Crescent Capital Group is preparing a $3bn credit continuation fund to move assets from its Crescent Mezzanine Partners VII vehicle, which closed on $4.6bn in 2017, according to a report by Bloomberg.

The Los Angeles-based credit manager is seeking to extend its hold on loan portfolios, many of which are linked to private equity-backed companies. The exact fund size and asset mix will be finalised through negotiations with investors. Crescent declined to comment.

The fundraising effort comes amid a surge in private credit secondaries. A record $102bn in secondary transactions were completed in the first half of 2025, Evercore data shows, as managers increasingly turn to continuation funds to manage liquidity and prolong ownership in a slow dealmaking environment.

Similar transactions have gained traction in recent months. TPG Twin Brook Capital Partners and Coller Capital closed a $3bn continuation vehicle, Antares Capital raised $1.2bn with Ares Management as lead investor, and BlackRock is in late-stage talks to offload a portfolio of private credit to a Pantheon-led group.

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