{"id":341989,"date":"2023-10-02T18:55:58","date_gmt":"2023-10-02T22:55:58","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=341989"},"modified":"2023-11-12T20:09:32","modified_gmt":"2023-11-13T01:09:32","slug":"crescent-private-credit-income-corp-launches-with-150-million-seed-capital-investment-from-slc-management","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/crescent-private-credit-income-corp-launches-with-150-million-seed-capital-investment-from-slc-management\/","title":{"rendered":"Crescent Private Credit Income Corp. Launches with $150 Million Seed Capital Investment from SLC Management"},"content":{"rendered":"
Crescent Capital Group (\u201cCrescent\u201d), a leading alternative credit investment firm, announced today the launch of Crescent Private Credit Income Corp. (\u201cCPCI\u201d), a non-exchange traded, perpetual-life business development company (\u201cBDC\u201d). CPCI\u2019s Registration Statement on Form N-2 in connection with its initial public offering of common stock has been declared effective by the U.S. Securities and Exchange Commission.<\/p>\n
CPCI is designed to leverage the scale and breadth of Crescent\u2019s broader credit platform, which had over $40 billion in assets under management and over 210 employees, including more than 100 dedicated investment professionals, as of June 30, 2023. CPCI seeks to deliver Crescent\u2019s credit expertise to investors by providing access to a diversified portfolio consisting primarily of sponsor-backed, directly originated assets, including debt securities and related equity investments, made to or issued by U.S. middle-market companies. CPCI\u2019s primary focus is to invest in companies with annual net income before net interest expense, income tax expense, depreciation and amortization (\u201cEBITDA\u201d) between $35 million and $120 million (although it may invest in larger or smaller companies). CPCI may also make investments in syndicated loans and other liquid credit opportunities, including in publicly traded debt instruments, for cash management purposes, while also presenting an opportunity for attractive investment returns.<\/p>\n
\u201cFor over 30 years, Crescent has been at the forefront of middle market direct lending, leveraging its longstanding sponsor origination relationships and disciplined underwriting and investment processes to deliver attractive risk-adjusted returns to a predominately institutional investor base,\u201d said Chris Wright, Head of Crescent Private Markets and a Director of CPCI. Jason Breaux, Chief Executive Officer of Crescent Capital BDC, Inc. (NASDAQ: CCAP) and Chairman of the Board of CPCI, added \u201cwe believe the launch of CPCI provides individual investors access to the scale, investing acumen and experience of the Crescent platform and team, and offers a compelling value proposition as a product that has the potential to deliver attractive levels of current income with a focus on downside protection throughout market cycles.\u201d<\/p>\n
Eric Hall and Ray Barrios, CEO and President of CPCI, respectively, added, \u201cthe growing demand for capital from middle market borrowers has created an even greater need for flexible capital providers like Crescent – we believe CPCI further augments our relevance in the market and creates a unique opportunity for investors to capitalize on this long-term trend.\u201d<\/p>\n
Reflecting its conviction in the middle market direct lending asset class and Crescent\u2019s ability to deliver attractive risk-adjusted returns, Sun Life Capital Management (\u201cSLC Management\u201d), the institutional alternatives and traditional asset management business of Sun Life and majority owner of Crescent, has committed $150 million to CPCI. SLC Management had assets under management of $273 billion as of June 30, 2023.<\/p>\n
Emerson Equity LLC, member FINRA and SIPC, is acting as the intermediary manager for the offering on a best-efforts basis and will engage selected broker-dealers to participate in the distribution of shares to individual investors. Advisors Asset Management, member FINRA and SIPC, is providing marketing and wholesaling services to Crescent with respect to CPCI and will be a resource for the broker-dealers engaged to participate in the distribution of shares to individual investors. The securities offering is only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified in this communication.<\/p>\n
CPCI, which is externally managed by an affiliate of Crescent, intends to offer on a continuous basis up to $2.5 billion in shares of its Class S, D and I common stock. The prospectus for CPCI (the \u201cProspectus\u201d) is available here: www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/1954360\/000119312523247415\/d350508d424b3.htm<\/a>.<\/p>\n As of October 2, 2023, CPCI is available in 33 states and territories, excluding Arizona, Arkansas, California, Washington D.C., Florida, Idaho, Kansas, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Texas, Vermont, and Washington. We continue to work on expanding our offering to be available in additional states.<\/em><\/p>\n About Crescent Private Credit Income Corp.<\/strong><\/span><\/p>\n Crescent Private Credit Income Corp. is a perpetually offered, non-traded closed end fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. CPCI is focused on generating current income and, to a lesser extent, capital appreciation. CPCI benefits from Crescent\u2019s extensive experience, origination capabilities and disciplined investment process by providing access primarily to a diversified portfolio of private debt opportunities.<\/span><\/p>\n