Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. That means much bigger government. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. For more information about Crescent. 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. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Crescent Capital is a Belfast based venture capital fund manager. This means the bullish number of . Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. I mean, whats the how are things actually trending right now? Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. How are IPOs trending over time in this hub? The company assumes no obligation to update any such forward-looking statements. Turning to Slide 16. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Healthcare is Crescent's largest sector by investment. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. The company has a one-year high of $10.68 and a one . S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. 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. Which companies in this hub have the most subsidiaries? Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Description. to generate high returns in the 20% to 30% range. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Read More Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Video: Cameron Johnson, CEO Nucleus Network. Use of this website is governed by the Terms and Conditions. 2023 Crescent Capital Investments This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Only logged in subscribers of this site will be able to access the shared article. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. But I would say overall, we are pleased with the underlying performance of the portfolio. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. A link has been emailed to you - check your inbox. Im going to ask you a question that sort of relates to credit . Average Retirement Savings By Age: Are You Normal? Win whats next. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Thank you, operator. Register now to read this article and more for free. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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. Great. Excuse me. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. There are no further questions at this time. We have consistently been able to deliver significant value-add alongside our management teams. A few more updates before I turn it over to Henry. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Venture Capital Portfolio. We are an equity partner that brings more than money to the relationship. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. ", "Crescents practical and analytical approach enabled management to hit their goals. If you experience any issues with this process, please contact us for further assistance. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Private Equity Portfolio. Investors in our funds include both domestic and international pension funds and endowments. I mean how would the how are the operating trends doing? Thank you. 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. Please go ahead. I.e., is your forward leverage range target changing as a result of proposed acquisition? Website by GCI. Terms & Conditions We initially share this idea in October 2018 and the stock already returned more than 150%. 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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 . I believe it will make millions of Americans vastly wealthier. 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. 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. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Jason Breaux: Thanks, Gerhard. 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 go ahead. The total size of the investment portfolio is around USD 400 million which . Sorry, no results has been found matching your query. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Wed like to thank all of you for your continued support and time today. 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. Gerhard will then review our financial performance during the fourth quarter. 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 . Id now like to turn it over to Henry to discuss our Q4 investment activity. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. 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. Video: Matt Courtney, CEO Construction Sciences. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. Jason Breaux: Yes. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. ", "I strongly recommend working in partnership with Crescent Capital. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Legal Notice. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. 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. 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. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. You must click the activation link in order to complete your subscription. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. 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. Shares added by 1.69% iShares Russell 1000. Get the full list, Youre viewing 10 of 31 exits. We see several investors trying to strike it rich in options market by risking their entire savings. 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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". "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. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . 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 . This has proven to be a competitive advantage, particularly in the current lending environment. All data as of 12/31/2022. You must click the activation link in order to complete your subscription. . We did intentionally delever a bit here in Q4 in anticipation of the merger. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. What's the most common types of sub-organization? We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. We attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent Capital Partners is a leading Australian private equity firm. 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 a large internal team which helps accelerate a portfolio company management teams decision making. Our portfolio at fair value was comprised of the following: The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. 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. Crescent Capital is a Belfast based venture capital fund manager. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. We look forward to speaking with you again soon. Offerings across the credit quality spectrum Another, on your deployments in the quarter, obviously will follow on. After submitting your request, you will receive an activation email to the requested email address. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 2023 PitchBook. 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. 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. 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. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. 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. 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. As a reminder, this call is being recorded for replay purposes. . 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 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. 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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Operator: Thank you. Now lets shift to capitalization and liquidity. Click We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Product Marketing and Business Development Director. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Operator: Ladies and gentlemen, this does conclude our conference call for today. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Read More Our Strategy Learn more about our investing strategy. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. The companies continue to grow on the top line and the bottom line. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Henry? 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. After submitting your request, you will receive an activation email to the requested email address. What's the investment trend over time for this hub? By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. This call is being recorded on Thursday, February 23, 2023. The fund was more than double the size of . 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. Jason Breaux: Okay. We thank you for your participation and ask that you please disconnect your lines. Privacy Policy 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. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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 . Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Video: Melinda McGrath, CEO Australian Clinical Labs. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Reduced net debt by approximately $850 You can enter your email below to get our FREE report. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Turning back to this quarters earnings. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Please also note that past performance or market information is not a guarantee of future results. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Guidance LP investments in high-growth and distressed companies in the United States and abroad. We believe an active engagement model is a leading indicator of strong company performance. I will turn the call back to Jason Breaux for closing remarks. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Click here. Use of this website is governed by the Terms and Conditions. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. It has a well-diversified portfolio and is unique in that it also has international exposure. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. Before we begin, Ill start with some important reminders. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Back then they werent called hedge funds, they were called partnerships. A couple more worth highlighting. | Discover more about our company and values. Net realizations of $26 million in the fourth quarter, coupled with unrealized mark-to-market losses on our investments ultimately led to our total investment portfolio, holding roughly steady at approximate fair value of $1.3 billion as of December 31, 2022, down approximately $30 million quarter-over-quarter. 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. 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. 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. Gross deployment in the fourth quarter was $46 million. Jason reviewed several metrics related to our portfolio. We initially share this idea in October 2018 and the stock already returned more than 150%. ", "Our growth strategy was perfectly aligned with Crescents. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. And with that, operator, please open the line for questions.

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