We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Don't have an account? Turning back to this quarters earnings. ", "It has been Crescents human capital that has been most valuable to us. Get the full list, Youre viewing 4 of 6 team members. Along the way, I believe Biden could become one of the most powerful Presidents in history. 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. Our portfolio at fair value was comprised of the following: Robert Dodd: Hi guys. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. ", "Our growth strategy was perfectly aligned with Crescents. Your submission has been received! Invest NI pulls plug on new VC equity fund amid claims of earlier round Thank you! Crescent wraps up eighth private credit fund at $8bn | PE Hub This call is being recorded on Thursday, February 23, 2023. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Or was it a more normal course of business add-ons or growth or whatever? This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. You must click the activation link in order to complete your subscription. Crescent Point announces 2022 results & reserves | BOE Report Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs,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. 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. Not the case? 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. Average Retirement Savings By Age: Are You Normal? 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. Henry Chung: Thanks, Jason. Operator: Thank you. We are proud to have globally leading NPS scores with our executive partners. We initially share this idea in October 2018 and the stock already returned more than 150%. In addition, a reconciliation of this measure may also be found in our earnings release. Only logged in subscribers of this site will be able to access the shared article. Crescent Capital Group Announces Hiring of Jonathan Harari as Global Crescent Capital Group Closes Second Direct Lending Fund at Crescent Capital is a Belfast based venture capital fund manager. If you experience any issues with this process, please contact us for further assistance. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Networking We provide expertise and exposure to a network of relevant business contacts. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. We attributed the bulk of the quarters NAV decline to widening credit spreads. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Stock Market | Pittsburgh Post-Gazette 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. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. 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. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Sun Life-backed Crescent targets $6bn for two private debt funds ", "Crescent partnered with us and assisted in achieving our growth targets. We have just sent you an email so you can verify your account. Private Equity Portfolio. 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. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. We thank you for your participation and ask that you please disconnect your lines. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Which companies in this hub have the most subsidiaries? Net realized losses were less than $0.05 per share. Do you expect to be running lower leverage than was the case to present historically? 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. Video: Paul Wappett, CEO Australian Institute of Business. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Please go ahead. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Jason Breaux: Hey Robert, its Jason. Back then they werent called hedge funds, they were called partnerships. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. This website is neither an offer to sell nor a solicitation of an offer to buy securities. This has proven to be a competitive advantage, particularly in the current lending environment. Crescent Capital is a leading investor across . . To participate please dial (877 . Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Continued strong performance ratings and low nonaccrual levels. 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. Venture Capital Portfolio 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. Guidance 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. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. List of top Crescent Capital Portfolio Companies - CrunchBase 2009 Crescent Capital, All Rights Reserved. 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 . Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Get the full list, Youre viewing 5 of 21 co-investor. 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. We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. 87% in this quarter were raising one or two, so it appears pretty stable. Jason Breaux: Sure. You can get rich by returning 20% per year and compounding that for several years. 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 Jason Breaux: Thanks, Gerhard. We look forward to speaking with you again soon. If you experience any issues with this process, please contact us for further assistance. 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%. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Warren Buffett has been investing and compounding for at least 65 years. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. Healthcare is Crescent's largest sector by investment. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Please go ahead. He launched his hedge fund in 1956 with $105,100 in seed capital. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 25+ years experience in strategy consulting, investment and business management and public company boards. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Please also note that past performance or market information is not a guarantee of future results. 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. There are no further questions at this time. . Discover more about our company and values. The obvious, I mean, how you gave the interest coverage based on year-end rates. Passive Investing: Which Real Estate Strategy is Right for You. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. After submitting your request, you will receive an activation email to the requested email address. You must click the activation link in order to complete your subscription. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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 . Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. For example S&P 500 Index returned 43.4% in 1958. 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. 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 mean, whats the how are things actually trending right now? I will turn the call back to Jason Breaux for closing remarks. 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. 2023 Crescent Capital Investments Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. 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. And with that, Id like to turn it back to Jason for closing remarks. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. to generate high returns in the 20% to 30% range. You can sign up for additional alert options at any time. We are an equity partner that brings more than money to the relationship. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Please turn to Slide 6, where youll see a summary of our results. Crescent Credit. And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. The good news is, this powerful new force can help you make a lot of money even in a bear market. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. 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. Product Marketing and Business Development Director. After that, there are no remaining term maturities until 2026. Robert Dodd: Got it. But I would say overall, we are pleased with the underlying performance of the portfolio. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. We appreciate your continued interest in CCAP. LP investments in high-growth and distressed companies in the United States and abroad. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Our Company - Crescent Capital Group management team, and recent news are also included. bdcir@crescentcap.com. Video: Melinda McGrath, CEO Australian Clinical Labs. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Jason Breaux: Thank you, Dan. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Home - Crescent Capital Investments Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. Do you expect to be running on a combined basis going forward? In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. As a reminder, this call is being recorded for replay purposes. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! Or is that just a timing? Read More Portfolio See our recent purchases and offers. (310) 235-5900 I would now like to turn the conference over to Dan McMahon. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022.