Crescent Capital Group Closes Largest Fund in Firm’s History with Fourth U.S. Direct Lending Fund, Raising $10.8 Billion in Investable Capital

CDL IV Represents One of the Largest Lower Middle Market Direct Lending Funds to Date

LOS ANGELES & NEW YORK & BOSTON & CHICAGO--(BUSINESS WIRE)--Crescent Capital Group LP (“Crescent”), one of the leading alternative credit investment firms, announced today the successful final close of its fourth U.S. direct lending fund, Crescent Direct Lending Fund IV (“CDL Fund IV”), raising $10.8 billion in investable capital, including targeted leverage and separately managed accounts investing alongside the fund. CDL Fund IV represents the latest vintage in Crescent’s lower middle market direct lending strategy, building on more than 20 years of experience providing senior debt capital to sponsor-backed companies across the U.S. Following the close, Crescent now manages more than $50 billion in assets under management globally.

CDL Fund IV was significantly oversubscribed, exceeding its initial target by more than $2.5 billion, with total equity commitments exceeding $5.5 billion, representing approximately $7.9 billion of total investable capital in the fund, including targeted leverage and $10.8 billion inclusive of separately managed accounts. The fund meaningfully surpassed the size of its predecessor vehicle, CDL Fund III, which closed in February 2022 with $4.2 billion in investable capital.

The fund attracted a diverse group of over 100 global institutions, including leading insurance companies, pension funds, sovereign wealth funds, financial institutions, foundations, and endowments across 18 countries. CDL Fund IV is actively investing and has issued approximately $2.7 billion of senior loan commitments across more than 60 portfolio companies to date.

“The closing of our fourth U.S. direct lending fund represents a significant milestone for Crescent and reflects the continued confidence our investors place in our platform, strategy, and longstanding team,” said Chris Wright, President and CEO of Crescent Capital Group. “We believe the strong demand for the fund underscores the compelling opportunity set in lower middle market direct lending and our longstanding focus on generating risk-adjusted returns across market cycles over the past 30 years.”

“We continue to see attractive opportunities to provide senior debt capital to high-quality sponsor-backed U.S. companies, especially in the lower middle market,” said John Bowman and Scott Carpenter of Crescent Direct Lending, who also noted Fund IV is pacing ahead of schedule with approximately 40% of capital already deployed. “We are grateful for the strong support from both existing and new investors and remain focused on executing our time-tested, disciplined underwriting approach and maintaining the consistency that has defined our strategy over time. We remain firmly committed to the lower middle market, where we believe our experience, relationships, and disciplined approach continue to differentiate our platform. The expanded capital base enhances our ability to support growing companies and their sponsor partners with flexible, scalable financing solutions, while continuing to provide reliable execution and speed of close that borrowers and sponsors value in today’s market environment.”

“The successful fundraise for CDL Fund IV reflects the depth of our longstanding investor relationships and the broad global demand for differentiated private credit strategies,” said Jonathan Harari, Global Head of Crescent’s Investor Solutions Group. “We appreciate the trust our investors have placed in Crescent.”

About Crescent Direct Lending
Crescent Direct Lending is one of the leading agents and providers of senior secured financing to private equity sponsored lower middle market U.S. companies with $5 million to $50 million of EBITDA. Crescent Direct Lending provides flexible senior debt capital to support leveraged buyouts, acquisition financing, refinancings and recapitalizations. Since inception in 2005, the Crescent Direct Lending team has issued more than $17.0 billion of aggregate loan commitments to more than 285 companies in a variety of industries and over 150 distinct private equity sponsors.

About Crescent Capital Group LP
Crescent is a global credit investment manager with $50 billion of assets under management as of March 31, 2026. For over 30 years, the firm has focused on non-investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago, London, and Frankfurt with over 235 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com.