You can sign up for additional alert options at any time. 2023 Crescent Capital Group LP. 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. So, how did Warren Buffett manage to generate high returns and beat the market? 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the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. You talked about, obviously, youve lowered leverage ahead of that acquisition. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook Gerhard will then review our financial performance during the fourth quarter. Operator: Thank you. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. 2023 PitchBook. ", "Crescent partnered with us and assisted in achieving our growth targets. Through our deep inhouse expertise assisting emerging and growth companies across Australia and New Zealand since 2000, we have raised over $3bn across six funds and completed more than 45 foundation investments and assisted our portfolio companies with over 150 follow-on acquisitions. And then one more, if I can. Please go ahead. Crescent wraps up eighth private credit fund at $8bn | PE Hub Win whats next. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. 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. Passive Investing: Which Real Estate Strategy is Right for You. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Or was it a more normal course of business add-ons or growth or whatever? 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. 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. Focus on Seed and Series A. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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. Please turn to Slide 15 where we highlight our recent activity. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Im going to ask you a question that sort of relates to credit . Crescent Capital Group - Wikipedia 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 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. A couple of reminders as it relates to the transaction. Crescent Capital Group 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. Thanks for the question. We still like this investment. . Which companies in this hub have the most subsidiaries? All data as of 12/31/2022. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Net realized losses were less than $0.05 per share. . 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. 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. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Jason Breaux: Okay. Private Equity Portfolio. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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. Robert Dodd: Hi guys. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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 Closes Eighth Credit Solutions Fund, Raising $8 Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Access to our investment and operational team brings unparalleled support to our portfolio companies. Read More Portfolio See our recent purchases and offers. 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. After that, there are no remaining term maturities until 2026. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. Thank you! Something went wrong while submitting the form. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Continued strong performance ratings and low nonaccrual levels. 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. 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 Offers A Buying Opportunity For Dividend Investors 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 . 2023 Crescent Capital Investments Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Crescent Capital Partners | Private Equity Firm in Sydney Australia 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. Our Company - Crescent Capital Group Turning back to this quarters earnings. Diversification will not guarantee profitability or protection against loss. Crescent Credit. For more information about Crescent Capital Group, please visit www.crescentcap.com. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. This video is provided by the Australian Investment Council. With that, Id now like to turn it over to Jason. 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 Group is headquartered in Los Angeles with offices in Boston, London, and New York. Discover more about our company and values. Gross deployment in the fourth quarter was $46 million. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Crescent Capital Group Announces Hiring of Jonathan Harari as Global | With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Jason Breaux: Sure. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Get the full list, Morningstar Institutional Equity Research. Along the way, I believe Biden could become one of the most powerful Presidents in history. Crescent Capital Partners is a leading Australian private equity firm. For more information about Crescent. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. I mean, whats the how are things actually trending right now? Crescent Capital - Investing in the future Jason reviewed several metrics related to our portfolio. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. (310) 235-5900
With that, I will now turn it over to Gerhard. 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. 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. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor Solutions Group. How are IPOs trending over time in this hub? Home - Crescent Capital Investments 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. Thank you, operator. Thank you. Video: Cameron Johnson, CEO Nucleus Network. 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. But I would say overall, we are pleased with the underlying performance of the portfolio. After submitting your request, you will receive an activation email to the requested email address. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. All information contained in this website is qualified by the terms of applicable offering documents. ET. Do you expect to be running lower leverage than was the case to present historically? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. 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. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. We initially share this idea in October 2018 and the stock already returned more than 150%. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Average Retirement Savings By Age: Are You Normal? Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. And with that, Id like to turn it back to Jason for closing remarks. Video: Melinda McGrath, CEO Australian Clinical Labs. Operator: Ladies and gentlemen, this does conclude our conference call for today. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. 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 . Guidance 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. Read More Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Home - Crescent Capital As of year-end, this GAAP expense accrual has been fully reversed. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. The good news is, this powerful new force can help you make a lot of money even in a bear market. it's been delivered there. 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. And it means its going to be harder than ever to hold onto any money you make.