Crescent nets 239 mln euros for European lending

Crescent Capital Group has collected about 239 million euros ($326 million) in commitments for its debut Crescent European Specialty Lending Fund, according to a person with knowledge of the fundraising.

The fund has been targeting 500 million euros, according to two people familiar with the process. Crescent could not be reached for comment. Filings with the U.S. Securities and Exchange Commission from late May show the fund had raised $241.9 million.

The debut European fund will primarily target a diversified portfolio of private debt securities issued by mid-market European companies. Crescent will be able to invest across the debt capital structure, with a bias toward more senior securities, according to a summary from the Regents of the University of Michigan. The regents approved a 25 million euro commitment to the fund, including possible co-investments, in October.

Crescent has moved through the fundraising even as an investor relations executive working on the process left the firm. Steven Novick, head of Europe, Middle East, Africa and Asia Pacific IR and business development left Crescent in April. Novick had joined Crescent in 2011 and plans to start a new retail business, according to his LinkedIn page.

Los Angeles-based Crescent is a credit-focused alternative investment manager with about $14 billion of capital under management, according to its website.

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