crescent capital portfolio

Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Back then they werent called hedge funds, they were called partnerships. 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. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Crescent wraps up eighth private credit fund at $8bn | PE Hub 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. Venture Capital Portfolio. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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 is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. It has a well-diversified portfolio and is unique in that it also has international exposure. 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 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. 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. This means the bullish number of . Win whats next. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Get our editors daily picks straight in your inbox! Henry? After that, there are no remaining term maturities until 2026. Crescent Capital is a Belfast based venture capital fund manager. Crescent Capital Partners General Information. management team, and recent news are also included. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. You must click the activation link in order to complete your subscription. Do you expect to be running on a combined basis going forward? Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Two more credit trends to highlight. We have raised six funds since 2000 and we are a top quartile manager on global metrics. For more information about Crescent. Wed like to thank all of you for your continued support and time today. 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. | You must click the activation link in order to complete your subscription. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. After submitting your request, you will receive an activation email to the requested email address. 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 In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Operator: Thank you. Sorry, no results has been found matching your query. ", "Crescent add value across business development, acquisition and enhancement activities. Thank you! As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. bdcir@crescentcap.com. The all time high for this statistics is 5. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! All information contained in this website is qualified by the terms of applicable offering documents. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Please turn to Slide 15 where we highlight our recent activity. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. 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. Crescent Point Energy (CPG) Receives a Buy from BMO Capital And with that, operator, please open the line for questions. You can get rich by returning 20% per year and compounding that for several years. 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. Please go ahead. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Our portfolio at fair value was comprised of the following: 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. We appreciate your continued interest in CCAP. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. it's been delivered there. 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. Robert Dodd: Got it. Crescent Capital Offers A Buying Opportunity For Dividend Investors Great. All data as of 12/31/2022. 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. 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. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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 Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Jason Breaux: Okay. Total investment income again reached its highest level since inception and recurring yield related investment income continues to grow in both absolute dollars and as a percentage of our total revenue, which Gerhard will provide more color on. ET. A couple more worth highlighting. Home - Crescent Capital As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Crescent Capital is a leading investor across real estate, private equity and venture capital. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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%. Investing in the future of finance, education, SaaS, logistics, and more. Another, on your deployments in the quarter, obviously will follow on. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Can you give us any color around that? Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! Crescent Capital BDC, Inc. - Investor Relations How are IPOs trending over time in this hub? And then one more, if I can. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. ", "Crescent partnered with us and assisted in achieving our growth targets. This call is being recorded on Thursday, February 23, 2023. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 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. I would now like to turn the conference over to Dan McMahon. Use of this website is governed by the Terms and Conditions. There are significant risks that should be considered and reviewed when considering an investment in real estate. Register now to read this article and more for free. 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. We still like this investment. Before we begin, Ill start with some important reminders. We believe an active engagement model is a leading indicator of strong company performance. The Crescent Capital IV Development Fund was launched amid much fanfare 18 months ago to build on the success of forerunner funds, from which some of Northern Ireland's most exciting. 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. This video is provided by the Australian Investment Council. 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. 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 Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call For more information about Crescent Capital Group, please visit www.crescentcap.com. 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. We did intentionally delever a bit here in Q4 in anticipation of the merger. Gerhard will then review our financial performance during the fourth quarter. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Not the case? That would have been 9.35% in hedge fund fees. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Continued strong performance ratings and low nonaccrual levels. We thank you for your participation and ask that you please disconnect your lines. Get the full list, Morningstar Institutional Equity Research. Jason Breaux: Yes. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. As a reminder, this call is being recorded for replay purposes. 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. Crescent Capital - Investing in the future Get the full list, Youre viewing 4 of 6 team members. Read More Portfolio See our recent purchases and offers. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. 2023 Crescent Capital Investments 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. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook Crescent Capital Group Id now like to turn it over to Henry to discuss our Q4 investment activity. Crescent Capital Partners | Private Equity Firm in Sydney Australia You can sign up for additional alert options at any time. Discover more about our company and values. Reduced net debt by approximately $850 Active vs. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. bdcir@crescentcap.com. You can sign up for additional alert options at any time. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Use the PitchBook Platform to explore the full profile. A link has been emailed to you - check your inbox. Description. Im on Slide 19. ", "It has been Crescents human capital that has been most valuable to us. 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. We have a large internal team which helps accelerate a portfolio company management teams decision making. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Or was it a more normal course of business add-ons or growth or whatever? 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. Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. Im going to ask you a question that sort of relates to credit . 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. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. LP investments in high-growth and distressed companies in the United States and abroad. Crescent Capital Group Closes Second Direct Lending Fund at The fund was more than double the size of . Jason Breaux: Thank you, Dan. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Crescent Capital Group Announces Hiring of Jonathan Harari as Global 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. What's the most common final funding type when companies get acquired? View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. 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. We have just sent you an email so you can verify your account. 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. Please go ahead. 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. With that, I will now turn it over to Gerhard. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescent Credit. Privacy Policy 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. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. 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. (310) 235-5900 Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Turning to Slide 16. Real Estate Portfolio Direct and LP investments across various asset types across the United States, including commercial, retail, multi-family, residential, hotel, development, self-storage and RV Parks. Invest NI pulls plug on new VC equity fund amid claims of earlier round We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Venture Capital Portfolio He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. He launched his hedge fund in 1956 with $105,100 in seed capital. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. We attributed the bulk of the quarters NAV decline to widening credit spreads. And it means its going to be harder than ever to hold onto any money you make. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Jason Breaux: Hey Robert, its Jason. Video: Matt Courtney, CEO Construction Sciences. 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. 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. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. We are proud to have globally leading NPS scores with our executive partners. 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. 2023 Crescent Capital Group LP. We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising 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. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Home - Crescent Capital Investments

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