Crestline Investors Launches Perpetual BDC Focused on Lower and Core Middle Market Lending 

Crestline Investors, Inc. has announced the launch of the Crestline Lending Solutions Fund (CLSF), a perpetual private Business Development Company (BDC). The vehicle will focus on core and lower middle market direct lending, complemented by tactical allocations to other forms of private credit, offering investors diversified exposure across private credit opportunities. CLSF represents Crestline’s first BDC and commingled perpetual fund. 

“The largest perpetual BDCs face significant overlap in their portfolios, leading to substantial private credit ‘beta’ across these vehicles,” said Chris Semple, Co-Head of U.S. Corporate Credit at Crestline and CEO of CLSF. “We believe our focus on the lower and core middle market, combined with tactical allocations to other private credit strategies, provides investors with an attractive alternative—or complement—to existing perpetual BDC holdings.” 

CLSF will primarily invest alongside Crestline’s direct lending platform, which provides customized financing solutions to both sponsor-backed and non-sponsor-backed companies in the lower and core middle market. Over the past 12 months, the strategy has committed more than $1.9 billion across 46 transactions. 

Founded in 1997 and headquartered in Fort Worth, Texas, Crestline Investors manages approximately $18 billion in credit assets as of June 30, 2025, across its capital solutions, direct lending, and portfolio finance platforms. 

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