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Laxman Pai, Opalesque Asia: Alternative credit manager Crescent Capital Group said it raised a total of $6 billion to lend directly to smaller to midsized companies.
The equity Crescent raised for the vehicle titled Crescent Direct Lending Fund III exceeded the firm's initial target by more than $1 billion.
According to a press release from the private credit firm, the closing amount includes targeted leverage and separate accounts investing alongside the fund.
The money raised includes $3.2 billion in equity commitments on a final close of its Crescent Direct Lending (CDL) Fund III, plus $1 billion in targeted leverage. It's also receiving $1.8 billion from separately managed accounts that will invest alongside the fund.
The fund attracted a diverse mix of U.S. and international institutional investors including leading insurance companies, pension funds, financial institutions, foundations, and endowments. CDL Fund III is actively investing and has issued $1.6 billion of senior loan commitments to date.
The previous version of the fund closed in 2018 and raised $1.6 billion in equity commitments. Investors in the fund include a mix of pension funds, insurance companies, financial institutions, family offices, and endowments.
John Bowman and Scott Carpenter, Co-Heads of Crescent Direct Lending said: "With $6 billion of total capital across CDL Fund III and related SMAs, we continue to manage one of the largest balance sheets focused on directly orig...................... To view our full article Click here
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