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Crestline Opportunity Fund III closes

Crestline Investors closed its latest credit fund, Crestline Opportunity Fund III and related managed accounts, with a combined $1.34 billion, exceeding the firm's fundraising target, according to a news release.

The fund will make credit investments in primary and secondary credit markets in North America and Europe.

The prior fund, Crestline Opportunity Fund II, closed in 2014 at $980 million.

Investors in the latest credit fund include the $9.3 billion Arizona Public Safety Personnel Retirement System, Phoenix, and the $2.5 billion San Joaquin County Employees' Retirement Association, Stockton, Calif.