ZUG, Switzerland, Jan. 10, 2013 /PRNewswire/ -- Allied World Assurance Company Holdings, AG announced today an investment agreement between Allied World Financial Services, Inc., and Crescent Capital Group LP, a privately held asset management firm that specializes in public and private below investment grade assets spanning the entire credit capital structure. Under the terms of the transaction, Allied World Financial Services acquired a minority ownership interest in the firm and Crescent will manage $500 million of Allied World's investment portfolio to be deployed across a diversified set of credit strategies, over the next several years.