Crestline Investors announced today the successful closing of its third commingled net asset value (NAV) financing fund, Portfolio Finance Sentry Fund (PF Sentry), with $1.7 billion in capital commitments. This milestone reinforces Crestline’s ongoing commitment to providing innovative alternative investment and liquidity solutions amid a challenging and volatile exit environment.
PF Sentry, which includes capital commitments across its main vehicle, related accounts, and anticipated leverage, is designed to offer flexible capital to private equity and private asset managers. The fund supports acquisition and growth initiatives as well as portfolio restructuring efforts.
Headquartered in Fort Worth, Texas, Crestline Investors is an established alternative asset manager with over $16 billion in credit-focused assets under management. The firm has been active in NAV lending for more than a decade, offering fund managers the ability to borrow against the net asset value of their portfolios without necessitating asset sales. This financing provides liquidity to acquire new assets, support portfolio companies, or address fund-level obligations.
“As the private markets face extended holding periods and increasing macroeconomic uncertainty, the demand for liquidity solutions has grown significantly,” said Dave Philipp, Partner and Head of Fund Liquidity Solutions at Crestline. “Our flexible capital base and structuring expertise position us well to meet this demand.”
The PF Sentry fund focuses on larger, diversified transactions involving high-quality sponsors. Since inception, Crestline has completed nine deals from the fund across sectors such as real estate, buyouts, and opportunistic credit, with activity spanning North America and Europe.
The fund attracted a global investor base, including public and corporate pensions, sovereign wealth funds, asset managers, and family offices. Since launching the NAV financing strategy, Crestline has executed more than $3.3 billion in NAV-based transactions, managed by a dedicated 14-person team.
