Crescent Capital Group
| Company type | Private |
|---|---|
| Industry | Alternative investment management |
| Founded | 1991 |
| Founder | Mark Attanasio, Robert D. Beyer, Jean-Marc Chapus |
| Headquarters | Los Angeles , United States |
Area served | Worldwide |
Key people | Mark Attanasio (senior partner and chief investment officer) |
| Products | Leveraged loans, high-yield bonds, mezzanine debt, special situations, distressed securities |
| Owner | Sun Life Financial (51% controlling interest) |
Crescent Capital Group operates as a worldwide alternative investment firm concentrating on below investment grade credit sectors, such as leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. Managing roughly $40 billion in assets under management as of March 2023, the company has invested in more than 190 enterprises and extended its footprint into Europe with offices based in London.
Established in 1991, Crescent has successfully raised close to $25 billion through seven distinct funds. The firm holds a strategic alliance with TCW Group, an institutional asset manager overseeing approximately $180 billion. In January 2021, Canadian insurance company Sun Life Financial acquired a controlling 51% interest. Crescent’s main headquarters are located in Los Angeles.
History
The inception of Crescent Capital Corporation dates back to 1991 when former Drexel Burnham Lambert bankers Mark Attanasio, Robert D. Beyer, and Jean-Marc Chapus launched the firm to focus on high-yield bonds and distressed asset management. After Drexel’s bankruptcy in 1990, the founders took charge of its sizable distressed portfolio, gaining valuable experience that influenced Crescent’s approach toward middle-market investments.
In 1995, Attanasio sold Crescent to Trust Company of the West (later known as TCW Group), based in Los Angeles, while continuing as senior partner and chief investment officer overseeing leveraged finance and mezzanine capital. TCW came under the ownership of French bank Société Générale in 2001.
To enhance its presence on the East Coast, TCW/Crescent merged with Canterbury Mezzanine Capital—a spinout from Barclays Capital—in 2005.
Crescent became independent from TCW in 2010 but preserved strong connections by sharing management fees related to pre-existing client relationships.
In August 2020, Sun Life Financial entered into advanced negotiations to acquire Crescent, finalizing a majority ownership deal by January 2021.