FORT WORTH, Texas – 28 January 2015 – Crestline-Kirchner, L.P., today announced it has replaced Medley Capital LLC as the investment manager of Medley Opportunity Fund Ltd. and Medley Opportunity Fund LP (together, the “MOF I Funds”). In conjunction with the transition, the MOF I Funds have been renamed CK Pearl Fund Ltd. and CK Pearl Fund LP, respectively. Following consultation with fund investors, the offshore fund’s board of directors and Medley, the foregoing selected Crestline-Kirchner as the replacement investment manager for the MOF I Funds.

Crestline-Kirchner is a specialty investment firm that employs a proprietary “Successor GP” model to deliver human and financial resources to alternative investment funds that are typically at the end of their life or undergoing a structural transformation. Crestline-Kirchner is a partnership launched in 2013 combining the robust Crestline Investors investment platform with the hands-on operational approach to building and realizing value in private assets developed within the Kirchner Group. Crestline-Kirchner, including engagements by the Kirchner Group prior to the partnership with Crestline Investors, has participated in 7 transactions representing more than 100 investors and 107 portfolio companies.

“Our goal is to try and maximize portfolio value by delivering investment and operating expertise tailored to the assets, investing new capital where required and re-aligning the key stakeholders. Historically we have focused exclusively on VC and PE funds, but we have realized there are a number of similar assets trapped in hedge fund structures so we have expanded our scope,” said Bud Kirchner, President of Crestline-Kirchner.

“It has been a pleasure working with the Crestline-Kirchner team throughout their portfolio assessment, triage strategy and implementation. The residual assets in the funds and corresponding opportunities to monetize the holdings effectively for investors are tailor made for a group like this. Their ability to navigate a complex transaction and also handle a wide range of asset classes and disparate holdings allowed us to engage a single group with confidence,” said Michael Pearson, board director from Fund Fiduciary Partners, who specializes in complex situations and approved the selection of Crestline-Kirchner.

“We recently purchased the position in this fund on the secondary market in anticipation of bringing the Crestline-Kirchner team to take over and oversee the portfolio. The new manager’s skill set is very well matched for the remaining assets. Their approach, historical success, transparency and actions are consistent with what we would expect from a group that specializes in creating and harvesting value in the post-investment period,” said Claudio Phillips, Managing Principal, MB Global Partners.

About Crestline-Kirchner Private Equity Group
Crestline-Kirchner Private Equity Group was formed in 2013 as a joint venture between Crestline Investors, Inc. and Bud Kirchner, founder of the Kirchner Group, who brings a long track record of executing this “Successor GP” strategy and is often credited as its pioneer. Crestline-Kirchner acquires and manages portfolios of private assets made available through restructurings, orphaned portfolios, manager transitions, end of fund life scenarios and related special situations. The joint venture allows Crestline-Kirchner to deliver experience-driven entrepreneurial solutions within the operational framework of an institutionally scaled and regulated platform. In addition to the investment professionals within the joint venture, Crestline-Kirchner leverages the complimentary resources of both firms.

For more information, please contact David Philipp at dphilipp@crestline-kirchner.com.

About Crestline Investors
Crestline Investors is an institutional alternative investment management firm based in Fort Worth, Texas. Founded in 1997, Crestline manages $9.6 billion in client assets across separately managed accounts and commingled funds, for institutional investors. Investment solutions for clients include: (1) opportunistic and credit strategies, (2) hedge fund and beta solutions, (3) end of life hedge fund and private equity restructuring and (4) fiduciary co-investment programs. Crestline has 122 employees with 67 investment professionals across its offices in Fort Worth, New York, Toronto, Oak Brook and Tokyo. For more information about Crestline, please contact David Philipp or visit www.crestlineinvestors.com.

About Kirchner Group
The Kirchner Group believes that every business, and every portfolio of businesses, can be made more valuable and that none should become valueless, regardless of the circumstances. Kirchner Group’s proprietary platform is built on the premise that pairing deep domain expertise with process experts provides superior results. Kirchner Group has provided traditional merchant banking services since 1985 and offers advisory, operational and transactional support to companies as well as asset management services for institutional investors. The group’s clients and partners range from promising entrepreneurs to Fortune 500 companies and their investors. Kirchner Group also manages assets for some of the largest insurance companies, commercial banks and institutional investors in the world. For more information about Kirchner Group please visit www.kirchnergroup.com.