Crescent Capital Group raises $4.6bn

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Crescent Capital Group has raised $4.6 billion for its Crescent Mezzanine Partners Fund VII. The Los Angeles-headquartered firm began fundraising in 2015 with a $3 billion target.

Its previous fund raised $3.44 billion in 2013.

Investors that committed to Crescent Mezzanine Partners Fund VII include the Texas Municipal Retirement System, Korea Teachers Pension Fund, Michigan Department of Treasury, Florida State Board of Administration and the Government Employees Pension Service.

The fund will target subordinated/mezzanine debt opportunities in a diverse number of sectors in North America.