Crestview Partners closed Crestview Partners III at more than $3 billion in limited partner capital commitments and $250 million in general partner participation, the company announced Tuesday.
The middle-market buyout fund targets companies with a “contrarian, value orientation,” a company news release said, typically investing $100 million to $400 million in companies with up to $2 billion in enterprise value.
It is the largest fund close for the company, which was founded in 2004. The first two funds closed at $1.5 billion and $2.4 billion, respectively, spokesman Jeffrey Taufield said.
Investors in the fund include the $129 billion Texas Teacher Retirement System, Austin; $87.4 billion North Carolina Retirement Systems, Raleigh; South Carolina Retirement System Investment Commission, Columbia, which oversees the investments of the $29.2 billion South Carolina Public Employee Benefit Authority; and $16 billion Kentucky Retirement Systems, Frankfort.