Crescent Capital Group Boosts London Team

Crescent Capital Group has added three professionals to the firm’s London subsidiary, Crescent Credit Europe. Steven Novick joins as managing director, head of Europe, Middle East, Africa and Asia Pacific investor relations and business development. Benjamin Blumenschein and James Scott-Williams join as senior associates.

PRESS RELEASE

Crescent Capital Group announced today that it has added three professionals to the firm’s London subsidiary, Crescent Credit Europe LLP, to meet growing investor demand for credit opportunities in the U.S. and Europe. The expansion of Crescent’s European credit capabilities is a direct result of input from existing clients seeking to capitalize on Crescent’s 20-year track record of investing in credit markets and to utilize its platform and relationships to identify attractive opportunities outside of the U.S. Steven Novick joined Crescent as Managing Director, Head of Europe, Middle East, Africa (EMEA) and Asia Pacific Investor Relations and Business Development. Benjamin Blumenschein and James Scott-Williams joined as Senior Associates.

Since establishing its London office in 2011, CrescentCredit Europe LLP has made selective investments on behalf of existing Crescent investment vehicles and has been a valuable resource in performing due diligence on new investment opportunities as well as meeting with existing and new investors in the region.

“We continue to be intrigued by the credit opportunities in Europe, and we are excited to enhance our international effort with additional resources, from an investor coverage and an investment sourcing perspective,” said Mark Attanasio, Co-Founder and Managing Partner of Crescent Capital Group LP. “By adding Ben and James to the credit team as well as Steve to our investor coverage team, Crescent’s Europe capabilities will be bolstered by their wealth of experience and knowledge.”

Mr. Novick brings 18 years of investment banking and alternative investment capital raising experience, and will apply that expertise in his role at Crescent Capital, where he will lead the effort tofurther expand Crescent’s investor relationships in the EMEA and Asia Pacific regions, including with sovereign wealth funds and other large institutional investors.

“Crescent has one of the most experienced, consistent and well-respected credit-focused investment teams in the industry, and I look forward to helping them broaden and deepen their international relationships,” said Mr. Novick.

Prior to joining Crescent Capital,Mr. Novick was responsible for Global Sovereign Wealth Fund Coverage in the investment banking department of Credit Suisse. Prior to that, he founded and led the Middle East Sovereign Wealth Funds and Financial Sponsors Group in the investment banking division of Merrill Lynch. Mr. Novick graduated from New York University, and is one of only 234 people tosummit the seven highest mountains on each of the continents, including Mount Everest in 2008.

Mr. Blumenschein joined Crescent Capital from Bank of America Merrill Lynch, where he was an Associate in the Global Distressed/Special Situations Group. Prior to joining Crescent Capital, Mr. Scott-Williams wasmost recently an Associate Director in the Corporate Structured Finance team at Royal Bank of Scotland.

“We believe the talent and experience that Steve, Ben and James bring to our group will be invaluable as we continue to expand our reach in Europe,” said Christine Vanden Beukel, Managing Director and head of Crescent Credit Europe LLP.

About Crescent Capital Group

Crescent Capital Group invests at all levels of the capital structure, with a significant focus on below investment grade debt securities through strategies that invest in senior bank loans, high yield debt, mezzanine debt and distressed debt securities. For more than 20 years, these strategies have been performed through a variety of credit and market cycles through the group’s ability to evaluate credit investment opportunities and deliver unique portfolios as a result of long-term relationships with financial sponsors and capital markets teams. Each of Crescent’s founding partners have more than 25 years of experience in the leveraged credit markets, including significant roles in the emergence of the high yield bond markets. As of March 31, 2012, Crescent manages approximately $10 billion in assets, with a relatively equal split between marketable securities and closed-end private investment partnerships, and has over 60 investment professionals across the United States and Europe.