<article>Australian private equity firm <a href="https://www.dealstreetasia.com/tag/Crescent-Capital-Partners">Crescent Capital Partners</a> has raised $588 million for its sixth fund, according to a report by the <a href="https://www.afr.com/street-talk/crescent-capital-makes-quick-work-of-800m-raising-20180821-h149lc">Australian Financial Review</a>.</article>

Australian private equity firm <a href="https://www.dealstreetasia.com/tag/Crescent-Capital-Partners">Crescent Capital Partners</a> has raised $588 million for its sixth fund, according to a report by the <a href="https://www.afr.com/street-talk/crescent-capital-makes-quick-work-of-800m-raising-20180821-h149lc">Australian Financial Review</a>.
The fund, media reports suggested, took less than four months to finalize, making it one of the fastest fundraises to have ever been completed in the Australian market.
It is understood that most of the money has come from offshore investors, predominantly North American pensions and endowments.
Crescent is a Sydney-based private equity firm investing in middle market companies located in Australia and New Zealand with enterprise values between A$50 million and A$300 million. Its investment focuses on high growth companies and sectors, or in industries that are undergoing a structural change or that lend themselves to consolidation.
On its website, Crescent says it has completed investing Crescent IV in 2014 and is now investing the $675-million Crescent V fund it raised in 2015.
The private equity firm is known as one of the most active investors in the Australian healthcare sector with investments including National Dental Centre, skin cancer clinic owner Sun Doctors, MyHealth Medical Centres, pathology provider Australian Clinical Labs and previous interests in National Hearing Care and ASX listed device company, LifeHealthcare.
Early this year, Crescent acquired clinical research organization (CRO) Nucleus Network from The Baker Institute, an independent research institute focused on heart disease and diabetes.
The reported contribution by North American pension funds in Crescent’s new fund underlines the growing interest in Australia’s middle market.
Earlier this month, the Canada Pension Plan Investment Board (CPPIB) was reported to have extended A$500 million ($370 million) in seed lending to a new fund with global fixed income and real estate manager Challenger Investment Partners (CIP), which will invest in middle-market real estate loans in Australia and New Zealand.
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The fund secured its target in less than four months, making it one of the fastest fundraises to have ever been completed in the Australian market.

Australia's Crescent Capital secures $588m for sixth fund

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Australia's Crescent Capital secures $588m for sixth fund

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