Crestview closes third fund on over $3bn

The fund includes a GP commitment of $250 million

New York-based Crestview Partners has closed its third fund on over $3 billion after just over a year in market.

The fund includes a $250 million commitment from the GP and its affiliates and is the firm’s largest fund to date.
Crestview declined to comment on fundraising.

Like its predecessor funds, the new vehicle will pursue buyouts and opportunistic value investments. Typical investment size ranges from $100-400 million in equity for companies with enterprise value of up to $2 billion.

Known investors in Fund III include the Texas Teachers Retirement System, and the South Carolina Retirement System Investment Commission. The pensions committed $227 million and $75 million respectively, PEI reported.

Fund II closed on $2.4 billion in 2009, and was generating a 16.6 percent net IRR as of June 30, 2014 according to CalPERS performance data.

Fund III is already partially invested. In November, Crestview announced a strategic relationship with B-29 Investments to form Endurance Lift Solutions, a provider of artificial lift products for the oil and gas industry.

B-29 Investments is the family office of John Schmitz, the chairman and CEO of Select Energy Services in North America. The transaction was valued at approximately $200 million.