Crescent Capital Group has closed its latest mezzanine vehicle on more than $3.4 billion, well over its target of $2.5 billion, the firm announced in a statement Tuesday.
We are particularly grateful to the significant number of existing limited partners that chose to participate in this fund,” said Crescent managing partner and co-founder Jean-Marc Chapus in a statement. “We are also pleased to welcome the support of a number of new investors in Fund VI.”
Crescent declined to comment beyond its press release.
The firm held a $1 billion first close on Crescent Mezzanine Partners VI in March 2012, according to a 10 December City of San Jose Police and Fire Department Retirement Plan report. San Jose also reported Fund VI had deployed $209.4 million across two companies. The retirement plan agreed to commit $20 million to the fund last year.
In addition to San Jose, Crescent also received commitments from the Finnish Local Government Pensions Institution, the Florida State Board of Administration, the Massachusetts Pension Reserves Investment Management Board, the Michigan Department of Treasury and the Oregon Investment Council, according to PEI’s Research and Analytics division.
Crescent had raised at least $2.83 billion for the vehicle as of April, according to US Securities and Exchange Commission documents.
“If it goes from $2.5 billion to $2.8 billion, that doesn’t concern me,” one Crescent limited partner told Private Debt Investor in April. The LP added that Crescent deserves credit for holding a successful fundraise in a difficult market for mezzanine funds, which aren’t “the sexiest on the planet”.
Mark Attansio and Chapman founded Crescent Capital Corporation in 1991. Trust Company of the West acquired the firm in 1995. Chapman and Attansio spun Crescent out of TCW in 2011. The firm had approximately $13 billion under management as of June, according to its website.