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Laxman Pai, Opalesque Asia: Global credit investment major Crescent Capital Group has raised €3bn ($3.4 billion) at the final close of its third European specialty lending fund, beating its initial target of €2 billion.
According to a press release from the alternative investment firm, the Crescent European Specialty Lending Fund III (CESL III) attracted a diverse mix of international institutional investors including pension funds, insurance companies, financial institutions, foundations, and endowments.
This fundraise represents a significant increase from its predecessor fund, Crescent European Specialty Lending Fund II, which announced its final close in April 2020 at €1.8 billion of investable capital, the release added.
"The successful closing of our third European specialty lending fund is a testament to Crescent's commitment to providing flexible capital solutions to middle-market European companies. As one of the early entrants into direct lending in Europe, we have developed a longstanding track record of consistent and strong performance as well as extensive relationships with the sponsor, advisor, and corporate communities across Europe," said Christine Vanden Beukel, Managing Director and Head of Crescent's European Specialty Lending Strategy.
According to the credit investment manager, the fund will continue Crescent's strategy of investing primarily in a diversified portfolio of private secured debt securities issued by European c...................... To view our full article Click here
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