Crescent Capital Group, an alternative credit investment firm, closed its Crescent Mezzanine Partners VII Fund. Investors committed more than $4.6 billion to Fund VII, which exceeded the fundraising target of $3 billion.
Fund VII’s limited partners include a diverse mix of global investors from more than 20 countries including sovereign wealth funds, pension funds, insurance companies, financial institutions, foundations and endowments. This closing represents the largest mezzanine offering in Crescent Mezzanine’s history. Thus far, Fund VII has deployed or committed approximately $900 million across nine transactions.
“This fundraise is a significant milestone for our firm and speaks to the strength of our platform as well as our leadership position in this asset class,” said Jean-Marc Chapus, managing partner and co-founder of Crescent Capital Group. “We would like to thank our investors — both existing and new — for their support and confidence in our team and longstanding approach.”
Debevoise & Plimpton acted as legal counsel for Fund VII.