Special Situations

Crescent’s Special Situations strategy focuses on investing in the distressed debt of middle market companies, typically taking a leadership role in the restructuring process and beyond.  We invest primarily in the fulcrum debt tranche of underfollowed companies with quality assets and strong competitive positions. Our investments are debt-oriented, deriving current income from debt obligations and longer-term upside from post-reorganization equity.  Our investment process involves detailed bottom-up and top-down analysis combined with credit judgment and valuation discipline.  We take leadership roles in restructuring processes and provide ongoing strategic and financial guidance to our portfolio companies post-reorganization.