Crescent Capital has raised $232m (£170.7m) at the final close of its second collateralised loan obligation (CLO) equity fund.

The Crescent CLO Equity Funding II doubled the size of its predecessor, Crescent CLO Equity Funding I, which closed in 2018 with $103m in commitments, according to the firm.

Read more: Crescent inks $10.8bn in largest fundraise in firm’s history

The global credit investment manager stated that the fund will invest in control positions of Crescent CLOs, while also opportunistically committing to the debt of its own vehicles and third-party CLOs.

“Despite a competitive fundraising environment, this close reflects the continued evolution of our CLO issuance strategy and the growing conviction we are seeing from investors across the institutional landscape,” said Nilesh Mandhare, managing director, head and portfolio manager for Crescent’s CLO issuance strategy.

Read more: Nest hand Crescent £450m for new mandate

Overall, Crescent is a global credit investment manager with $53bn of assets under management, with its CLO platform dating back to 1993.

Read more: Crescent closes “largest” $3.2bn credit continuation deal