About This Fund
Crescent Capital Group LP has successfully closed its third European Specialty Lending Fund, CESL III, with approximately €3 billion in investable capital, surpassing its initial €2 billion target. This fundraise marks a significant increase from its predecessor, CESL II, which closed at €1.8 billion in April 2020. The fund attracted a diverse mix of international institutional investors, including global pension funds, insurance companies, financial institutions, foundations, and endowments.
CESL III continues Crescent's strategy of investing primarily in a diversified portfolio of private secured debt securities issued by European companies, focusing on directly-originated transactions. The fund has both levered and unlevered sleeves and has already committed approximately €800 million across 16 transactions. Crescent's European Specialty Lending strategy began in 2014 and provides financing to private equity-backed European middle-market companies.
The fund targets companies with EBITDA typically ranging from €5 million to €25 million, offering flexible loan solutions to support leveraged buyouts, acquisition financing, refinancings, and recapitalizations across Western Europe. To date, Crescent has committed nearly €4 billion across more than 70 investments in Europe.