# Crestline Management, L.P.

> Crestline Management, L.P. is an SEC-registered investment advisory firm in Fort Worth, TX, registered since 2002, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 28, 2026.

- CRD: 122711
- Filed as: CRESTLINE MANAGEMENT, L.P.
- Also doing business as: CRESTLINE ASIA SUB, L.P., CRESTLINE CANADA SUB, L.P. - RELYING ADVISER, CRESTLINE RESEARCH ASSOCIATES SUB, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Fort Worth, TX
- Filing period: October 2026
- Form ADV filing dated: August 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/122711
- AdvisorCensus page: https://advisorcensus.com/firm/crestline-management-l-p-fort-worth-tx-122711

## Quick answers

**How is Crestline Management, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Crestline Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is Crestline Management, L.P. located?**
Crestline Management, L.P.'s principal office is in Fort Worth, TX, according to its Form ADV; the September 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Crestline Management, L.P. registered with the SEC or a state?**
Crestline Management, L.P. is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 122711.

**How much does Crestline Management, L.P. manage?**
Crestline Management, L.P. reports $22,509,958,896 in regulatory assets under management in its Form ADV filing dated August 28, 2026 (100% discretionary).

**How have Crestline Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Crestline Management, L.P.: Regulatory assets under management: $17,434,951,643 in the October 2021 data and $22,509,958,896 in the October 2026 data, up 29%. Total employees: 150 in October 2021 and 195 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Crestline Management, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (100); sovereign wealth funds and foreign official institutions (16); pension and profit sharing plans (but not the plan participants or government pension plans) (9).

**Does Crestline Management, L.P. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/122711

**Does Crestline Management, L.P. state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "Crestline generally requires investors in its fund clients to be qualified purchasers, as defined in the Investment Company Act and generally requires a minimum investment of $1,000,000, although Crestline may accept and has accepted lesser amounts."

**What changed in Crestline Management, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 107 to 113.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Account minimum: $1,000,000

> Crestline generally requires investors in its fund clients to be qualified purchasers, as defined in the Investment Company Act and generally requires a minimum investment of $1,000,000, although Crestline may accept and has accepted lesser amounts.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $22,509,958,896
- Discretionary: $22,509,958,896
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Business development companies | 1 | $549,604,051 |
| Pooled investment vehicles (other than investment companies and business development companies) | 100 | $12,586,340,566 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 9 | $4,844,929,579 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $800,488,369 |
| Other investment advisers | Fewer than 5 | $131,829,295 |
| Insurance companies | 5 | $2,614,408,804 |
| Sovereign wealth funds and foreign official institutions | 16 | $884,622,731 |
| Corporations or other businesses not listed above | Fewer than 5 | $97,735,501 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2002 (23 years)
- Employees: 195 total, 113 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Dallas, TX
- New York, NY
- Toronto

### Websites listed on Form ADV (Item 1.I)
- crestlineinvestors.com
- LinkedIn @crestline-investors-inc.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $17,434,951,643 | 150 | August 27, 2021 |
| October 2022 | $20,096,895,576 | 161 | August 29, 2022 |
| October 2023 | $20,824,607,947 | 203 | March 31, 2023 |
| October 2024 | $24,537,485,205 | 218 | August 29, 2024 |
| October 2025 | $20,492,502,090 | 176 | May 30, 2025 |
| October 2026 | $22,509,958,896 | 195 | August 28, 2026 |

Regulatory assets under management: $17,434,951,643 in the October 2021 data and $22,509,958,896 in the October 2026 data, up 29%.
Total employees: 150 in October 2021 and 195 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 107 to 113.

### January 2026
- No longer lists the business name Crestline Canada, Inc. - Relying Adviser.
- No longer lists the business name Crestline Asia, Inc..
- Added the business name Crestline Asia SUB, L.P..
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Crestline Management, L.P. (CRD 122711): Form ADV filing data as of October 2026.