Crescent moves closer to European fundraising goal

The Los Angeles-headquartered lender has gathered about €400 million towards a €500 million target on its Crescent European Specialty Lending Fund.  

Crescent Capital Group has collected about €400 million for its Crescent European Specialty Lending Fund, its first dedicated European strategy, according to sources familiar with the fund. It plans to close the strategy on €500 million in the third or fourth quarter. It held a first close at €239 million one year ago and recently reported that certain parallel feeder funds have gathered $349.95 million (about €320 million) in Securities and Exchange Commission filings. A spokesman declined to comment.

Crescent’s European strategy aims to capitalize on the dislocation of the European credit market and can invest across the entire debt capital structure, according to the firm’s website. The fund also invests in primary issuances of European senior secured debt obligations of below investment grade companies and European high-yield bonds.

The firm has already been investing the capital. One of its recent deals included a unitranche financing backing the acquisition of Telvent Global Services, a Madrid-based provider of information technology infrastructure management services, by The Carlyle Group. In January, the firm also provided a unitranche loan to support the purchase of specialist healthcare company Nurse Plus by Sovereign Capital, a British private equity firm.

In May, the firm also announced that it hired Peter Mitchell as a senior vice president in investor relations in its Los Angeles headquarters. Mitchell was previously a senior portfolio specialist at Thornburg Investment Management and a former National Football League (NFL) player, who played nine seasons for the Jacksonville Jaguars, the New York Giants and the Detroit Lions.

Crescent has about $17 billion in assets under management across US and European direct lending, mezzanine funds, multi-strategy and special situations vehicles, as well as strategic relationships with LPs. In addition to its Los Angeles headquarters, the firm has offices in Boston and New York.

Additional reporting by Anna Devine