– Crescent Capital Group has closed its second captive CLO equity fund, Crescent CLO Equity Funding II, with $232 million in commitments.
– The fund more than doubled its predecessor, Crescent CLO Equity Funding I, which closed in 2018 with $103 million.
– Institutional investors, including global insurance companies and pension funds, participated in the fundraise.
– The strategy will primarily target control positions in Crescent CLOs, while retaining flexibility to invest opportunistically in Crescent CLO debt and third-party CLOs.
– The close marks continued growth of Crescent’s CLO platform, established in 1993, making it one of the longest-tenured CLO managers in the market.
– Nilesh Mandhare, Head and Portfolio Manager for Crescent’s CLO issuance strategy, said the close reflects growing institutional investor conviction despite a competitive fundraising environment.
– John Fekete, Head of Tradeable Credit, highlighted CLOs as an increasingly important part of Crescent’s broader credit platform, combining its investment expertise, structuring capabilities and institutional relationships.
– Jonathan Harari, CFA, CAIA, Global Head of Investor Solutions, said Crescent is focused on building on support from existing and new investors and delivering differentiated opportunities across credit markets.
