– Crescent Capital Group LP announced the final close of its third European specialty lending fund, CESL III, with €3 billion in investable capital, including leverage and SMAs.
– CESL III exceeded its original €2 billion target and is significantly larger than its predecessor, CESL II, which closed at €1.8 billion in 2020.
– The fund attracted a global mix of institutional investors such as pension funds, insurers, financial institutions, foundations, and endowments.
– CESL III includes both levered and unlevered sleeves and continues Crescent’s strategy of private secured debt investments in European middle market companies.
– The fund is already active, with €800 million committed across 16 transactions.
– Christine Vanden Beukel, Managing Director and Head of European Specialty Lending, highlighted Crescent’s long track record and strong relationships across Europe’s financial community.
– Since 2014, Crescent has committed nearly €4 billion across 70+ European investments, focusing on PE-backed companies with EBITDA of €5–25 million.
– The strategy supports LBOs, acquisitions, refinancings, and recapitalizations across Western Europe.
