Top 12

CRESTLINE FUND LIQUIDITY SOLUTIONS

 

Crestline’s Fund Liquidity Solutions Group (“Crestline FLS”) provides custom financing and capital solutions to private equity funds and other private asset vehicles seeking additional capital to support, grow and protect underlying portfolio companies and opportunistically provide liquidity to investors.

 

To date, our solutions have satisfied a wide use of proceeds including:

 

NAV Enhancement:
✓ Follow-on investments into portfolio holdings to support growth initiatives and acquisitions
✓ Buying out co-investors in portfolio companies at a discount
✓ Project financing or development capital to progress business plans

 

NAV Preservation:
✓ Protective investments in portfolio holdings requiring more time and/or balance sheet clean up prior to exit
✓ Cure debt covenant breaches at portfolio companies

 

Portfolio Management:
✓ Early (partial) liquidity to existing LPs without premature sales of portfolio companies
✓ Bridge financing in between fund closures
✓ Warehouse financing for acquisitions and future syndication

 

For more information, please contact David Philipp, dphilipp@crestlineinc.com or Amit Mahajan, amahajan@crestlineinc.com

 

INVESTMENT PARAMETERS

 

SIZE

  • $10mm - $250mm

 

TERM

  • 1-5 Years

 

GEOGRAPHY

  • Primarily North America and Western Europe
INDUSTRY FOCUS

  • Primary: traditional industries and operating companies

  • Secondary: real estate and infrastructure
PORTFOLIO CHARACTERISTICS

  • Multiple remaining investments

  • Mature companies, cash flow positive

  • Minority or majority shareholding

  • Debt or equity stakes in portfolio companies

 

STRUCTURE

 

  • Provide capital to a fund or directly to one or more underlying companies (with fund-level guaranty)

  • Flexible Structure: Senior Debt or Preferred Equity

  • Flexible Interest: PIK, Cash

  • Flexible Principal Repayment: Amortizing or Contingent on exit of portfolio

 

USE OF PROCEEDS

 

  • Early distribution to LPs

  • Support follow-on investments

  • Buyout LP interest of departing LPs

  • Buyout GP interest of departing GPs

  • GP management company related working capital or acquisition financing

  • Bridge to close secondary PE deals, especially Fund Restructurings
REPRESENTATIVE CLOSED TRANSACTIONS

***

 

$18,000,000

 

Loan to Portfolio Company
with Fund Guaranty

 

US Energy

Fund

 

Buyout of Co-investor

 

Mar 2019
***

 

$39,000,000

 

Loan
to Fund

 

Asian

Fund

 

Buyout of Co-investor

 

Mar 2019
***

 

$10,000,000

 

Loan
to Fund

 

Intellectual
Property Fund

 

Working Capital

 

Dec 2018

***

 

$20,000,000

 

Loan to Portfolio Company
with Fund Guaranty

 

US Energy

Fund

 

Working Capital

 

Sep 2018
***

 

$21,000,000

 

Loan
to Fund

 

US Buyout

Fund

 

Acquisition Finance

 

Jun 2018
***

 

$32,000,000

 

Loan
to Fund

 

SBIC Growth

Equity Fund

 

Refinance Fund Debt (SBA)

 

Jun 2018

***

 

$35,000,000

 

Loan
to Fund

 

US Real

Estate Fund

 

Exit Finance and Project Finance

 

May 2018
***

 

$21,000,000

 

Loan to Portfolio Company
with Fund Guaranty

 

Global Growth

Equity Fund

 

Growth Capital

 

Mar 2018
***

 

£34,000,000

 

Loan
to Fund

 

Global Diversified

Fund

 

Growth Capital

 

Mar 2018

***

 

$39,000,000

 

Loan
to Fund

 

Global Healthcare

Fund

 

Growth Capital, Debt Refinance

 

Nov 2017, Mar 2018, Oct 2018
***

 

$14,000,000

 

Loan to Portfolio Company
with Fund Guaranty

 

US Power

Fund

 

Project Finance

 

Jun 2017
***

 

$22,000,000

 

Preferred Equity
to Fund

 

US Specialty

Finance Fund

 

Buyout of LPs, Growth Equity

 

Mar 2017

***

 

$119,000,000

 

Preferred Equity
to Fund

 

US Buyout

Fund

 

LP Distribution, Debt Refinance

 

Mar 2017
***

 

$20,000,000

 

Loan to Portfolio Company
with Fund Guaranty

 

US Growth

Equity Fund

 

Growth Capital

 

Dec 2016
***

 

$157,000,000

 

Preferred Equity to Fund

 

Renewable

Infrastructure Fund

 

Buyout of LPs, Debt Refinance, Growth Equity

 

Dec 2016