Crescent will form part of SLC Management, Sun Life’s alternatives asset management business.
Founded in 1991, Crescent is a credit manager and investor in mezzanine debt, middle market direct lending in the U.S. and Europe, high-yield bonds and broadly syndicated loans.
As part of the transaction, Crescent’s equity holders will retain carried interests in existing funds along with certain assets and their respective economics. The transaction has a put/call option that will allow the transfer of remaining interests by the end of 2026.
Crescent will continue to operate under its current leadership and will retain its individual brand, office locations and clients and will continue as the investment adviser of Crescent Capital BDC, a business development company.
Sun Life is an international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients.
SLC Management is the brand name for the institutional asset management business of Sun Life Financial under which U.S-based Sun Life Capital Management and Canada-based Sun Life Capital Management operate.
BentallGreenOak and InfraRed Capital Partners are also a part of SLC Management. BentallGreenOak is a global real estate investment management advisor and InfraRed is an international investment manager.