Sun Life to take majority stake in U.S. investment manager

By The Canadian Press | October 22, 2020 | Last updated on October 22, 2020
1 min read

Sun Life Financial Inc. has signed a deal to acquire a majority stake in Crescent Capital Group LP in an agreement worth up to $450 million.

Under the deal, Sun Life will acquire a 51 per cent stake in the alternative credit investment manager for an upfront payment of $370 million and up to an additional $80 million, based on the achievement of certain milestones.

Sun Life also says it has committed to co-invest up to approximately $1 billion in Crescent’s investment strategies.

Crescent is focused on mezzanine debt, middle market direct lending in the U.S. and Europe, high-yield bonds and broadly syndicated loans.

The firm, which is based in Los Angeles, had approximately $38 billion in assets under management as of June 30.

It is expected to continue operating independently under its current leadership.

The Canadian Press logo

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.