Crescent collects more than $1.7bn for European specialty lending fund

Alternative credit investment firm Crescent Capital Group announced the final closing of its second European specialty lending fund, Crescent European Specialty Lending Fund II, with total limited partner commitments of €1.6 billion ($1.74 billion). The fund has both levered and unlevered sleeves. The scope of the commitments exceeds the fund’s initial €1 billion target as well as Crescent’s initial hard cap. The last specialty lending fund launched by the firm in 2015 raised €500 million of LP capital commitments. The new fund attracted a diverse mix of international institutional investors including leading global pension funds, insurance companies, financial institutions, foundations, and endowments. “The growth in the acceptance of Crescent’s European Specialty Lending strategy is a signal of our consistent and strong performance as well as a testament to the team’s ability to source transactions through our extensive relationship network,” said Christine Vanden Beukel, managing director and head of Crescent’s European Specialty Lending Strategy. “We appreciate our returning and new investors’ confidence in Crescent’s platform to execute on this opportunity.” The $28 billion firm’s fund will continue the firm’s strategy of investing primarily in a diversified portfolio of private secured debt securities issued by European companies, with a focus on directly originated transactions. To date, the firm has committed approximately €400 million across 12 investments. Overall, Crescent has committed more than €1 billion across more than 30 investments in Europe. “Throughout our long history, making private capital investments has been a significant part of Crescent’s platform as we seek the best risk-adjusted returns for our clients,” said Jean-Marc Chapus, managing partner and co-founder of Crescent Capital Group. “Crescent has committed the resources to have multinational investment professionals to source, underwrite and collaborate with some of the leading sponsors and family-owned businesses to realize their business objectives.”

Crescent collects more than $1.7bn for European specialty lending fund

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