LA-based Investment firm Crescent Capital Group said Tuesday that it has raised more than $3.4 billion for Crescent Mezzanine Partners VI. According to the company, this amount exceeded the fund’s initial target of $2.5 billion. The Crescent Mezzanine Group, which manages the fund, is a provider of long-term financing for leveraged buyouts, acquisitions, recapitalizations and later-stage growth financings.
LOS ANGELES–(BUSINESS WIRE)–Crescent Capital Group LP, a leading investment firm focused on below investment grade credit, announces the successful close of Crescent Mezzanine Partners VI (“Fund VI”). Investors committed more than $3.4 billion to Fund VI, meaningfully exceeding the initial fundraising target of $2.5 billion and representing the largest private mezzanine offering in Crescent Mezzanine’s history.
“We are particularly grateful to the significant number of existing limited partners that chose to participate in this fund,” said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. “We are also pleased to welcome the support of a number of new investors in Fund VI. We believe that our experience investing and sourcing in excess of $10 billion of capital in over 150 mezzanine transactions on behalf of our funds and co-investors for over 20 years was a key element to our success.”
The Crescent Mezzanine Group is a leading source of mezzanine capital, providing private equity sponsors and management teams with long-term financing to complete leveraged buyouts, acquisitions, recapitalizations and later-stage growth financings. The group targets investments in companies that are typically controlled by private equity sponsors and have enterprise values in excess of $250 million.
About Crescent Capital
Crescent Capital Group LP, an SEC-registered investment adviser, is headquartered in Los Angeles with offices in Boston, London and New York. With approximately 60 investment professionals, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, high yield debt, mezzanine debt, distressed debt and other private debt securities. As of June 30, 2013, Crescent Capital Group manages approximately $13 billion in assets, with a relatively equal split between marketable securities and proprietary closed-end private investment partnerships.