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Sun Life acquires majority stake in Crescent Capital Group

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Canadian insurer Sun Life Financial Inc buys a majority stake in alternative credit investment manager Crescent Capital Group LP for up to $338 million.

Sun Life will acquire a 51% interest in Crescent with an upfront payment of $276 million and a future payment of $62 million based on the achievement of certain milestones.

Crescent, which had about $28 billion in assets under management at the end of June, will be a part of Sun Life’s asset management unit SLC Management.

Crescent will continue to operate independently under its current leadership, the statement said, adding that Sun Life has committed to co-invest up to $750 million in Crescent’s investment strategies.

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