Australia-based Crescent Capital Partners is expected to close its eighth flagship buyout fund around the AUD 1.3bn (USD 900m) hard cap, according to three sources familiar with the situation.

Two of the sources said a final close was imminent – and could happen within a matter of weeks – while the third noted that some investors are still conducting due diligence. The fundraising process began earlier this year and there are no accounts of Crescent reaching a first close.

The manager, which was established in 2000 with a focus on mid-market buyouts in Australia and New Zealand, completed a first and final close of AUD 1bn on Fund VII in 2023. It raised AUD 800m and AUD 675m for the prior two funds under the strategy.

Crescent has gone multi-strategy in recent years, adding private credit and listed equities business lines. It has also launched an open-ended evergreen vehicle aimed at private wealth investors.

Having completed dozens of deals across the healthcare spectrum – and seen its flagship funds increase in size – the firm started marketing a small cap fund focused on consumer healthcare last year. The target was AUD 250m.

That fund, and a credit fund, are still in the market, according to the second source. A fourth source added that the mandate for the small cap fund had widened from consumer healthcare to cover a similar range of sectors to the flagship buyout strategy.

A recent study by HEC Paris business school placed Crescent 13th globally in a performance ranking of lower mid-market buyout firms. The study analysed 1,439 funds raised between 2012 and 2021 by 695 private equity firms that typically invest in companies below USD 250m in enterprise value. Crescent was the only southern hemisphere-based firm to make the top 20.

About a dozen Australia-based mid-market managers could be in the market with their latest flagship strategies at some point in 2026. This an unusually large number given there tend to be no more than a handful of incremental or final closes in any one year, although industry participants caution there could be delays as GPs push for more exits.

Allegro Funds reached a first close of AUD 500m on its fifth fund in June against an overall target of AUD 800m, this news service reported. Potentia Capital, which is seeking AUD 750m for its third fund, hit a second close of AUD 550m in February. Fortitude Investment Partners and Whiteoak have also announced first closes on their latest funds.

Crescent declined to comment.