Crescent Capital Group has raised $10.8bn (£8.04bn) for its fourth US direct lending fund at final close, marking the largest fundraise in the firm’s history.
The fund, Crescent Direct Lending Fund IV (CDL Fund IV), exceeded its initial target by more than $2.5bn, attracting commitments from more than 100 institutional investors globally, according to the manager.
In total, the fund secured $5.5bn in equity commitments, representing $7.9bn of investable capital and $10.8bn including separately managed accounts.
The latest vehicle is more than double the size of its predecessor, CDL Fund III, which closed in February 2022 with $4.2bn in investable capital.
Read more: Nest hand Crescent £450m for new mandate
“The closing of our fourth US direct lending fund represents a significant milestone for Crescent and reflects the continued confidence our investors place in our platform, strategy, and longstanding team,” said Chris Wright, president and chief executive of Crescent Capital.
Following the final close, the Los Angeles-headquartered global credit investment manager now oversees more than $50bn in assets under management worldwide.
The fund is the latest vintage in Crescent’s lower middle-market direct lending strategy, providing senior debt capital to sponsor-backed companies across the US.
According to the firm, CDL Fund IV is actively investing and has issued $2.7bn of senior loan commitments, with approximately 40 per cent of capital already deployed.
Read more: Crescent closes “largest” $3.2bn credit continuation deal
“The successful fundraise for CDL Fund IV reflects the depth of our longstanding investor relationships and the broad global demand for differentiated private credit strategies,” said Jonathan Harari, global head of Crescent’s investor solutions group.
The record raise comes as Barings secured more than $19bn for its global direct lending strategy at final close last month, highlighting continued investor demand for private credit despite recent market headwinds.
