Crescent Capital's direct lending platform recently secured an allocation from a Texas pension fund that has made a number of recent commitments to private debt.
The Texas County & District Retirement System (TCDRS) committed $25 million to the Crescent (TX) Direct Lending Fund last month (29 July), according to the pension's website . According to PDI Research & Analytics, the $24.7 billion TCDRS has about 14 percent of its portfolio devoted to private debt.
Other recent debt commitments from TCDRS include $45 million to AnaCap Financial Partners' Credit Opportunities Fund III and $50 million to the HIG Bayside Loan Opportunity Fund IV. The funds held their final close in June and July, respectively. TCDRS also made a $100 million commitment to Blackstone Real Estate Debt Strategies III in February.
The July commitment to the direct lending fund will add to the $402 million in direct lending investments the pension fund reported as of 30 June. In addition, its portfolio included $1.7 billion in opportunistic credit and $552 million in distressed debt at the end of the second quarter, according to the TCDRS website.
Crescent's direct lending platform offers senior secured, unitranche, and second lien loans of up to $75 million to companies with more than $5 million in EBITDA, according to materials on the firm's website. Since 2005, the platform has focused on supporting leveraged buyouts, acquisitions, refinancings, recapitalisations and growth strategies of companies in the business and consumer services, healthcare, manufacturing and specialty retail sectors, among others.
Crescent is an alternative asset manager in the below investment grade credit markets with approximately $21 billion in assets under management. Founded in 1991, the firm is headquartered in Los Angeles and maintains offices in New York, London, Boston and Chicago.
The firm recently brought on new staff in Boston and opened its Chicago location as part of an expansion of Crescent's direct lending business. Eric Barton, formerly of NewStar Financial, was added as a senior vice president in Chicago, while former Credit Suisse investment banking analyst Tyler Epstein joined Crescent's Boston office as an analyst in its direct lending group.