Home Breadcrumb caret Industry News Breadcrumb caret Industry Sun Life to take majority stake in U.S. investment manager Canadian insurer will purchase 51% of Crescent Capital By The Canadian Press | October 22, 2020 | Last updated on October 22, 2020 1 min read ALVAREZ / ISTOCKPHOTO 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. The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo