Crescent Credit Solutions VII CV

Crescent Credit Solutions VII CV (CCS VII CV) is a $3.2 billion private credit continuation vehicle managed by Crescent Capital Group, a Los Angeles-based global credit investment manager with approximately $50 billion in AUM as of December 31, 2025. The vehicle closed in January 2026 and was led by Pantheon Ventures as the primary buyer, supported by a broader group of institutional secondary market investors. CCS VII CV is structured to acquire the portfolio of Crescent Mezzanine Partners VII, a 2016-vintage fund with more than $4.6 billion in committed capital, enabling existing LPs to receive liquidity while allowing Crescent to continue managing a mature portfolio of loans to sponsor-backed companies. The transaction is recognized as the largest credit continuation vehicle in private credit secondaries history at the time of close.

The vehicle's underlying strategy is private credit, specifically mezzanine and credit solutions lending to sponsor-backed, large and upper-middle-market companies across North America. Crescent Mezzanine Partners VII's original mandate involved sub-investment grade credit investments including first and second lien loans, mezzanine debt, and equity co-investments in leveraged buyout transactions. CCS VII CV allows Crescent to extend its management of these assets beyond the predecessor fund's term, maintaining continuity for portfolio companies while providing a liquidity mechanism for investors in the mature 2016-vintage vehicle.

Crescent Capital Group was founded in 1991 as the alternative credit arm of The TCW Group and became independent in 2011. The firm manages capital across leveraged loans, high yield bonds, direct lending, distressed debt, and mezzanine strategies. Jason Breaux, head of private credit at Crescent, and Rakesh Jain, global head of private credit secondaries at Pantheon, led the transaction. Kirkland & Ellis served as legal counsel to Crescent. The transaction represents a broader trend toward credit continuation vehicles as an efficient tool for GP-led liquidity events in the private credit market.