through proprietary relationships. The firm typically targets USD100–400 million equity investments in companies with enterprise values of up to USD2 billion. Since 2005, following the close of its first fund, Crestview has invested in 25 companies across its three funds, principally in media, energy, financial services, healthcare and industrials.
Co-Founder and CEO Barry Volpert, says: "We are extremely thankful for the loyalty of our limited partners and the support of both new and existing investors. We very much appreciate their confidence and trust in Crestview's entire investment team. We look forward to continuing to invest in great companies in Fund III, especially those going through dislocations, and working with our outstanding management teams to build value and generate strong returns."
Co-Founder Tom Murphy says: "We have great limited partners, and we are honoured by their commitment to Fund III. We believe our LPs value our strategic focus, investment discipline, alignment of interests and management continuity. Of course, our prior funds returned over USD2 billion last year…which was very popular, too!"
