Canadian financial services company Sun Life Financial has wrapped up its $338 million acquisition of a 51% stake in Crescent Capital Group, an alternative credit investment manager, based in Los Angeles.

The deal was announced in October 2020.

Crescent Capital Group, which also has offices across New York, Boston, and London, is claimed to have over 180 partners and employees.

Established in 1991, Crescent Capital Group invests in mezzanine debt, middle market direct lending in the US and Europe, high-yield bonds, and broadly syndicated loans.

The alternative credit investment manager had nearly $29 billion in assets under management, as of 30 September 2020.

It will now become a part of SLC Management, which is the alternatives asset management business of Sun Life Financial.

Crescent Capital Group will extend the solutions of SLC Management in alternative credit, which is expected to benefit existing and prospective clients.

As part of the deal, the equity holders of Crescent Capital Group will retain carried interests in existing funds in addition to select assets and their respective economics.

The deal has a put / call option for facilitating the transfer of remaining interests by the end of 2026.

Crescent Capital Group will continue to operate under its existing leadership, while retaining its individual brand, office locations, and clients. Besides, it will continue as the investment adviser of Crescent Capital BDC, which is a business development company.

  alternative credit investment, Crescent Capital Group, Financial services company, Los Angeles, SLC Management, Sun Life Financial, USA