Alternative credit firm Crescent Capital Group will open its first office on the European continent in Germany, according to a news release.
The Los Angeles-headquartered firm will open its Frankfurt office next year. Michael Sauerbrey, who joined Crescent in October as managing director and head of the DACH region in the investor solutions group, will lead the office.
The firm already has an office in London as well as New York, Boston and Chicago.
Crescent said the new office is aimed at bringing “alternative credit strategies to institutional and wealth investors, including insurance companies, corporate and public pension plans, endowments, foundations and family offices” across the region that includes Germany, Austria and Switzerland, according to the news release.
A spokesperson for the firm declined to comment on the new office's size.
Crescent has a business in European specialty lending for middle-market companies, according to its website.
The past year has been one of office expansion for firms with private credit offerings. Several private credit firms have recently announced new offices in the Middle East.
Crescent had $43 billion in assets under management as of Sept. 30. Crescent is part of SLC Management, the asset management arm of Sun Life.
