To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 BDC, Inc. Reports December 31, 2022 Financial Results After that, there are no remaining term maturities until 2026. 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. 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 . If Warren Buffetts hedge fund didnt generate any outperformance (i.e. 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. 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. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Thank you. Thank you! secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Get the full list, Youre viewing 10 of 31 exits. 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. "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. You can sign up for additional alert options at any time. You must click the activation link in order to complete your subscription. If you experience any issues with this process, please contact us for further assistance. 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. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 2023 PitchBook. Do you expect to be running lower leverage than was the case to present historically? 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. ", "Crescent partnered with us and assisted in achieving our growth targets. I would now like to turn the conference over to Dan McMahon. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Sorry, no results has been found matching your query. The good news is, this powerful new force can help you make a lot of money even in a bear market. Crescent Point announces 2022 results & reserves | BOE Report What's the most common final funding type when companies get acquired? We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. Im on Slide 19. For example S&P 500 Index returned 43.4% in 1958. We are proud to have globally leading NPS scores with our executive partners. 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 . to generate high returns in the 20% to 30% range. Networking We provide expertise and exposure to a network of relevant business contacts. He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. We still like this investment. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Please go ahead. As of year-end, this GAAP expense accrual has been fully reversed. Private Equity Portfolio. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. With that, Id now like to turn it over to Jason. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. 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. We have consistently been able to deliver significant value-add alongside our management teams. Jason Breaux: Thanks, Gerhard. 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. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. ", "It has been Crescents human capital that has been most valuable to us. A few more updates before I turn it over to Henry. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Jason Breaux: Hey Robert, its Jason. Get the full list, Morningstar Institutional Equity Research. Guidance After submitting your request, you will receive an activation email to the requested email address. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. For more information about Crescent. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Operator: Ladies and gentlemen, this does conclude our conference call for today. How are IPOs trending over time in this hub? 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. Crescent Credit. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation 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. Crescent Capital Offers A Buying Opportunity For Dividend Investors 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. You can sign up for additional alert options at any time. 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. 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. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Gerhard will then review our financial performance during the fourth quarter. Website by GCI. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. 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. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. 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. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 87% in this quarter were raising one or two, so it appears pretty stable. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. . The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Your submission has been received! Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising And with that, Id like to turn it back to Jason for closing remarks. Thanks for the question. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Excuse me. 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. A link has been emailed to you - check your inbox. Great. 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 headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Thank you again, everyone for your interest and support of CCAP. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Another, on your deployments in the quarter, obviously will follow on. Or is that just a timing? 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. ", "Our growth strategy was perfectly aligned with Crescents. 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. This means the bullish number of . Our portfolio at fair value was comprised of the following: I will turn the call back to Jason Breaux for closing remarks. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Crescent Point Energy (CPG) Receives a Buy from BMO Capital We appreciate your continued interest in CCAP. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. 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. We have raised six funds since 2000 and we are a top quartile manager on global metrics. But I would say overall, we are pleased with the underlying performance of the portfolio. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. 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. Crescent Capital Video: Cameron Johnson, CEO Nucleus Network. There are no further questions at this time. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Terms & Conditions Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Robert Dodd: Hi guys. management team, and recent news are also included. Stock Market | Pittsburgh Post-Gazette 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. Website by GCI. After submitting your request, you will receive an activation email to the requested email address. 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. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Video: Melinda McGrath, CEO Australian Clinical Labs. There are significant risks that should be considered and reviewed when considering an investment in real estate. Jason reviewed several metrics related to our portfolio. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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 . 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. 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. All data as of 12/31/2022. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 2009 Crescent Capital, All Rights Reserved. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Crescent Capital is a leading investor across . 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. 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. Video: Paul Wappett, CEO Australian Institute of Business. Reduced net debt by approximately $850 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. We believe an active engagement model is a leading indicator of strong company performance. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Shares added by 1.69% iShares Russell 1000. As a reminder, this call is being recorded for replay purposes. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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 Capital is a Belfast based venture capital fund manager Turning back to this quarters earnings. Invest Money & Crypto With #Crescent | Crescent Bit Capital CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Diversification will not guarantee profitability or protection against loss. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Please turn to Slide 15 where we highlight our recent activity. Along the way, I believe Biden could become one of the most powerful Presidents in history. 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. The fund was more than double the size of . We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. 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. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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 Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Don't have an account? ET. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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). Video: Matt Courtney, CEO Construction Sciences. As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. We look forward to speaking with you again soon. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. 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 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. You should only be asked to sign in once. (310) 235-5900
Get the full list, Youre viewing 4 of 6 team members. Please turn to Slide 6, where youll see a summary of our results. Crescent Capital Group - Wikipedia 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.