Crestview Partners has closed its latest fund, Crestview Partners III, LP surpassing its $3 billion target. The new fund is the largest the firm has ever raised and includes over $3 billion of third-party limited partner capital commitments and $250 million in general partner participation.
“We are extremely thankful for the loyalty of our limited partners and the support of both new and existing investors,” said Co-Founder and CEO Barry Volpert. “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.”
The new fund 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 has found that such opportunities arise from market dislocations or through proprietary relationships. The firm typically invests from $100 million to $400 million of equity in companies with enterprise values of up to $2 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.
“We have great limited partners, and we are honored by their commitment to Fund III,” said Co-Founder Tom Murphy. “We believe our limited partners value our strategic focus, investment discipline, alignment of interests and management continuity. Of course, our prior funds returned over $2 billion last year…which was very popular, too!”
Crestview Partners is headquartered in New York (www.crestview.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-3-15
