Two more credit trends to highlight. You must click the activation link in order to complete your subscription. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Henry? 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Continued strong performance ratings and low nonaccrual levels. You can sign up for additional alert options at any time. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. You must click the activation link in order to complete your subscription. ", "Crescent add value across business development, acquisition and enhancement activities. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. 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. 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. 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. Oops! Guidance Healthcare is Crescent's largest sector by investment. Robert Dodd: Got it. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. We are proud to have globally leading NPS scores with our executive partners. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 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. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. What's the most common final funding type when companies get acquired? Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. (310) 235-5900 Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. 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. He launched his hedge fund in 1956 with $105,100 in seed capital. That means much bigger government. That would have been 9.35% in hedge fund fees. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. You can get rich by returning 20% per year and compounding that for several years. 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. As a reminder, this call is being recorded for replay purposes. The obvious, I mean, how you gave the interest coverage based on year-end rates. 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. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. For more information about Crescent. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. ", "Our growth strategy was perfectly aligned with Crescents. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 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. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. Do you expect to be running on a combined basis going forward? 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. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 billion for the full year. 2009 Crescent Capital, All Rights Reserved. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Robert Dodd: Got it. Get the full list, Youre viewing 4 of 6 team members. Great. Please go ahead. Crescent Capital is a Belfast based venture capital fund manager. 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 . I.e., is your forward leverage range target changing as a result of proposed acquisition? All data as of 12/31/2022. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Shares added by 1.69% iShares Russell 1000. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Thanks for the question. I mean how would the how are the operating trends doing? Crescent Capital is a Belfast based venture capital fund manager. Reduced net debt by approximately $850 ", "I strongly recommend working in partnership with Crescent Capital. Get the full list, Morningstar Institutional Equity Research. Operator: Thank you. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Only logged in subscribers of this site will be able to access the shared article. 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. A couple of reminders as it relates to the transaction. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Click The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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. I believe it will make millions of Americans vastly wealthier. The fund was more than double the size of . After submitting your request, you will receive an activation email to the requested email address. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. 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. Use of this website is governed by the Terms and Conditions. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. This has proven to be a competitive advantage, particularly in the current lending environment. it's been delivered there. 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 . $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. ET. To participate please dial (877 . 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. Or was it a more normal course of business add-ons or growth or whatever? 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. Gross deployment in the fourth quarter was $46 million. Jason Breaux: Sure. 87% in this quarter were raising one or two, so it appears pretty stable. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. All information contained in this website is qualified by the terms of applicable offering documents. 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. Turning back to this quarters earnings. Your submission has been received! There are no further questions at this time. The first question comes from Robert Dodd of Raymond James. On a GAAP basis, fourth quarter net investment income per share was $0.52. We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Im on Slide 19. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. If you experience any issues with this process, please contact us for further assistance. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. 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 . With that, I will now turn it over to Gerhard. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. 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%. Networking We provide expertise and exposure to a network of relevant business contacts. . 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. Please turn to Slide 15 where we highlight our recent activity. This increase was driven primarily by rising base rates and higher spreads. Private Equity Portfolio. Wed like to thank all of you for your continued support and time today. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Jason Breaux: Thank you, Dan. Video: Paul Wappett, CEO Australian Institute of Business. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 . The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. | Use the PitchBook Platform to explore the full profile. Video: Melinda McGrath, CEO Australian Clinical Labs. 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. 25+ years experience in strategy consulting, investment and business management and public company boards. 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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. Jason Breaux: Yes. 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. Excuse me. 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. . This call is being recorded on Thursday, February 23, 2023. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Thank you, operator. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Use of this website is governed by the Terms and Conditions. Angel - Uber), Money Raised: Amount of money raised in Funding Round, Total number of investments made by investors in this hub, Announced Date: Date when the Investment is announced, Investor Name: Name of the investor who participated in the Investment, Funding Round: Name of the funding round where the Investment is made, Number of Investors: Total number of Investors in a Funding Round, Total number of lead investment firms and individual investors that invested in organizations of this hub, Total number of investment firms and individual investors that invested in organizations of this hub, Organization/Person Name: Name of the Organization or Person, Location: Where the organization is headquartered, Investor Type: This describes the type of investor this organization or person is (e.g. You should only be asked to sign in once. 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. 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. Average Retirement Savings By Age: Are You Normal? Description. 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. And then one more, if I can. 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. Henry Chung: Thanks, Jason. The company has a one-year high of $10.68 and a one . Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. Crescent Capital Partners is a leading Australian private equity firm. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. How are IPOs trending over time in this hub? We initially share this idea in October 2018 and the stock already returned more than 150%. I would now like to turn the conference over to Dan McMahon. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. | Crescent Capital is a leading investor across . Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Diversification will not guarantee profitability or protection against loss. ", "It has been Crescents human capital that has been most valuable to us. Turning to Slide 16. Warren Buffett has been investing and compounding for at least 65 years. Now lets shift to capitalization and liquidity. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Don't have an account? "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 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. 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.