Crescent Capital Pitches $3 Billion Credit Continuation Fund (1)

Crescent Capital Groupis pitching a credit continuation fund to investors that will allow it to move some assets from a prior vehicle, according to people familiar with the matter.

The credit manager aims to raise about $3 billion to move assets from its Crescent Mezzanine Partners VII fund, which collected more than $4.6 billion in 2017, said the people, who asked to not be identified discussing confidential information. The final amount raised for the new fund and the assets it ultimately contains could change based on negotiations with buyers.

A representative for Los Angeles-based Crescent didn’t comment.

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