Insurer to pay $338m for stake in credit manager Crescent Capital

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By Paola Aurisicchio
22 Oct 2020

Canadian insurer Sun Life Financial said it has agreed to buy 51% of Crescent Capital Group for up to $338m to expand its asset management business into mezzanine debt, middle market lending, high-yield bonds and broadly syndicated loans.

Crescent Capital Group, headquartered in Los Angeles, manages about $28bn through funds that focus on private credit and direct lending. 

The investment firm will form part of SLC Management, Sun Life's alternatives unit, which has $193bn in assets under management. Crescent will continue to operate independently under its ...

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