The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Venture Capital Portfolio 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Jason Breaux: Hey Robert, its Jason. Crescent Capital Focus on Seed and Series A. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. How much aggregate funding have these organizations raised over time? 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 Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . 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. Shares added by 1.69% iShares Russell 1000. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Networking We provide expertise and exposure to a network of relevant business contacts. Diversification will not guarantee profitability or protection against loss. Two more credit trends to highlight. 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. Use of this website is governed by the Terms and Conditions. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Along the way, I believe Biden could become one of the most powerful Presidents in history. Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. 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. Read More Portfolio See our recent purchases and offers. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. Please go ahead. Thank you again, everyone for your interest and support of CCAP. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Jason Breaux: Thanks, Gerhard. Crescent Capital is a leading investor across real estate, private equity and venture capital. Private Credit | Sun Life Capital Management Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. 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. Please also note that past performance or market information is not a guarantee of future results. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Our adjusted net investment income per share of $0.49 for the fourth quarter of 2022 compares to $0.42 per share for the prior quarter and $0.43 per share for the fourth quarter of 2021. Crescent wraps up eighth private credit fund at $8bn | PE Hub Not the case? 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. I will turn the call back to Jason Breaux for closing remarks. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? We are proud to have globally leading NPS scores with our executive partners. Or is that just a timing? Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook 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. Passive Investing: Which Real Estate Strategy is Right for You. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. To participate please dial (877 . You talked about, obviously, youve lowered leverage ahead of that acquisition. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. As a reminder, this call is being recorded for replay purposes. ", "Crescent brings a laser light focus on the things that drive value to our business.". Crescent Capital Partners | Private Equity Firm in Sydney Australia So lets begin. As of year-end, this GAAP expense accrual has been fully reversed. 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. Crescent Credit. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. ", "Crescent partnered with us and assisted in achieving our growth targets. The company has a one-year high of $10.68 and a one . Get the full list, Youre viewing 4 of 6 team members. Active vs. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Moving to the right-hand side of the page, youll see that our unitranche first lien investments have continued to become a more prominent percentage of our total portfolio, accounting for 66% of total portfolio fair value at year-end compared to 59% the year prior. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Get the full list, Youre viewing 10 of 31 exits. We look forward to speaking with you again soon. 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. 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. Robert Dodd: Got it. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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. Robert Dodd: Hi guys. Please check your spam or junk folder just in case The first question comes from Robert Dodd of Raymond James. Henry Chung: Thanks, Jason. We have a large internal team which helps accelerate a portfolio company management teams decision making. ET. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. All rights reserved. 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Turning back to this quarters earnings. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Average Retirement Savings By Age: Are You Normal? 2023 Crescent Capital Group LP. . This means the bullish number of . I.e., is your forward leverage range target changing as a result of proposed acquisition? Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Investors in our funds include both domestic and international pension funds and endowments. We see several investors trying to strike it rich in options market by risking their entire savings. We attributed the bulk of the quarters NAV decline to widening credit spreads. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Crescent Capital is a Belfast based venture capital fund manager. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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 . Im going to ask you a question that sort of relates to credit . Crescent Capital BDC, Inc. - Investor Relations 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. There are significant risks that should be considered and reviewed when considering an investment in real estate. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Net realized losses were less than $0.05 per share. Click here. 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 billion for the full year. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. The company assumes no obligation to update any such forward-looking statements. For more information about Crescent. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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. Back then they werent called hedge funds, they were called partnerships. Wed like to thank all of you for your continued support and time today. 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. Terms & Conditions ", "Crescent add value across business development, acquisition and enhancement activities. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. I mean, whats the how are things actually trending right now? Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation Description. Video: Matt Courtney, CEO Construction Sciences. 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. Our Company - Crescent Capital Group LP investments in high-growth and distressed companies in the United States and abroad. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. A couple of reminders as it relates to the transaction. Website by GCI. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. You can sign up for additional alert options at any time. This video is provided by the Australian Investment Council. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. All data as of 12/31/2022. to generate high returns in the 20% to 30% range. A link has been emailed to you - check your inbox. 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. How are IPOs trending over time in this hub? 25+ years experience in strategy consulting, investment and business management and public company boards. Another, on your deployments in the quarter, obviously will follow on. A few more updates before I turn it over to Henry. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Gerhard will then review our financial performance during the fourth quarter. Angel - Uber), Money Raised: Amount of money raised in Funding Round, Total number of investments made by investors in this hub, Announced Date: Date when the Investment is announced, Investor Name: Name of the investor who participated in the Investment, Funding Round: Name of the funding round where the Investment is made, Number of Investors: Total number of Investors in a Funding Round, Total number of lead investment firms and individual investors that invested in organizations of this hub, Total number of investment firms and individual investors that invested in organizations of this hub, Organization/Person Name: Name of the Organization or Person, Location: Where the organization is headquartered, Investor Type: This describes the type of investor this organization or person is (e.g. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Please turn to Slide 6, where youll see a summary of our results. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Video: Melinda McGrath, CEO Australian Clinical Labs. For more information about Crescent. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! ", "I strongly recommend working in partnership with Crescent Capital. "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. Use the PitchBook Platform to explore the full profile. Warren Buffett has been investing and compounding for at least 65 years. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Discover more about our company and values. 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. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 You must click the activation link in order to complete your subscription. Use of this website is governed by the Terms and Conditions. bdcir@crescentcap.com. Crescent Capital BDC, Inc. - About - Portfolio 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. Crescent Capital is a Belfast based venture capital fund manager. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. After that, there are no remaining term maturities until 2026. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. We thank you for your participation and ask that you please disconnect your lines. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Crescent Point announces 2022 results & reserves | BOE Report bdcir@crescentcap.com. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call 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. Before we begin, Ill start with some important reminders. 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. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Excuse me. But I would say overall, we are pleased with the underlying performance of the portfolio. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Crescent Capital Group 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. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. . Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Video: Paul Wappett, CEO Australian Institute of Business. With that, Id now like to turn it over to Jason. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. ", "Crescents practical and analytical approach enabled management to hit their goals. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Operator: Thank you. In addition, a reconciliation of this measure may also be found in our earnings release. Or was it a more normal course of business add-ons or growth or whatever? | 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. The obvious, I mean, how you gave the interest coverage based on year-end rates. For example S&P 500 Index returned 43.4% in 1958. We have just sent you an email so you can verify your account. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays The fund was more than double the size of . 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. Home - Crescent Capital Investments First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. 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. 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. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. Turning to Slide 16. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Please turn to Slide 15 where we highlight our recent activity. Venture Capital Portfolio. 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. You should only be asked to sign in once. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Win whats next. Crescent Capital Partners is a leading Australian private equity firm. Crescent Capital - Crunchbase Investor Profile & Investments Robert Dodd: Got it. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We have raised six funds since 2000 and we are a top quartile manager on global metrics. The good news is, this powerful new force can help you make a lot of money even in a bear market. There are no further questions at this time. (310) 235-5900 We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. . Crescent Capital Partners General Information. We did intentionally delever a bit here in Q4 in anticipation of the merger. Please go ahead. This has proven to be a competitive advantage, particularly in the current lending environment. 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. 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. If you experience any issues with this process, please contact us for further assistance. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger.
