You talked about, obviously, youve lowered leverage ahead of that acquisition. We thank you for your participation and ask that you please disconnect your lines. Average Retirement Savings By Age: Are You Normal? Stock Market | FinancialContent Business Page To participate please dial (877 . Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. Net realized losses were less than $0.05 per share. Great. This call is being recorded on Thursday, February 23, 2023. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. Our focus on unitranche opportunities allows us to offer even greater certainty of execution to our private equity sponsors and enables us to enhance our yield opportunity while remaining at the top of the capital stack. Passive Investing: Which Real Estate Strategy is Right for You. Can you give us any color around that? 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. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. | It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. But I would say overall, we are pleased with the underlying performance of the portfolio. Im on Slide 19. Get the full list, Morningstar Institutional Equity Research. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent Point announces 2022 results & reserves | BOE Report Reduced net debt by approximately $850 Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. For the year ended December 31, 2022, the Company invested $308.0 million across 20 new portfolio companies, 31 existing portfolio companies and several follow-on revolver and delayed draw fundings. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. Crescent Point Energy (CPG) Receives a Buy from BMO Capital Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Crescent Capital Investor Profile: Portfolio & Exits | PitchBook Crescent Capital BDC, Inc. - About - Portfolio Stock Market | Pittsburgh Post-Gazette Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Win whats next. Robert Dodd: Got it. 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. Website by GCI. Crescent Credit. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. That would have been 9.35% in hedge fund fees. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. That means much bigger government. Crescent Capital is a Belfast based venture capital fund manager. 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. I mean, whats the how are things actually trending right now? 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. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Oops! secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. management team, and recent news are also included. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. This video is provided by the Australian Investment Council. And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. Don't have an account? Thank you. The companies continue to grow on the top line and the bottom line. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. Our portfolio at fair value was comprised of the following: Crescent Capital Get our editors daily picks straight in your inbox! You can enter your email below to get our FREE report. You can sign up for additional alert options at any time. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Crescent Capital Group You should only be asked to sign in once. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Please go ahead. We appreciate your continued interest in CCAP. Invest Money & Crypto With #Crescent | Crescent Bit Capital Private Equity Portfolio. ", "I strongly recommend working in partnership with Crescent Capital. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Which investors participated in the most funding rounds within this hub? During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. bdcir@crescentcap.com. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Home - Crescent Capital Investments With that, I will now turn it over to Gerhard. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Read More Our Strategy Learn more about our investing strategy. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Henry? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. We look forward to speaking with you again soon. 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. | More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Back then they werent called hedge funds, they were called partnerships. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. What's the investment trend over time for this hub? Video: Matt Courtney, CEO Construction Sciences. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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 has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. 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. It has a well-diversified portfolio and is unique in that it also has international exposure. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. This situates us well to benefit from increases in base rates above our average floors as is the case this quarter with continued growth in our interest income line item. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Jason Breaux: Thank you, Dan. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. to generate high returns in the 20% to 30% range. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 2023 PitchBook. Get the full list, Youre viewing 10 of 31 exits. This means the bullish number of . 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential 87% in this quarter were raising one or two, so it appears pretty stable. Crescent Capital - Investing in the future How are IPOs trending over time in this hub? We have raised six funds since 2000 and we are a top quartile manager on global metrics. Terms & Conditions Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. Crescent wraps up eighth private credit fund at $8bn | PE Hub The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Read More The obvious, I mean, how you gave the interest coverage based on year-end rates. Get the full list, Youre viewing 4 of 6 team members. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . "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. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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 . Crescents track record is successfully managing through multiple economic and market cycles, provides us with significant and relevant experience navigating what could be a challenging environment in 2023 and beyond. The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. . Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. 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. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Another, on your deployments in the quarter, obviously will follow on. Thanks for the question. This has proven to be a competitive advantage, particularly in the current lending environment. How much aggregate funding have these organizations raised over time? Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Please go ahead. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Jason Breaux: Yes. Now lets shift to capitalization and liquidity. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". This website is neither an offer to sell nor a solicitation of an offer to buy securities. Crescent Bit Capital is a type of secure investment that grows your money at a guaranteed rate based of chosen plan of interest for a fixed period of time. Two more credit trends to highlight. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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%. 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. 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. Please also note that past performance or market information is not a guarantee of future results. Thank you! You must click the activation link in order to complete your subscription. 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. Invest NI pulls plug on new VC equity fund amid claims of earlier round Venture Capital Portfolio. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. As of year-end, this GAAP expense accrual has been fully reversed. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. Series A, Seed, Private Equity), Average of the Crunchbase Ranks of the organizations in this hub, Organization Name: Name of the Organization, Total Funding Amount: Total amount raised across all funding rounds, CB Rank (Organization): Algorithmic rank assigned to the top 100,000 most active Organizations, Trend Score (30 Days): Movement in Rank over the last 30 days using a score from -10 to 10, Total number of funding rounds associated with this hub, Total funding amount raised across all funding rounds, Total number of acquisitions made by organizations in the hub, Announced Date: Date that the Funding Round was publicly announced, Organization Name: Name of the organization that got funded, Transaction Name: Auto-generated name of transaction (e.g. Gerhard will then review our financial performance during the fourth quarter. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. As a reminder, this call is being recorded for replay purposes. On a GAAP basis, fourth quarter net investment income per share was $0.52. Warren Buffett has been investing and compounding for at least 65 years. We have just sent you an email so you can verify your account. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. A link has been emailed to you - check your inbox. We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. ", "Crescent brings a laser light focus on the things that drive value to our business.". Good morning, everyone, and thank you for joining our earnings call. Thank you, operator. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. We believe an active engagement model is a leading indicator of strong company performance. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Crescent Capital is a Belfast based venture capital fund manager. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. bdcir@crescentcap.com. Or is that just a timing? I will turn the call back to Jason Breaux for closing remarks. Warren Buffett took 25% of all returns in excess of 6 percent. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. For more information about Crescent. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. Focus on Seed and Series A. Excuse me. And it means its going to be harder than ever to hold onto any money you make. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. 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. The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. 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.
