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Crescent secures €239m for European fund

9 Jun 2014

euroPrivate equity firm Crescent Capital Group has reportedly raised around €239m for its debut European fund.

Crescent European Specialty Lending Fund is targeting €500, said PeHUB, citing two people familiar with the process.

The fund had raised just over $240m as at the end of May, according to documents filed with the US Securities and Exchange Commission.

Earlier reports said that the fund was looking to hold a first close on between €175m and €220m.

Last October the fund secured a €25m commitment from the University of Michigan.

The vehicle will focus on private, secured debt securities issued by mid-market European companies.

It will make both primary and secondary deals in various European jurisdictions with an emphasis on the northern and western European regions.

Last year the Los Angeles-headquartered firm smashed the $2.5bn target for its first fund since spinning out of TCW by nearly $1bn.

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