Crescent opens an office in the Windy City

Crescent Capital Group has opened a new office in Chicago and staffed it with one senior vice president in its direct lending business. The firm also added an analyst to its direct lending group in Boston.

Eric Barton is working in the firm’s Chicago location, while Tyler Epstein is an analyst in Boston. Barton is responsible for sponsor coverage in the Midwest. Epstein supports the investment, underwriting and portfolio management activities of Crescent’s direct lending group. 

Prior to Crescent, Barton was with NewStar Financial in Chicago focusing on leveraged finance lending to private equity firms and mid-sized companies. Before NewStar, Barton was the head of portfolio management and research in alternative investments management for Mesirow Investment Management Partners. Prior to Mesirow, Barton spent five years at CapX Partners as a director of private equity funds. 

Epstein was an investment banking analyst at Credit Suisse prior to joining Crescent. 

“We are pleased to welcome both Eric and Tyler as we continue to expand the direct lending team here at Crescent, where we currently manage over $1.5 billion of capital for lower-middle market and middle-market companies,” John Bowman, co-head of Crescent Direct Lending, said in a statement. “This expansion in sponsor coverage into the Midwest is a natural extension of our rapidly growing platform and we plan to continue to add to our team,” he added.  

“The addition of Eric and Tyler to the direct lending team reflect our ongoing commitment to responsiveness and reliability for our clients. We are especially excited to have Eric on board to help us maintain our momentum in the market and expand our presence in the Midwest” added Scott Carpenter, head of originations and co-head of Crescent Direct Lending.

Crescent handles some of the largest mezzanine funds in the US, though the firm has lately been doing more work on US and European direct lending. Crescent has about $21 billion in assets under management.  

The firm’s seventh mezzanine fund, which is currently in the market with a $3 billion target, recently held a $2.5 billion second close, as PDI exclusively reported. Crescent’s first dedicated European direct lending fund closed on €500 million in the end of last year. It also had an additional €150 million in credit lines.

The firm has its headquarters in Los Angeles. In addition to Chicago and Boston, Crescent has its other offices in New York and London.