Crestline Management, L.P.
SEC-registered
Insurance-Affiliated · Large ($10B–$100B)
CRD 122711
· SEC file 801-61607
· Fort Worth, TX
· WWW.CRESTLINEINVESTORS.COM
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $22.5B
- Discretionary
- $22.5B
- Clients
- 131
- Avg AUM / client
- $172M
- Accounts
- 135
- Employees
- 195
AUM over time
$6.3B
$24.5B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Business development companies | 1 | $550M | 2.44% |
| Pooled investment vehicles (non-investment companies) | 100 | $12.6B | 55.9% |
| Pension and profit sharing plans | 9 | $4.8B | 21.5% |
| State or municipal government entities | Fewer than 5 clients | $800M | 3.56% |
| Other investment advisers | Fewer than 5 clients | $132M | 0.59% |
| Insurance companies | 5 | $2.6B | 11.6% |
| Sovereign wealth funds and foreign official institutions | 16 | $885M | 3.93% |
| Corporations and other businesses | Fewer than 5 clients | $97.7M | 0.43% |
Private funds (49)
View all →Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $17.9B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Crestline Summit Master, Spc Peak Sp master | Hedge Fund | Cayman Islands | $3.2B | 51 |
| Crestline Summit Pinnacle Master, L.P. master | Hedge Fund | Cayman Islands | $2.0B | 16 |
| Crestline Opportunity Fund V Master Fund, L.P. master | Hedge Fund | Cayman Islands | $1.8B | 253 |
| Crestline Summit Master, Spc Apex Sp master | Hedge Fund | Cayman Islands | $1.8B | 5 |
| Crestline Specialty Lending Iii, L.P. master | Hedge Fund | Cayman Islands | $1.7B | 94 |
| Crestline Opportunity Fund Iv Master Fund, L.P. master | Hedge Fund | Cayman Islands | $1.3B | 187 |
| Crestline Specialty Lending Ii, L.P. master | Hedge Fund | Cayman Islands | $860M | 81 |
| Crestline Portfolio Financing Fund Ii, L.P. master | Hedge Fund | Cayman Islands | $593M | 96 |
| Crestline Pf Sentry Fund, Scsp master | Hedge Fund | Luxembourg | $584M | 6 |
| Crestline Structured Note Issuer I Llc | Hedge Fund | Delaware | $500M | 2 |
| Crestline Direct Lending Iv, Scsp master | Hedge Fund | Luxembourg | $461M | 15 |
| Crestline Opportunity Fund Iii (Ireland), Dac master | Hedge Fund | Ireland | $405M | 101 |
| Crestline Opportunity Fund Iii (Europe) Master Fund D Scsp master | Hedge Fund | Luxembourg | $363M | 81 |
| Crestline Direct Lending Ul Master Fund, Scsp master | Hedge Fund | Luxembourg | $340M | 19 |
| Crestline Portfolio Financing Fund, L.P. master | Hedge Fund | Cayman Islands | $297M | 104 |
People (14)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Douglas Kelvin Bratton | Sole Shareholder | Dec 1997 (29y) | ≈ 0% – 5% via Crestline Investors, Inc. | |
| Cochran, John, S. | Limited Partner/Chief Operations Officer | Jun 2001 (25y) | ≈ 1.25% – 5% via Cochran Family Partners, L.P. | |
| Cooley, Caroline, Ann | Limited Partner | Jun 2001 (25y) | 5% – 10% | |
| Bass, Edward | Member | Jul 2005 (21y) | 75% or more of Fine Line Gp Llc (indirect) | |
| Payan, Jesus, Humberto | Limited Partner/Chief Legal Officer | Jan 2007 (20y) | Less than 5% | |
| Bowen, Martin, Coleman | Member | Apr 2007 (19y) | 75% or more of Bow'n Arrow Genpar, Llc (indirect) | |
| Sassman, Camille | Chief Financial Officer | Jan 2012 (15y) | Less than 5% | |
| Williams, Keith, Frederick | Limited Partner/Co Cio | May 2016 (10y) | Less than 5% | |
| Roberts, Paula, Baty | Chief Compliance Officer | Mar 2017 (9y) | Less than 5% | |
| Semple, Christopher, J | Limited Partner | Jun 2018 (8y) | Less than 5% | |
| Jordan, Frank, Batton | Limited Partner | Jan 2020 (7y) | Less than 5% | |
| Philipp, David, Bf | Limited Partner | May 2021 (5y) | Less than 5% | |
| Cochran, Dawn, Sheree | Limited Partner | Jul 2021 (5y) | ≈ 1.25% – 5% via Cochran Family Partners, L.P. | |
| Palmer, William, E | Limited Partner | Apr 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Thru Line, L.P. | Limited Partner | Jan 2016 | A | 25% – 50% |
| Cochran Family Partners, L.P. | Limited Partner | Jul 2021 | A | 5% – 10% |
| Crestline Investors, Inc. | General Partner | Jan 1998 | A | Less than 5% |
| Light Tree, L.P. | Limited Partner | Dec 2016 | A | Less than 5% |
| Agapekladi, L.P. | Limited Partner | Oct 2019 | A | Less than 5% |
| Bow 'N Arrow Partners, L.P. | Limited Partner | Jul 2006 | A | Less than 5% |
| Fine Line L.P. | Limited Partner | Jul 2005 | B | ≈ 18.75% – 50% via Thru Line, L.P. |
| Bow'n Arrow Genpar, Llc | General Partner | Apr 2007 | B | GP / trustee / elected manager of Bow'n Arrow Partners, L.P. (indirect) |
| Thru Line Gp Llc | General Partner | Jul 2005 | B | GP / trustee / elected manager of Thru Line, L.P. (indirect) |
| Fine Line Gp Llc | General Partner | Jul 2005 | B | GP / trustee / elected manager of Fine Line L.P. (indirect) |
| Parhelion Growth, Llc | General Partner | Dec 2016 | B | GP / trustee / elected manager of Light Tree, L.P. (indirect) |
| Mb Management Trust | Member | Dec 2016 | B | GP / trustee / elected manager of Parhelion Growth, Llc (indirect) |
| Agapekladi Genpar, Llc | General Partner | Oct 2019 | B | GP / trustee / elected manager of Agapekladi, L.P. (indirect) |
| Akb Management Trust | Member | Oct 2019 | B | GP / trustee / elected manager of Agapekladi Genpar, Llc (indirect) |
| Jdc Partners, Llc | General Partner | Jul 2021 | B | GP / trustee / elected manager of Cochran Family Partners, L.P. (indirect) |
Undisclosed: 0% – 55% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Douglas Kelvin Bratton: 75% – 100% of Crestline Investors, Inc. × 0% – 5% direct ≈ 0% – 5% of the firm
- Cochran, John, S.: 25% – 50% of Cochran Family Partners, L.P. × 5% – 10% direct ≈ 1.25% – 5% of the firm
- Cochran, Dawn, Sheree: 25% – 50% of Cochran Family Partners, L.P. × 5% – 10% direct ≈ 1.25% – 5% of the firm
- Fine Line L.P.: 75% – 100% of Thru Line, L.P. × 25% – 50% direct ≈ 18.75% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (49, $17.9B gross assets)
Top 25 of 49 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 14.8 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • SEE MISCELLANEOUS SECTION
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗