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Adviser Profile

As of Date 05/23/2024
Adviser Type - Large advisory firm
Number of Employees 229 8.02%
of those in investment advisory functions 114 7.55%
Registration SEC, Approved, 08/10/2010
AUM* 42,557,268,774 -1.53%
of that, discretionary 42,177,307,590 -1.33%
Private Fund GAV* 22,541,857,540 -14.13%
Avg Account Size 278,152,083 -2.82%
SMA’s Yes
Private Funds 68 4
Contact Info 310 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Other investment advisers
- Insurance companies
- Sovereign wealth funds and foreign official institutions
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

Discretionary
Non-discretionary
43B 37B 31B 24B 18B 12B 6B
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeHedge Fund Count2 GAV$113,837,783
Fund TypePrivate Equity Fund Count32 GAV$13,015,851,560
Fund TypeSecuritized Asset Fund Count18 GAV$6,391,528,273
Fund TypeOther Private Fund Count16 GAV$3,020,639,924

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Brochure Summary

Overview

ADVISORY BUSINESS Crescent Capital Corporation, a predecessor to the business of Crescent, was formed in 1991 as an asset management firm specializing in below-investment grade debt investments. In 1995, the principals and portfolio managers of Crescent Capital Corporation (including Mark L. Attanasio and Jean-Marc Chapus) joined and became the leveraged finance group of The TCW Group, Inc. (“TCW”). Crescent, a Delaware limited partnership, was organized in May 2010 as an independent, employee-owned asset management firm. Crescent was formed to transition the management of TCW’s leveraged finance group and the asset management business of the group from TCW to Crescent. As a result of the transition, the team at Crescent, through sub-advisory, co-advisory and other arrangements with TCW Asset Management Company (“TAMCO”), and TCW Investment Management Company (“TIMCO”), continues to manage assets that they managed when they were a part of TCW’s leveraged finance group. TAMCO and TIMCO are wholly owned subsidiaries of TCW. For information regarding the direct owners, indirect owners, and executive officers of TAMCO and TIMCO, please see their respective Form ADV, Part 1A. Pursuant to a transaction that closed on January 5, 2021, Sun Life (U.S.) HoldCo 2020, Inc. (“SL HoldCo”) purchased 51% ownership interest in Crescent and 51% ownership interest in Crescent Capital Group GP LLC, a newly formed Delaware limited liability company that is Crescent’s general partner. Crescent is now indirectly owned by Sun Life Financial Inc. (NYSE: SLF), a publicly traded holding company (“Sun Life Financial”) for a diversified financial services organization providing a broad range of financial products and services to individuals and groups located primarily in Canada, the United States, the United Kingdom and the Asia Pacific Region. As part of the transaction, Sun Life Financial has or will invest $750 million in Crescent products or funds. The majority of the remaining 49% interest in Crescent is owned individually by Mr. Chapus and Mr. Attanasio, and the remainder is owned by certain senior Crescent employees, none of whom individually owns greater than 5%. The transaction provides for a put/call of the remaining 49% to/from Sun Life Financial in approximately 5 years from the closing. During the interim, Crescent will continue to operate independently under its current management team, including the leadership of Mr. Chapus and Mr. Attanasio and will retain its individual brand, office locations and clients. Crescent offers investment advisory services primarily to institutional investors through private investment funds, including structured vehicles (each, a “Fund” and collectively, the “Funds”) and separately managed accounts (the Funds and separately managed accounts are collectively referred to herein as “Clients”). The Funds include closed-end and open-end limited partnerships, collateralized loan obligations (“CLOs”), and other investment vehicles. Our investment advice to our Clients focuses on investment and credit management activities in one or more below-investment grade corporate debt strategies through the following Product Groups: Capital Markets: The Capital
Markets Product Group includes our Bank Loan, High Income, High Yield Bond, and Structured Products strategies (Structured Product Strategies include the management of CLOs and investment in CLO debt and equity tranches). Each strategy invests in, with varying focus, bank loans, CLOs and high-yield bonds (including 144A offerings) of primarily U.S. companies. Direct Lending: Accounts managed in this strategy invest in senior secured debt of private U.S. lower middle-market companies, including first lien, second lien and unitranche investments. European Specialty Lending: Accounts managed in this strategy focus on privately secured loans for primarily European (with a bias towards northern and western jurisdictions) middle market companies, including senior secured, unitranche, second lien and selected subordinated debt. Credit Solutions (f/k/a/ Mezzanine): Accounts managed in this strategy primarily focus on junior debt and unitranche securities. These debt investments typically have an equity component. Special Situations: Accounts managed in this strategy primarily invest in distressed debt of middle market companies, in which we may take a leadership role in the restructuring process. “Below-investment grade debt” refers to a financial instrument rated below BBB/Baa by one of the major rating agencies, or that, if unrated, in Crescent’s view has a comparable level of credit risk. Crescent manages assets for and markets primarily to “qualified purchasers” (as defined in the Investment Company Act of 1940 (“Investment Company Act”)) and “accredited investors” (as defined in Regulation D under the Securities Act of 1933 (“Securities Act”)). Investment guidelines and constraints for each Fund managed by Crescent are based upon the investment objectives and limitations of those Funds as stated in their Fund Documents. Crescent does not tailor its investment management of a Fund to the individualized needs of any Fund investor. Crescent may reasonably tailor a separately managed account to a Client’s needs. Crescent and the Client will work to determine appropriate investment objectives, policies and restrictions, including restrictions on investing in certain securities or types of securities, for each managed account. The terms negotiated between the Client and Crescent (with respect to this and other terms including Management Fees (as defined below)) typically will be memorialized in a written investment advisory agreement (each, an “Investment Management Agreement”). Certain Clients enter into arrangements with Crescent whereby Crescent provides investment or portfolio advice to the Client but Crescent does not exercise investment discretion (“Non-discretionary Clients”). Crescent may or may not execute trades for Non-discretionary Clients at the Client's direction. Crescent’s fee in such non-discretionary arrangements is generally lower than its fee for providing investment advisory services where Crescent has full discretion. As of December 31, 2023, we manage a total $ 42,557,268,773 of Client assets, $42,177,307,590 of which on a discretionary basis and $379,961,184 of which on a non-discretionary basis.