We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Robert Dodd: Hi guys. 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. 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. Venture Capital Portfolio. Passive Investing: Which Real Estate Strategy is Right for You. Gross deployment in the fourth quarter was $46 million. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. | We still like this investment. ", "Our growth strategy was perfectly aligned with Crescents. 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. . An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? I will turn the call back to Jason Breaux for closing remarks. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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 Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 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. Robert Dodd: Got it. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. We believe an active engagement model is a leading indicator of strong company performance. 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. 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. Use of this website is governed by the Terms and Conditions. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. You can get rich by returning 20% per year and compounding that for several years. Terms & Conditions We see several investors trying to strike it rich in options market by risking their entire savings. You must click the activation link in order to complete your subscription. Crescent Capital is a Belfast based venture capital fund manager. We did intentionally delever a bit here in Q4 in anticipation of the merger. How much aggregate funding have these organizations raised over time? Great. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 2023 Crescent Capital Group LP. We thank you for your participation and ask that you please disconnect your lines. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. All information contained in this website is qualified by the terms of applicable offering documents. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. And it means its going to be harder than ever to hold onto any money you make. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Our 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. What's the investment trend over time for this hub? An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Jason reviewed several metrics related to our portfolio. 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 Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Or is that just a timing? And with that, operator, please open the line for questions. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Or was it a more normal course of business add-ons or growth or whatever? 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. 2023 PitchBook. For more information about Crescent. This call is being recorded on Thursday, February 23, 2023. 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. The good news is, this powerful new force can help you make a lot of money even in a bear market. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. bdcir@crescentcap.com. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Back then they werent called hedge funds, they were called partnerships. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Average Retirement Savings By Age: Are You Normal? Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Not the case? Register now to read this article and more for free. Healthcare is Crescent's largest sector by investment. And with that, Id like to turn it back to Jason for closing remarks. 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. 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. Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. 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 has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Only logged in subscribers of this site will be able to access the shared article. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Shares added by 1.69% iShares Russell 1000. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. The company has a one-year high of $10.68 and a one . Please turn to Slide 15 where we highlight our recent activity. Thanks for the question. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. 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. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. To participate please dial (877 . | Crescent Credit. Jason Breaux: Thank you, Dan. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. How are IPOs trending over time in this hub? 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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Gerhard will then review our financial performance during the fourth quarter. 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. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Please go ahead. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Before we begin, Ill start with some important reminders. The obvious, I mean, how you gave the interest coverage based on year-end rates. We have just sent you an email so you can verify your account. . Click This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. We initially share this idea in October 2018 and the stock already returned more than 150%. . Sorry, no results has been found matching your query. That would have been 9.35% in hedge fund fees. 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 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. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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. Now lets shift to capitalization and liquidity. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". We have consistently been able to deliver significant value-add alongside our management teams. 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. I believe it will make millions of Americans vastly wealthier. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. I mean, whats the how are things actually trending right now? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. 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. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Investing in the future of finance, education, SaaS, logistics, and more. Legal Notice. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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. 2023 Crescent Capital Group LP. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Your submission has been received! 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. 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. Do you expect to be running on a combined basis going forward? In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. 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. You should only be asked to sign in once. Jason Breaux: Thanks, Gerhard. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Another, on your deployments in the quarter, obviously will follow on. 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. What's the most common types of sub-organization? After submitting your request, you will receive an activation email to the requested email address. 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. 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.
