Crestline names new head of business development

Crestline Investors, a Texas-based private debt specialist, has hired Frank Jordan as head of business development and client partnerships, a month after the firm announced it had launched a fund restructurings and preferred equity business.

Jordan joins the credit-focused asset manager from GoldenTree Asset Management, where he spent 10 years as partner and head of business development. He raised capital globally, and managed all key consultant and private bank relationships personally.

Previously he was a partner of high yield sales at Wasserstein Perella, and earlier in his career he took on sales and marketing roles at Citibank and Salomon Brothers.

In October, Crestline established a credit and fund restructuring team to assist GPs and LPs exiting their investments outside the secondaries markets. The team, headed by Amit Mahajan and David Philipp, is targeting “niche opportunities,” and is working with GPs to “help maximise the value of their assets.”

In the same month it closed its Crestline Denali Collateralised Loan Obligation XIV, on $361 million. It was the second such fund the firm has closed this year, with fundraising for its predecessor ceasing at $359 million in March.

Fort Worth-headquartered Crestline has around $9.5 billion in assets under management, and specializes in credit and opportunistic investments. It also manages a market-neutral hedge fund.