Crescent begins fundraising for second European specialty lending fund

The firm is targeting an unknown amount for Crescent European Specialty Lending Fund II, which officially started fundraising on 9 September, according to SEC filings.

Crescent Capital is raising its second Europe-focused specialty lending fund, Crescent European Specialty Lending Fund II.

Fund II was launched on 9 September according to SEC filings. The fund’s target is unknown.

The firm did not respond to a request for comment by press time.

The Los Angeles-based debt firm closed its first European Specialty Lending Fund in 2015 with more than €650 million of committed capital. At final close Fund I had already deployed more than one third of its capital. This fund targeted mid-market companies across Western Europe with a focus on senior secured loans.

University of Michigan made a €25 million commitment with co-investment opportunities. In addition, more than 40 percent of the fund was raised by new investors to Crescent, according to a press release from the firm at the time.

Since the first fund closed, it has been deployed across a variety of different deals throughout western Europe.

Earlier this year, Fund I provided a unitranche loan to support private equity firm PREMIUM’s acquisition of a majority stake in CLARUS Film Groups, a German value-added reseller of packing and lamination film.

In 2017, Fund I provided unitranche financing for private equity firm Graphite Capital’s acquisition of Random42 Limited, a medical animation and digital media services company. That year Fund I also provided unitranche financing for the management buyout of ChargePoint, a manufacturer and supplier of specialised high contaminant valves and sterile transfer valves, by private equity firm LDC. Deal terms were not disclosed.

Crescent Capital is a debt security investment company that was founded in 2011. The firm had more than $25 billion in assets as of the end of June.