Crescent Capital Group LP, a leading alternative credit investment firm, announced today the final closing of its third European specialty lending fund, Crescent European Specialty Lending Fund III (“CESL III”), with total investable capital of approximately €3 billion, including targeted leverage and separately managed accounts investing alongside the fund. The fund has both levered and unlevered sleeves. CESL III was oversubscribed, exceeding its initial target of €2 billion. This fundraise represents a significant increase from its predecessor fund, Crescent European Specialty Lending Fund II, which announced its final close in April 2020 at €1.8 billion of investable capital.

CESL III attracted a diverse mix of international institutional investors including leading global pension funds, insurance companies, financial institutions, foundations, and endowments.

The fund will continue Crescent’s strategy of investing primarily in a diversified portfolio of private secured debt securities issued by European companies, with a focus on directly-originated transactions. CESL III is actively investing and has committed approximately €800 million across 16 transactions.

As one of the early entrants into direct lending in Europe, we have developed a longstanding track record of consistent and strong performance as well as extensive relationships with the sponsor, advisor and corporate communities across Europe,” said Christine Vanden Beukel, Managing Director and Head of Crescent’s European Specialty Lending Strategy.

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