– Crestview Partners announced the successful close of a continuation fund with nearly $600 million in commitments.
– The fund includes two Fund III portfolio companies: Venerable and ATC Drivetrain.
– Apollo’s Sponsor and Secondary Solutions business (Apollo S3) led the transaction, joined by Hamilton Lane, the Crestview team, and other investors.
– The continuation fund provides liquidity to Fund III limited partners and supports continued growth and acquisitions for Venerable and ATC.
– Barry Volpert, Co-Founder and CEO of Crestview, stated: “We are pleased to offer our investors an option for liquidity or to continue to participate in the value creation and acquisition opportunities that we plan to pursue over the next few years.”
– Robert Delaney, Partner at Crestview, added: “While we remain committed to pursuing exits in Fund III, Venerable and ATC are at exciting inflection points, and we believe this transaction provides the advantages of additional time and capital to support further growth opportunities.”
– Fund III limited partners could choose from a full liquidity option, status-quo rollover, or reinvestment into the continuation fund.
– Konnin Tam, Partner & Co-Head of Apollo S3, commented: “We are pleased to partner with the Crestview team and support the continued growth of Venerable and ATC, two differentiated businesses with new strategic initiatives underway.”
– Lazard served as exclusive financial advisor to Crestview; legal counsel was provided by Davis Polk & Wardwell LLP.
