Tyrone Chang

Tyrone Chang is a Managing Director at Crescent Capital Group LP, a Los Angeles–headquartered alternative asset manager focused on below-investment-grade credit — leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. Crescent was founded in 1991 by former Drexel Burnham Lambert bankers Mark Attanasio, Robert D. Beyer, and Jean-Marc Chapus, and today manages roughly $50 billion. Sun Life Financial acquired a majority (51%) stake in the firm in January 2021. Chang works within Crescent's private credit / mezzanine (junior debt) effort.

Chang joined Crescent in 2000. Before that, he was a member of the Mergers, Acquisitions & Restructurings Department at Morgan Stanley & Co., Inc., where he worked on M&A and corporate-restructuring transactions — experience that maps directly onto the credit and structuring work at the core of Crescent's mezzanine strategy.

He earned a BS from the Wharton School of the University of Pennsylvania and an MBA from Harvard Business School. He is a graduate of Stuyvesant High School (Class of 1992) in New York and serves on the Stuyvesant High School Alumni Association Board of Trustees. Across his career at Crescent he has been a current or former board member or board observer of numerous private portfolio companies, including a board-observer seat at ATI Holdings, Inc.

• Invests through private credit and mezzanine/junior debt instruments rather than seed or angel equity — i.e., financing established companies, not early-stage startups.
• Crescent's mandate is below-investment-grade credit: leveraged loans, high-yield bonds, mezzanine capital, special situations, and distressed securities.
• Typical use of capital is to support leveraged buyouts, recapitalizations, and the growth of middle-market and sponsor-backed businesses — Crescent has financed 190+ companies since inception.
• Chang frequently takes board or board-observer roles in portfolio companies, indicating hands-on involvement post-investment.
• No publicly stated personal "thesis" quote could be verified; his firm bio describes his focus simply as "private credit and investor solutions" / mezzanine.