Crescent Capital Group has closed its third European specialty lending fund at approximately €3bn in investable capital, surpassing its initial €2bn target. 

The fund, Crescent European Specialty Lending Fund III (CESL III), attracted strong global demand and was oversubscribed, marking a major step up from the €1.8bn close of its predecessor in 2020.

CESL III includes both levered and unlevered sleeves, alongside capital from separately managed accounts. The fund secured commitments from a diverse base of institutional investors, including pension funds, insurance firms, financial institutions, foundations, and endowments.

Continuing Crescent’s direct lending strategy in Europe, CESL III focuses on secured private debt investments in mid-market companies across the continent. The strategy targets private equity-backed firms with EBITDA between €5m and €25m. The fund has already committed €800m across 16 transactions and remains actively deploying capital.

Crescent began investing in European specialty lending in 2014. To date, the firm has committed nearly €4bn across more than 70 investments in the region.

Source: BusinessWire