Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Discover more about our company and values. Video: Cameron Johnson, CEO Nucleus Network. We still like this investment. Please also note that past performance or market information is not a guarantee of future results. 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. Gerhard Lombard: Thanks, Henry, and good morning, everyone. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Turning back to this quarters earnings. Or is that just a timing? 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. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Thanks for the question. Average Retirement Savings By Age: Are You Normal? View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. The companies continue to grow on the top line and the bottom line. This has proven to be a competitive advantage, particularly in the current lending environment. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Good morning, everyone, and thank you for joining our earnings call. Please go ahead. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs,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 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. As of year-end, this GAAP expense accrual has been fully reversed. To participate please dial (877 . Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. Jason Breaux: Thank you, Dan. Crescent Capital is a Belfast based venture capital fund manager. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Henry Chung: Thanks, Jason. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Use of this website is governed by the Terms and Conditions. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. We have a large internal team which helps accelerate a portfolio company management teams decision making. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. . 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. For more information about Crescent Capital Group, please visit www.crescentcap.com. 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 Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. 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. Something went wrong while submitting the form. Please turn to Slide 15 where we highlight our recent activity. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Get the full list, Youre viewing 4 of 6 team members. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. We have consistently been able to deliver significant value-add alongside our management teams. We look forward to speaking with you again soon. You talked about, obviously, youve lowered leverage ahead of that acquisition. 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. Click here. 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. I believe it will make millions of Americans vastly wealthier. Back then they werent called hedge funds, they were called partnerships. ", "Crescent partnered with us and assisted in achieving our growth targets. A couple of reminders as it relates to the transaction. The good news is, this powerful new force can help you make a lot of money even in a bear market. 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 . Thank you, operator. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Thank you. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. ET. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? The fund was more than double the size of . Private Equity Portfolio. Legal Notice. 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. (310) 235-5900 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. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. We see several investors trying to strike it rich in options market by risking their entire savings. 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. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. That means much bigger government. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. In addition, a reconciliation of this measure may also be found in our earnings release. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Not the case? Website by GCI. 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. 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. Please go ahead. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. 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. I mean how would the how are the operating trends doing? 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Get the full list, Youre viewing 5 of 21 co-investor. 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. You must click the activation link in order to complete your subscription. Read More Portfolio See our recent purchases and offers. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. Don't have an account? He launched his hedge fund in 1956 with $105,100 in seed capital. Crescent Capital is a Belfast based venture capital fund manager. Two more credit trends to highlight. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 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. 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 Capital is a Belfast based venture capital fund manager. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. 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 . 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. After that, there are no remaining term maturities until 2026. ", "Our growth strategy was perfectly aligned with Crescents. We still like this investment. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. Excuse me. All information contained in this website is qualified by the terms of applicable offering documents. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Offerings across the credit quality spectrum Only logged in subscribers of this site will be able to access the shared article. Oops! 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 BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. And with that, operator, please open the line for questions. You can sign up for additional alert options at any time. Crescent Capital Partners is a leading Australian private equity firm. bdcir@crescentcap.com. Operator: Thank you. Please check your spam or junk folder just in case 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Investing in the future of finance, education, SaaS, logistics, and more. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 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. Win whats next. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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. Can you give us any color around that? 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Read More Our Strategy Learn more about our investing strategy. How are IPOs trending over time in this hub? The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Warren Buffett has been investing and compounding for at least 65 years. 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 . bdcir@crescentcap.com. Jason Breaux: Yes. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. 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. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? For more information about Crescent. Jason reviewed several metrics related to our portfolio. Product Marketing and Business Development Director. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So, how did Warren Buffett manage to generate high returns and beat the market? The first question comes from Robert Dodd of Raymond James. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Description. We appreciate your continued interest in CCAP. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. There are significant risks that should be considered and reviewed when considering an investment in real estate. Id now like to turn it over to Henry to discuss our Q4 investment activity. How much aggregate funding have these organizations raised over time? And with that, Id like to turn it back to Jason for closing remarks. Diversification will not guarantee profitability or protection against loss. Gross deployment in the fourth quarter was $46 million. Please turn to Slide 6, where youll see a summary of our results. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. This video is provided by the Australian Investment Council. 25+ years experience in strategy consulting, investment and business management and public company boards. LP investments in high-growth and distressed companies in the United States and abroad. Do you expect to be running on a combined basis going forward? 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. 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 . 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Jason Breaux: Okay. 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. 2009 Crescent Capital, All Rights Reserved. management team, and recent news are also included. So lets begin. 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. Active vs. Jason Breaux: Hey Robert, its Jason. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Which companies in this hub have the most subsidiaries? We initially share this idea in October 2018 and the stock already returned more than 150%. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. A few more updates before I turn it over to Henry. If you experience any issues with this process, please contact us for further assistance. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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. 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. 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. 87% in this quarter were raising one or two, so it appears pretty stable. 2023 PitchBook. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Investors in our funds include both domestic and international pension funds and endowments. Wed like to thank all of you for your continued support and time today. The total size of the investment portfolio is around USD 400 million which . For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 2023 Crescent Capital Group LP. 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. Operator: Thank you. Use the PitchBook Platform to explore the full profile. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . 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%. Our portfolio at fair value was comprised of the following: We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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. Click Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. This means the bullish number of . 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 Capital Partners General Information. 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. Get the full list, Morningstar Institutional Equity Research. Jason Breaux: Thanks, Gerhard. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. That would have been 9.35% in hedge fund fees. A couple more worth highlighting. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Another, on your deployments in the quarter, obviously will follow on. Now lets shift to capitalization and liquidity. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. | 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. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g.

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