Crescent Capital nears first close for €500m-targeting Euro credit fund


credit card paymentTCW debt investment spinout Crescent Capital Group is reportedly nearing a first close for its €500m-targeting European credit fund.

Crescent European Specialty Lending expects to gather between €175m and €220m for the first close according to Dow Jones, which cited two people with knowledge of the matter.

It said the close was likely to happen in the next couple of weeks.

The firm’s European strategy has hinged on dislocations in the continent’s credit market, which has thrown up myriad opportunities in recent years due to banks suffering stricter post-financial crash regulations.

It also invests in primary issuances of European senior secured debt obligations of below investment grade companies, and European high yield bonds.

Crescent expanded its European credit arm in summer 2012 by hiring a trio of experienced executives.

Steven Novick joined from Credit Suisse as a managing director, Benjamin Blumenschien arrived as senior associate from Bank of America Merrill Lynch, and James Scott-Williams was hired in the same role from Royal Bank of Scotland.

Six months ago Crescent obliterated the $2.5bn target for its first fund since spinning out of TCW by raking in $3.4bn of commitments.

Crescent Mezzanine Partners VI is easily the largest credit mezzanine fundraise the firm has ever been involved in, trumping the $2.8bn it last gathered while still a captive part of TCW in 2008.

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