It has a well-diversified portfolio and is unique in that it also has international exposure. I believe it will make millions of Americans vastly wealthier. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. management team, and recent news are also included. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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. I would now like to turn the conference over to Dan McMahon. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 For more information about Crescent Capital Group, please visit www.crescentcap.com. 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. After submitting your request, you will receive an activation email to the requested email address. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Terms & Conditions (310) 235-5900 Crescent Capital BDC, Inc. - About - Portfolio Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. 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. Please check your spam or junk folder just in case We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Not the case? Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? We see several investors trying to strike it rich in options market by risking their entire savings. Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. 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. Home - Crescent Capital We did intentionally delever a bit here in Q4 in anticipation of the merger. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Sun Life-backed Crescent targets $6bn for two private debt funds This has proven to be a competitive advantage, particularly in the current lending environment. Guidance Which companies in this hub have the most subsidiaries? Description. Website by GCI. To participate please dial (877 . Crescent Capital Partners is a leading Australian private equity firm. 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. . Please turn to Slide 6, where youll see a summary of our results. Use the PitchBook Platform to explore the full profile. 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 target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Do you expect to be running on a combined basis going forward? Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Gross deployment in the fourth quarter was $46 million. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Read More Portfolio See our recent purchases and offers. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Privacy Policy This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Id now like to turn it over to Henry to discuss our Q4 investment activity. Which investors participated in the most funding rounds within this hub? Passive Investing: Which Real Estate Strategy is Right for You. Im going to ask you a question that sort of relates to credit . Our portfolio at fair value was comprised of the following: 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. 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. This increase was driven primarily by rising base rates and higher spreads. 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. Thanks for the question. Stock Market | FinancialContent Business Page What's the most common types of sub-organization? Do you expect to be running lower leverage than was the case to present historically? Read More Invest NI pulls plug on new VC equity fund amid claims of earlier round Another, on your deployments in the quarter, obviously will follow on. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. All information contained in this website is qualified by the terms of applicable offering documents. We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. 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. Register now to read this article and more for free. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Back then they werent called hedge funds, they were called partnerships. Our Company - Crescent Capital Group Good morning, everyone, and thank you for joining our earnings call. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Crescent Point announces 2022 results & reserves | BOE Report Shares added by 1.69% iShares Russell 1000. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. 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. Focus on Seed and Series A. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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 . Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Robert Dodd: Hi guys. 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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Reduced net debt by approximately $850 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 add value across business development, acquisition and enhancement activities. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call And with that, Id like to turn it back to Jason for closing remarks. Don't have an account? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . You can sign up for additional alert options at any time. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. 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. A couple of reminders as it relates to the transaction. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent Capital is a leading investor across . Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Only logged in subscribers of this site will be able to access the shared article. 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 is a Belfast based venture capital fund manager. How are IPOs trending over time in this hub? Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Get the full list, Youre viewing 4 of 6 team members. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Jason Breaux: Hey Robert, its Jason. For more information about Crescent. Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. For more information about Crescent. ", "Our growth strategy was perfectly aligned with Crescents. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Something went wrong while submitting the form. Your submission has been received! 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 25+ years experience in strategy consulting, investment and business management and public company boards. On a GAAP basis, fourth quarter net investment income per share was $0.52. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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 . The all time high for this statistics is 5. Get the full list, Morningstar Institutional Equity Research. 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. - Investor Relations Along the way, I believe Biden could become one of the most powerful Presidents in history. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. 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. I mean how would the how are the operating trends doing? 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. Please also note that past performance or market information is not a guarantee of future results. Invest Money & Crypto With #Crescent | Crescent Bit Capital As a reminder, this call is being recorded for replay purposes. We attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Stock Market | Pittsburgh Post-Gazette Venture Capital Portfolio Get our editors daily picks straight in your inbox! Win whats next. We have a large internal team which helps accelerate a portfolio company management teams decision making. Product Marketing and Business Development Director. (310) 235-5900 ", "Crescent partnered with us and assisted in achieving our growth targets. 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. 2009 Crescent Capital, All Rights Reserved. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Before we begin, Ill start with some important reminders. 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. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Video: Paul Wappett, CEO Australian Institute of Business. Wed like to thank all of you for your continued support and time today. Legal Notice. We believe an active engagement model is a leading indicator of strong company performance. This means the bullish number of . 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential We still like this investment. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Read More Our Strategy Learn more about our investing strategy. Private Credit | Sun Life Capital Management This video is provided by the Australian Investment Council. We appreciate your continued interest in CCAP. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Investors in our funds include both domestic and international pension funds and endowments. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. The company assumes no obligation to update any such forward-looking statements. Jason Breaux: Okay. Thank you. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. 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. ", "Crescents practical and analytical approach enabled management to hit their goals. After that, there are no remaining term maturities until 2026. . Access to our investment and operational team brings unparalleled support to our portfolio companies. All rights reserved. For example S&P 500 Index returned 43.4% in 1958. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! ET. 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 this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. bdcir@crescentcap.com. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. "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. 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? 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. 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. Video: Cameron Johnson, CEO Nucleus Network. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. We have consistently been able to deliver significant value-add alongside our management teams. 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. Crescent Capital - Investing in the future Henry Chung: Thanks, Jason. 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. Use of this website is governed by the Terms and Conditions. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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. Crescent Capital 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. 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.