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TCW/Crescent closes mezzanine fund at $1.6bn

The Los Angeles-based firm has closed one of the largest mezzanine funds ever, according to a report.

Debt specialist TCW/Crescent Mezzanine has held a final close on a new mezzanine fund at $1.6 billion (€1.3 billion), according to a report by Financial News.

TCW declined to comment or confirm the closing.

The new fund is the first the firm has closed since it raised $1.2 billion in 2001. The firm has offices in Los Angeles, New York and Paris. The New York office was created last summer when Canterbury Mezzanine Capital was absorbed into the firm.

Demand for mezzanine finance has been booming. Other recent milestones in mezzanine funding have included the €1 billion tranch used to fund the €3.3 billion buyout by Kohlberg Kravis Roberts of French directories business Pages Juanes in July and the €1 billion tranch used to fund Cinven and Warburg Pincus’ acquisition of Dutch companies Casema and Essent Kabelcome in August.