Crescent Raises $8 Billion for Junior Private Credit Loans

Crescent Capital Group has raised $8 billion for its private subordinated lending business to middle-market companies and has already deployed half of the money.

“In today’s market, junior debt financing opportunities are increasing, particularly among lenders’ existing portfolio of companies,” said Chris Wright, managing director and head of private markets at Crescent, in an interview. “We are seeing a lot of activity in companies that we have already invested in that are seeking to fund add-on acquisitions. In those deals, we can upsize our allocation.”

The record fund raising for Crescent came from a mixture of investor commitments to ...