Business
Crescent Private Credit Income Corp. Launches with $150 Million Seed Capital Investment from SLC Management
Non-Traded Business Development Company To Offer Investors Access to Crescent’s Credit Platform LOS ANGELES--(BUSINESS WIRE)-- Crescent Capital Group
About this update from Crescent Capital Bdc, Inc.
[{"type":"text","content":"\nNon-Traded Business Development Company To Offer Investors Access to Crescent’s Credit Platform\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nCrescent Capital Group (“Crescent”), a leading alternative credit investment firm, announced today the launch of Crescent Private Credit Income Corp. (“CPCI”), a non-exchange traded, perpetual-life business development company (“BDC”). CPCI’s 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.\n\n\nCPCI is designed to leverage the scale and breadth of Crescent’s 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’s 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’s primary focus is to invest in companies with annual net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) 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.\n\n\n“For 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,” 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 “we 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 ...