Credit Firm Crestline Said to Explore Options Including a Sale

Crestline, an alternative-asset manager, is exploring strategic options including a sale, according to people familiar with the matter.

The Fort Worth, Texas-based firm is working with an adviser as it solicits interest from potential suitors, said one of the people, who asked not to be identified discussing confidential information.

Founded in 1997, Crestline had more than $18 billion of assets under management at the end of last year. The firm specializes in credit and so-called opportunistic investments.

A Crestline spokesman declined to comment.

The firm, which provides capital to middle-market companies, is led by founding partner Douglas Bratton, ...