New York private equity firm Crestview Partners has closed a fund with $3.25 billion in commitments.
Crestview Partners III LP includes more than $3 billion in limited partner commitments and $250 million in general partner money.
This is the largest fund raised by Crestview, which will use the cash to invest in companies with enterprise values of as much as $2 billion. Crestview generally invests $100 million to $400 million per transaction, and focuses on contrarian businesses in the media, energy, financial services, health care and industrial sectors.
Since 2005, when Crestview closed its inaugural fund, the firm has invested in more than 25 companies through three funds. In total the firm has raised more than $7 billion in equity capital.
Crestview's investments include Endurance Lift Solutions LLC, a company that makes lifts used to help bring oil to the surface from wells. Crestview partnered with B-29 Investments LP to form the company in November. Also in November, the firm agreed to sell Cott Corp., a Canadian producer of private-label soft drinks.
Although dealmakers have said private equity fundraising may have peaked in 2014, several firms have closed funds recently. In January, NGP Energy Capital Management closed a $5.3 billion fund, and before that, Five Point Partners closed a $450 million fund.