Crescent Capital Group, an alternative credit investment firm, closed its eighth private credit solutions fund, Crescent Credit Solutions VIII (CCS Fund VIII), raising $8 billion in investable capital, including targeted leverage and separately managed accounts investing alongside the fund. This marks the largest capital raise in Crescent’s history. CCS Fund VIII exceeded its initial target and attracted a diverse mix of U.S. and international institutional investors including leading insurance companies, pension funds, sovereign wealth funds, financial institutions and multi-employer plans.
Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. Crescent Credit Solutions has invested over $21 billion in more than 270 transactions over the past 30 years through multiple economic and market cycles. CCS Fund VIII will continue its focus on directly originating unitranche, secured second lien and junior debt of middle- and upper-middle market companies primarily in conjunction with private equity firms.
“This successful fundraise speaks to the strength of our credit solutions business, which has been a leader in the private debt market for more than 30 years. We appreciate the support and confidence of our existing and new investors,” Chris Wright, managing director and head of private markets at Crescent, said. “We are proud of the reputation that Crescent Credit Solutions has built over the years as a reliable provider of privately-negotiated debt capital, and believe this reputation is a result of our extensive investment experience, broad transaction sourcing capabilities and consistent and disciplined investment approach.”
