Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. This video is provided by the Australian Investment Council. Through our deep inhouse expertise assisting emerging and growth companies across Australia and New Zealand since 2000, we have raised over $3bn across six funds and completed more than 45 foundation investments and assisted our portfolio companies with over 150 follow-on acquisitions. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. As of year-end, consistent with the prior quarter, we had investments in four portfolio companies on nonaccrual status, representing 2.0% and 1.2% of our total debt investments at cost and fair value, respectively. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Crescent Capital is a Belfast based venture capital fund manager. We look forward to speaking with you again soon. A link has been emailed to you - check your inbox. Video: Paul Wappett, CEO Australian Institute of Business. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Don't have an account? Discover more about our company and values. Venture Capital Portfolio. If you experience any issues with this process, please contact us for further assistance. Operator: Thank you. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Thank you. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Get the full list, Youre viewing 10 of 31 exits. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. In addition, a reconciliation of this measure may also be found in our earnings release. Jason reviewed several metrics related to our portfolio. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Turning to Slide 16. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Our portfolio at fair value was comprised of the following: Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Through our deep inhouse expertise assisting emerging and growth companies across Australia and New Zealand since 2000, we have raised over $3bn across six funds and completed more than 45 foundation investments and assisted our portfolio companies with over 150 follow-on acquisitions. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. On a GAAP basis, fourth quarter net investment income per share was $0.52. Please go ahead. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. The companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Description. Thank you, operator. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. Total investment income of $34.6 million for the fourth quarter, the highest quarterly figure weve reported since inception compares to $29 million for the prior quarter, representing an increase of approximately 19%. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 2009 Crescent Capital, All Rights Reserved. You must click the activation link in order to complete your subscription. Back then they werent called hedge funds, they were called partnerships. The firm seeks to invest in middle-market companies across Australia and New Zealand with a focus on the industrial, financial services, healthcare, consumer brands, technology, and education sectors. These are the top 5 holdings of Crescent Capital Consulting, LLC iShares Core S&P 500 ETF ( IVV) - 140,585 shares, 11.05% of the total portfolio. Average Retirement Savings By Age: Are You Normal? (310) 235-5900 Good morning, everyone, and thank you for joining our earnings call. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. And with that, Id like to turn it back to Jason for closing remarks. In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 25+ years experience in strategy consulting, investment and business management and public company boards. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Active vs. Product Marketing and Business Development Director. | I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Operator: Thank you. This means the bullish number of . 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. We initially share this idea in October 2018 and the stock already returned more than 150%. Website by GCI. Consistent with Crescents track record of investing through cycles over the past 30-plus years, we believe we have constructed a portfolio that consists of companies that are adequately capitalized to address the current macroeconomic environment and have taken a proactive approach to bolstering liquidity in select situations where it may be warranted. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Thank you again, everyone for your interest and support of CCAP. Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. We seek to maximize the total return of our stockholders in the form of current income and capital appreciation by providing capital solutions to companies with sound business fundamentals and strong growth prospects. With that, Id now like to turn it over to Jason. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Net realized losses were less than $0.05 per share. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. The first question comes from Robert Dodd of Raymond James. Real Estate Portfolio Direct and LP investments across various asset types across the United States, including commercial, retail, multi-family, residential, hotel, development, self-storage and RV Parks. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. Please turn to Slide 15 where we highlight our recent activity. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. And with that, operator, please open the line for questions. "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. LP investments in high-growth and distressed companies in the United States and abroad. LOS ANGELES, February 28, 2023--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor . ", "Crescent brings a laser light focus on the things that drive value to our business.". LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. All data as of 12/31/2022. Do you expect to be running lower leverage than was the case to present historically? LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor Solutions Group. But I would say overall, we are pleased with the underlying performance of the portfolio. Excuse me. The companies continue to grow on the top line and the bottom line. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. That would have been 9.35% in hedge fund fees. So, how did Warren Buffett manage to generate high returns and beat the market? Oops! Now lets shift to capitalization and liquidity. Thank you! Before we begin, Ill start with some important reminders. Guidance I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Im going to ask you a question that sort of relates to credit . secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. For example S&P 500 Index returned 43.4% in 1958. Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. We have just sent you an email so you can verify your account. And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. Warren Buffett took 25% of all returns in excess of 6 percent. 2023 Crescent Capital Group LP. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Focus on Seed and Series A. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. We still like this investment. This website is neither an offer to sell nor a solicitation of an offer to buy securities. How are IPOs trending over time in this hub? Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. I mean how would the how are the operating trends doing? Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. Investing in the future of finance, education, SaaS, logistics, and more. I would now like to turn the conference over to Dan McMahon. Ill provide some fourth quarter and full year highlights, touch on our current portfolio and positioning and then turn it over to Henry to review our recent activity in more detail. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. And it means its going to be harder than ever to hold onto any money you make. ", "Crescent add value across business development, acquisition and enhancement activities. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. This has proven to be a competitive advantage, particularly in the current lending environment. Something went wrong while submitting the form. A few more updates before I turn it over to Henry. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. All information contained in this website is qualified by the terms of applicable offering documents. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. At December 31, our stockholders equity was $613 million, resulting in net asset value per share of $19.83 as compared to $623 million or $20.16 per share last quarter and $652 million or $21.12 per share at December 31, 2021. Website by GCI. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. With more than 100 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. Do you expect to be running on a combined basis going forward? Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. This call is being recorded on Thursday, February 23, 2023. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Crescent BDC and Alcentra Capital will be holding a joint conference call to discuss the transaction on Tuesday, August 13, 2019 at 1:15 p.m. PT / 4:15 p.m. Along the way, I believe Biden could become one of the most powerful Presidents in history. We have a large internal team which helps accelerate a portfolio company management teams decision making. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. Get our editors daily picks straight in your inbox! Total investment income again reached its highest level since inception and recurring yield related investment income continues to grow in both absolute dollars and as a percentage of our total revenue, which Gerhard will provide more color on. I will turn the call back to Jason Breaux for closing remarks. Get the full list, Youre viewing 4 of 6 team members. to generate high returns in the 20% to 30% range. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. Video: Cameron Johnson, CEO Nucleus Network. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Networking We provide expertise and exposure to a network of relevant business contacts. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Crescent Capital Partners is a leading Australian private equity firm. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. You should only be asked to sign in once. Henry Chung: Thanks, Jason. As a reminder, this call is being recorded for replay purposes. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. SLC Fixed Income portfolios qualify as sustainable As of December 31, 2022 Key differentiators Experienced teams with deep private credit expertise Our investment teams have specialized in private debt for more than 40 years, offering the necessary skills to navigate a nuanced asset class. Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. The company assumes no obligation to update any such forward-looking statements. Crescent Capital is a Belfast based venture capital fund manager. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Crescent Capital Partners General Information. ET. 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The Crescent Capital IV Development Fund was launched amid much fanfare 18 months ago to build on the success of forerunner funds, from which some of Northern Ireland's most exciting. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. We are proud to have globally leading NPS scores with our executive partners. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Operator: Ladies and gentlemen, this does conclude our conference call for today. Which companies in this hub have the most subsidiaries? You can enter your email below to get our FREE report. Angel, Fund of Funds, Venture Capital), Median number of investments made by investors in this hub, Median number of lead investments made by investors in this hub, Announced Date: Date the acquisition was announced, Acquirer Name: Name of the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. | ", "I strongly recommend working in partnership with Crescent Capital. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity. Passive Investing: Which Real Estate Strategy is Right for You. What's the investment trend over time for this hub? Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Jason Breaux: Thank you, Dan. bdcir@crescentcap.com. The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. What's the most common types of sub-organization? Or was it a more normal course of business add-ons or growth or whatever? The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Crescent Capital is a leading investor across real estate, private equity and venture capital. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 . We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Investors in our funds include both domestic and international pension funds and endowments. A couple more worth highlighting. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. We have consistently been able to deliver significant value-add alongside our management teams.
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