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Crescent Capital Group Closes $350MM Collateralized Loan Obligation

July 25, 2023, 07:00 AM
Filed Under: Industry News

Crescent Capital Group, a leading alternative credit investment firm, announced the closing of Atlas Senior Loan Fund XXI (“Atlas 21”), a collateralized loan obligation (“CLO”) fund with a target par amount of $350 million. Atlas 21 will invest primarily in U.S. senior secured term loans as well as select senior secured corporate bonds. Atlas 21 marks the 24th CLO fund that Crescent has completed since the Great Financial Crisis in 2008.

“We are proud to have closed Atlas 21 amidst heightened market volatility and are pleased with the broad investor support we have received for this fund,” said Kimberly Frazier, CLO Portfolio Manager at Crescent. “The closing of Atlas 21 builds on Crescent’s 30-year track record as a CLO manager and continues the solid momentum within our CLO platform in recent years. Our team continues to take a disciplined approach to credit selection with a focus on delivering attractive risk-adjusted returns in a challenging market environment.”

Since 1992, Crescent’s Capital Markets Group has issued and managed CLOs through multiple market cycles. The platform is supported by an integrated team in New York and Los Angeles covering the leveraged loan, high yield, and CLO markets. As of June 30, 2023, Crescent had approximately $42 billion of assets under management.

“CLOs continue to offer compelling risk-adjusted returns across the risk spectrum and are positioned to benefit from recent market volatility,” said John Fekete, Crescent’s Head of Capital Markets. “CLO equity, in particular, looks poised to benefit from historically-elevated bank loan spreads and the optionality imbedded in potential future reset or refinancing transactions.”

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