Crestline Investors raises $1.34bn

Crestline Investors closed its third opportunistic credit fund, Crestline Opportunity Fund III, on $1.34 billion.

The fund, which was oversubscribed, will continue the firm’s strategy of providing North American and European firms with distressed credit, direct lending, and structured finance solutions in bitesizes up to $50 million.

Investors in Opportunity Fund III include the Arizona Public Safety Personnel Retirement System (PSPRS), the Chicago Policemen’s Annuity & Benefits Fund and the San Joaquin County Employees’ Retirement Association.

The Fort Worth-based firm’s predecessor vehicle, Crestline Opportunity Fund II, closed in 2014 on $980 million.