Crescent Capital Group has launched Crescent GP Financing Solutions, a new strategy to lend directly to private equity sponsors.
The new strategy, which is part of its GP-LP Solutions Group, will provide flexible, non-dilutive growth capital directly to private equity sponsors across the middle market.
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According to Crescent Capital, GP-LP Solutions will leverage the scale, breadth and institutional relationships of its private credit platform, which in the past 30 years has invested more than $44bn (£32.5bn) in capital with over 290 sponsors and offers specialised capabilities across private credit asset classes.
GP-LP Solutions will be led by managing directors Gregory Hardiman and Tom Glover.
Hardiman was a partner at 17Capital, prior to joining Crescent, where he co-led US investments and helped grow general partner (GP) financing into the firm’s largest area of activity in the country by volume and transaction count.
Glover joins from BC Partners Credit, where he built and led the firm’s GP and net asset value (NAV) based financing strategy, having previously led Investec’s North American Fund Finance business.
Hardiman said GP-LP Solutions aims to leverage more than 1,500 private equity relationships across Crescent and apply a disciplined credit underwriting approach, “combined with specialised structuring experience, to deliver attractive risk-adjusted returns to a diverse investor base”.
Read more: Crescent Capital raises €3bn for third European specialty lending fund
GP-LP Solutions is being supported strategically by Sun Life, Crescent’s majority owner.
SLC Management, the institutional asset management business of Sun Life, has invested approximately $10bn in fund and general partner finance over the past 10 years.
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