Crescent Capital Group closed its latest European lending fund, Crescent European Specialty Lending Fund II, at €1.6 billion ($1.7 billion), exceeding its €1 billion fundraising target and its initial hard cap, spokesman Bill Mendel said in an email.
The fund is 220% larger than the prior fund, the €500 million Crescent European Specialty Lending Fund I, which closed in December 2015.
The new fund has both levered and unlevered sleeves. It invests mostly in private secured debt securities issued by European companies, with a focus on directly originated transactions. So far, the fund has committed about €400 million in 12 investments.
Investors in the fund include $5.3 billion Boston Retirement System.