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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.