Alternative credit investment firm Crescent Capital Group has held the final close of its third direct lending fund, Crescent Direct Lending Fund III (CDL Fund III), raising USD6 billion in investable capital including targeted leverage and separately managed accounts investing alongside the fund.
Alternative credit investment firm Crescent Capital Group has held the final close of its third direct lending fund, Crescent Direct Lending Fund III (CDL Fund III), raising USD6 billion in investable capital including targeted leverage and separately managed accounts investing alongside the fund.
CDL Fund III was significantly oversubscribed, exceeding its initial target by over USD1 billion, with total equity commitments of USD3.2 billion and USD1 billion in targeted leverage. The fund was more than double the size of its predecessor fund, Crescent Direct Lending Fund II, which closed in November 2018 with USD1.6 billion in equity commitments.
The fund attracted a diverse mix of US and international institutional investors including leading insurance companies, pension funds, financial institutions, foundations, and endowments. CDL Fund III is actively investing and has issued USD1.6 billion of senior loan commitments to date.
