Crescent Capital Group has raised €3bn (£2.6bn) on the remaining shut of its third European specialty lending fund, beating its preliminary goal by €1bn.
The choice credit score funding agency stated that the Crescent European Specialty Lending Fund III (CESL III) attracted a various mixture of worldwide institutional traders together with pension funds, insurance coverage corporations, monetary establishments, foundations, and endowments.
The fund – which has each levered and unlevered sleeves – raised considerably greater than its predecessor, Crescent European Specialty Lending Fund II, which raised €1.8bn by its remaining shut in April 2020.
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Crescent’s European specialty lending technique started investing in Europe in 2014 and focuses on sponsor-backed European mid-market corporations with an EBITDA of €5m to €25m.
CESL III has already dedicated round €800m throughout 16 transactions.
“The profitable closing of our third European specialty lending fund is a testomony to Crescent’s dedication to offering versatile capital options to center market European corporations,” stated Christine Vanden Beukel, managing director and head of Crescent’s European specialty lending technique.
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“As one of many early entrants into direct lending in Europe, we have now developed a longstanding monitor report of constant and powerful efficiency in addition to in depth relationships with the sponsor, advisor and company communities throughout Europe.
“We’re deeply grateful for the help from each our new and current traders, and we’re excited to leverage this momentum to proceed delivering worth on this dynamic and evolving market.”
Crescent has $46bn (£35.5bn) of belongings underneath administration, spanning sub-investment grade credit score methods together with senior financial institution loans, excessive yield bonds and personal senior, unitranche and junior debt securities.
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