Crescent Capital Group
 | |
| Private | |
| Industry | Private equity |
| Predecessor | TCW/Crescent Mezzanine |
| Founded | 1991 |
| Founder | Mark Attanasio, Robert Beyer, and Jean-Marc Chapus |
| Headquarters | New York, New York, United States |
| Products | Mezzanine capital |
| Total assets | $4.7 billion |
Number of employees | 25+ |
| Website | www.mezzanine.com |
Crescent Capital Group (formerly TCW/Crescent Mezzanine) is a firm focused on below investment grade markets with primary strategies that include funds that invest in senior bank loans, high-yield debt, mezzanine debt and distressed securities. The firm has approximately $9 billion of assets under management and has made investments in over 110 companies since its inception as well as expanded into the European market with operations based in London.
The firm is based in Los Angeles and has offices in New York and Paris. Since its founding in 1991, the firm has raised approximately $4.7 billion across five funds.
TCW/Crescent maintains a strategic partnership with TCW Group (Trust Company of the West), a leading institutional money management firm with approximately $180 billion in assets under management.
History
In 1991, former Drexel Burnham Lambert investment bankers, Mark Attanasio, Robert D. Beyer and Jean-Marc Chapus, founded Crescent Capital Corporation, a Dallas-based investment firm that invested in high yield bonds. Attanasio sold Crescent to the Trust Company of the West (later renamed TCW Group), an investment firm based in Los Angeles, in 1995. After the sale of Crescent, Attanasio remained a senior partner and chief investment officer of the firm's leveraged finance and mezzanine capital group.[1][2]
In 2001, Société Générale (SocGen) acquired a controlling interest in the TCW Group.[3][4] In 2005, TCW/Crescent merged with Canterbury Mezzanine Capital to provide the firm a stronger presence on the East Coast. Canterbury was founded as a spinout of Barclays Capital, founded by Nicholas Dunphy and Patrick Turner.[5][6]
In 2010, Crescent Capital Group spun off from TCW to re-establish itself as a stand-alone firm. The arrangement was described as "amicable" for TCW and Crescent. The working relationship of the two companies remains close; the two share management fees for existing clients.[7] Following the separation, the firm was renamed Crescent Capital Group.
References
- ↑ COMPANY BRIEFS:TCW GROUP INC. New York Times, November 3, 1995
- ↑ Attanasio makes mark on city, team in short time. The Business Journal of Milwaukee, April 4, 2008
- ↑ Societe Generale banks on TCW to build its reach in alternatives. Pensions & Investments, April 2001
- ↑ FRENCH BANK TAKES A STAKE IN TRUST COMPANY. New York Times, April 2001
- ↑ TCW/Crescent Mezzanine and Canterbury Mezzanine Capital join forces. July 5, 2005
- ↑ www.moneymanagementletter.com/pdf/MML071805.pdf. Money Management Letter, July 2005
- ↑ TCW agrees to split off Crescent Capital Group
External links
- Crescent Capital Group (company website)
- TCW/Crescent Mezzanine (The Funded)
- of up To $10 million Investment In TCW/Crescent. Mezzanine Partners IV. Los Angeles City Employees' Retirement System, 2006
- Notification of up To $10 million Investment In TCW/Crescent. Mezzanine Partners V. Los Angeles City Employees' Retirement System, 2008
| |||||||||||||||||||||
