Private equity

The private equity and credit firm has hired Olli Heinila, a professional with primary, secondaries and co-investment experience.

Crestline, which is based in Texas, has shifted towards the preferred equity niche. Secondaries Investor caught up with the firm’s head of PE credit and fund restructuring to talk deal sourcing and increased interest in preferred equity.

While offering some concessions, the US Treasury Department said overall limits to private equity investment by banks should remain in place.

One of the interests sold in the manager’s 2006-vintage distressed fund was a $100m stake held by Ontario Teachers’ Pension Plan, Secondaries Investor has learned.

The investment manager’s latest secondaries vehicle is seeking 60% more than the target of its predecessor 2012-vintage fund.

The advisory firm and placement agent is also planning to open a second Asia office in Singapore.

As much as 30% of the fund will be invested in secondaries and direct co-investments.

Andreas Baumann will take global responsibility for both units amid a wider reshuffle in top management.

Amid high pricing for secondaries, the firm is focusing on committing to vehicles in fundraising that have already held a first close and have made a few investments.

Secondaries funds take full advantage of subscription lines, but subscription lines also benefit from the secondaries market.