Crestview seeks USD4 billion for third fund

November 8
7:40 PM 2013

New York-based private equity group Crestview Partners started raising USD3 billion for its third fund, Crestview Partners III LP. This was revealed by a source and a SEC document that was filed recently, according to a report published by PE Hub.

The firm's fundraising was reported earlier this week by Term Sheet. With a targeted value of USD3 billion, Crestview's third fund would be the biggest pool as of late. Its second fund gathered a total of USD2.4 billion in 2007. The firm's first fund was at USD1.5 in 2005.

According to CalPERS, Crestview's second fund generated 15.2% net IRR as of the first quarter, said the report.

Crestview was founded by Goldman Sachs and Morgan Stanley executives in 2004. This firm now focuses on the middle market and its investments revolve around media, financial services, energy, and health care, the report stated.

The New York firm's recent activities included the acquisitions of auto OEM supplier Stackpole International for USD512 million, asset management group Victory Capital Management for USD246 million, and beverage company DS Water of America, PE Hub reported.

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