We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Or was it a more normal course of business add-ons or growth or whatever? 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. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. We have consistently been able to deliver significant value-add alongside our management teams. We did intentionally delever a bit here in Q4 in anticipation of the merger. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. For example S&P 500 Index returned 43.4% in 1958. 2023 PitchBook. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. This increase was driven primarily by rising base rates and higher spreads. . I will turn the call back to Jason Breaux for closing remarks. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Healthcare is Crescent's largest sector by investment. We still like this investment. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs,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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Which companies in this hub have the most subsidiaries? We have a large internal team which helps accelerate a portfolio company management teams decision making. 25+ years experience in strategy consulting, investment and business management and public company boards. Product Marketing and Business Development Director. 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. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. We still like this investment. 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. 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. 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 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. Private Equity Portfolio. All rights reserved. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. 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. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Click 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. So, how did Warren Buffett manage to generate high returns and beat the market? Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. And it means its going to be harder than ever to hold onto any money you make. Use of this website is governed by the Terms and Conditions. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. The company has a one-year high of $10.68 and a one . We thank you for your participation and ask that you please disconnect your lines. Another, on your deployments in the quarter, obviously will follow on. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Thank you again, everyone for your interest and support of CCAP. 2009 Crescent Capital, All Rights Reserved. What's the investment trend over time for this hub? 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. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Operator: Thank you. 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. Good morning, everyone, and thank you for joining our earnings call. Get the full list, Morningstar Institutional Equity Research. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. 2023 Crescent Capital Investments More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Video: Cameron Johnson, CEO Nucleus Network. 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 . From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. ", "Crescents practical and analytical approach enabled management to hit their goals. This call is being recorded on Thursday, February 23, 2023. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. You can enter your email below to get our FREE report. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. All information contained in this website is qualified by the terms of applicable offering documents. bdcir@crescentcap.com. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. Privacy Policy 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. Two more credit trends to highlight. A link has been emailed to you - check your inbox. ", "Crescent partnered with us and assisted in achieving our growth targets. Crescent Capital is a Belfast based venture capital fund manager. 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. Crescent Capital is a leading investor across . 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. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. 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. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. This means the bullish number of . And with that, Id like to turn it back to Jason for closing remarks. Your submission has been received! Crescent Capital is a Belfast based venture capital fund manager. 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. 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. 2023 Crescent Capital Group LP. 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. I believe it will make millions of Americans vastly wealthier. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. And with that, operator, please open the line for questions. Legal Notice. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Robert Dodd: Got it. Click here. 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. Focus on Seed and Series A. LP investments in high-growth and distressed companies in the United States and abroad. As of year-end, this GAAP expense accrual has been fully reversed. Back then they werent called hedge funds, they were called partnerships. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Operator: Thank you. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. ", "It has been Crescents human capital that has been most valuable to us. management team, and recent news are also included. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Please turn to Slide 15 where we highlight our recent activity. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). A couple of reminders as it relates to the transaction. "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. 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. 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 . Venture Capital Portfolio We see several investors trying to strike it rich in options market by risking their entire savings. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. If you experience any issues with this process, please contact us for further assistance. Net realized losses were less than $0.05 per share. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Warren Buffett has been investing and compounding for at least 65 years. Thank you! The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. So lets begin. Jason Breaux: Okay. 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. You should only be asked to sign in once. Jason Breaux: Hey Robert, its Jason. 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. 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 is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Robert Dodd: Hi guys. The all time high for this statistics is 5. Henry? We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Which investors participated in the most funding rounds within this hub? What's the most common final funding type when companies get acquired? Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. 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%. That means much bigger government. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 87% in this quarter were raising one or two, so it appears pretty stable. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. 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. Jason Breaux: Thanks, Gerhard. Diversification will not guarantee profitability or protection against loss. You can sign up for additional alert options at any time. Turning back to this quarters earnings. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Only logged in subscribers of this site will be able to access the shared article. 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. A reconciliation of adjusted net investment income per share to net investment income per share, the most directly comparable GAAP financial measure can be found in the accompanying slide presentation for this call. 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. Oops! Venture Capital Portfolio. Based in New York, Mr. Harari is responsible for developing and executing Crescents strategic sales and marketing plan for clients and assets, including identifying potential new investors, developing and maintaining client relationships, designing new investment solutions and managing Crescents investor relations and client solutions team. For more information about Crescent. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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 . secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. 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. 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. Do you expect to be running on a combined basis going forward? 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's been delivered there. Please turn to Slide 6, where youll see a summary of our results. Jason Breaux: Sure. 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. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. To participate please dial (877 . 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. If you experience any issues with this process, please contact us for further assistance. 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. With that, Id now like to turn it over to Jason. Operator: Ladies and gentlemen, this does conclude our conference call for today. Im going to ask you a question that sort of relates to credit . We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like.
crescent capital portfolio
