Los Angeles-based Crescent Capital Group has closed Crescent Direct Lending Fund IV, raising $10.8 billion of investable capital, including targeted leverage and separately managed accounts, significantly exceeding its initial fundraising target by more than $2.5 billion, according to the company.
The vehicle substantially exceeded the size of its predecessor, Crescent Direct Lending Fund III, which closed in February 2022 with $4.2 billion of investable capital. As a result of the fundraising, Crescent now manages more than $50 billion in assets globally.
CDL Fund IV focuses on providing senior debt financing to sponsor-backed companies in the U.S. lower middle market, an area where Crescent has invested for more than two decades. The vehicle is already actively deploying capital, having issued approximately $2.7 billion of senior loan commitments across more than 60 portfolio companies, with roughly 40 percent of the fund’s capital deployed.