In 2000, founders Andrew McGill and Michael Alscher, recognised an opportunity in the Australian private equity market for a generalist private equity fund, targeting transactions "below the radar screen" of the then existing venture capital funds with large funds to invest.

Alliance relationships with Gilbert + Tobin and Gowing Bros Limited were negotiated to deliver additional deal flow to the funds managed by Crescent Capital Partners. These relationships also provide access to professional services for Crescent and its investee companies.

Importantly, Crescent is independent. It is majority owned and controlled by its executives whose personal interests are closely aligned with the long term return on investors funds through performance fees and their own investments in the fund.

In November 2000, a prospectus for Crescent's first fund, Crescent Capital Partners Growth Fund, was launched and fundraising commenced. The first fund closed in 2001 with $25 million of commitments.

Crescent has been actively seeking investments for its first fund since mid 2001. The first investment, an MBO of James Hardie Industries windows business was completed in November 2001. This investment was realised in July 2003, with a return of 375% per annum achieved for the Fund. The first fund has now completed six investments (further details are contained in "Investment Portfolio".)

In July 2004 Crescent launched its second fund Crescent Capital Partners II, LP with a target capped fund size of $100 million. This fund was closed oversubscribed in August 2004.

In December 2006 Crescent launched its third fund, Crescent Capital Partners III, LP with a hard cap of $400m. This fund introduced for the first time international investors and was closed oversubscribed in May 2007.

Investors in Crescent’s Funds include a number of institutions and corporations with appetite to co-invest alongside Crescent where suitable opportunities arise. This enables Crescent to lead syndicates with the capability to invest up to $25 million equity capital in a single transaction.