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

***

 

$50,000,000

 

Loan to Fund

 

 

Growth Equity Fund

(Healthcare)

 

Growth Capital

 

Feb 2020
***

 

$25,000,000

 

Loan to Portfolio Company
with Fund Guaranty

 

Buyout Fund

(Agriculture)

 

Cure Covenant

 

Feb 2020, Jun 2019
***

 

$75,000,000

 

Loan to Fund

 

 

Buyout Fund

(Special Situations)

 

Buyout LPs; Growth Capital

 

Jan 2020

***

 

$51,740,000

 

Loan to Fund

 

Infrastructure

Fund

 

Buyout of Co-Investor

 

Dec 2019
***

 

$30,000,000

 

Loan to Fund

 

Buyout

Fund

 

LP Distributions

 

Aug 2019
***

 

$44,000,000

 

Loan to Fund

 

Real Estate

Fund

 

Refinance Debt; Growth Capital

 

Jun 2019

***

 

$17,200,000

 

Loan to Portfolio Company
with Fund Guaranty

 

Buyout Fund

(Energy)

 

Buyout of Co-Investor

 

Mar 2019
***

 

$38,500,000

 

Loan to Fund

 

 

Buyout

Fund

 

Buyout of Co-Investor

 

Mar 2019
***

 

$10,000,000

 

Loan to Fund

 

 

Intellectual
Property Fund

 

Working Capital

 

Dec 2018

***

 

$39,400,000

 

Loan to Fund

(including two upsizes)

 

Growth Equity Fund

(Healthcare)

 

Growth Capital

 

Oct 2018, May 2018, Nov 2017
***

 

$20,000,000

 

Loan to Portfolio
Company with Fund Guaranty

 

Infrastructure
Fund

 

Growth Capital

 

Sep 2018
***

 

$21,000,000

 

Loan to Fund

 

Buyout

Fund

 

Acquiition Financing; Growth Capital

 

Jun 2018

***

 

$32,000,000

 

Loan to Fund

 

 

Buyout Fund

(SBIC)

 

Refinance SBIC Debt

 

Jun 2018
***

 

£33,500,000

 

Loan to Fund

 

 

Buyout and Growth

Equity Fund

 

Growth Capital

 

Mar 2018
***

 

$21,000,000

 

Loan to Fund

 

 

Buyout

Fund

 

Growth Capital

 

Mar 2018

***

 

$44,000,000

 

Preferred Equity
to Fund

 

Buyout

Fund

 

LP Distributions; Growth Capital

 

Jun 2017
***

 

$14,630,000

 

Loan to Portfolio Company
with Fund Guaranty

 

Buyout Fund

(Power)

 

Project Finance

 

Jun 2017
***

 

$75,000,000

 

Preferred Equity
to Fund

 

Buyout

Fund

 

LP Distributions

 

Mar 2017