Crestview Partners Closes Continuation Fund for Two Fund III Investments With Nearly $600 Million of Commitments
- Editor
- Apr 1
- 2 min read
Whats Happening:
Crestview Partners has successfully closed a continuation fund with nearly $600 million in commitments for two investments from its Fund III: VA Capital Company LLC (Venerable) and ATC Drivetrain Investors L.P. / ATC Drivetrain Group LLC. Apollo's Sponsor and Secondary Solutions business (Apollo S3) led the transaction, with additional investments from Hamilton Lane, the Crestview team, and others. This move aims to support strategic investments and acquisition opportunities for Venerable and ATC while providing liquidity options for Fund III limited partners.
Key Moves:
Crestview Partners closes continuation fund with nearly $600 million in commitments
Apollo S3 leads the transaction with additional investments from Hamilton Lane and others
Fund supports strategic investments for Venerable and ATC while offering liquidity to Fund III LPs
By The Numbers:
Continuation fund raised nearly $600 million in commitments
Crestview manages funds with approximately $10 billion of aggregate capital commitments
Apollo had total assets under management of approximately $751 billion as of December 31, 2024
Key Quotes:
"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," said Barry Volpert, Co-Founder and CEO of Crestview.
"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," said Bob Delaney, a Partner at Crestview.
"We believe this transaction offers strong alignment and demonstrates the types of bespoke capital solutions that S3 can provide to leading GPs," said Konnin Tam, Partner & Co-Head of Apollo S3.
Bottom Line:
Crestview Partners' successful closure of a $600 million continuation fund for two Fund III investments demonstrates the fund's ability to provide flexible options for both investors and portfolio companies. This transaction, led by Apollo S3, not only offers liquidity to existing limited partners but also secures additional capital and time for strategic growth initiatives at Venerable and ATC. The move highlights the evolving landscape of private equity, where continuation vehicles are becoming increasingly important tools for value creation and investor alignment.
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