Fort Worth, Texas–based fund of funds Crestline Investors, founded in 1997, specializes in buying hedge fund stakes in the secondary market. It partnered with institutional money manager Kirchner Group in 2013 to buy, manage and invest in underperforming private equity assets, portfolios and funds. The firm believes some $100 billion lies in these so-called zombie funds that hold investment assets past their holding periods. Crestline closed two new funds in 2014 in a move to expand its opportunistic strategies. The firm raised about…
