Crescent Capital closed seventh mezzanine fund at over $4.6 bln

Crescent Capital Group LP, an alternative credit investment firm, has closed its seventh mezzanine fund at over $4.6 billion, beating its $3 billion target.

Crescent Mezzanine Partners VII’s limited partners including sovereign wealth funds, pension funds, insurance companies, financial institutions, foundations and endowments.

So far the fund has deployed or committed about $900 million across nine deals.

The firm targets companies that have private equity backing and valuations of more than $300 million.

In August 2013, Crescent raised more than $3.4 billion for its sixth mezzanine fund, sweeping past its $2.5 billion target. No information is available on the fund’s performance.

First Avenue Partners LLP and Baro Investment & Securities Co. worked as the placement agents with FINAMVEST aiding in the fundraising effort.

Debevoise & Plimpton LLP provided legal advice for the fund.

Photo: A crescent moon is seen over Buenos Aires at sunrise, Sept. 6, 2010. Reuters/Marcos Brindicci