Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 2023 Crescent Capital Group LP. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Crescent Capital is a Belfast based venture capital fund manager. And it means its going to be harder than ever to hold onto any money you make. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. What's the investment trend over time for this hub? Privacy Policy 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. Robert Dodd: Got it. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Our portfolio at fair value was comprised of the following: Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. 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. With that, Id now like to turn it over to Jason. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. You must click the activation link in order to complete your subscription. We have raised six funds since 2000 and we are a top quartile manager on global metrics. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Or was it a more normal course of business add-ons or growth or whatever? The first question comes from Robert Dodd of Raymond James. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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 . Good morning, everyone, and thank you for joining our earnings call. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 2009 Crescent Capital, All Rights Reserved. (310) 235-5900 As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Offerings across the credit quality spectrum I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. I would now like to turn the conference over to Dan McMahon. 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. Something went wrong while submitting the form. Active vs. 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. 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. Use of this website is governed by the Terms and Conditions. This has proven to be a competitive advantage, particularly in the current lending environment. 2023 PitchBook. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Product Marketing and Business Development Director. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. This increase was driven primarily by rising base rates and higher spreads. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We attributed the bulk of the quarters NAV decline to widening credit spreads. Get the full list, Youre viewing 5 of 21 co-investor. 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. 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. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Reduced net debt by approximately $850 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Jason Breaux: Sure. 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. 2023 Crescent Capital Group LP. Warren Buffett took 25% of all returns in excess of 6 percent. (310) 235-5900 Jason Breaux: Yes. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. We still like this investment. How much aggregate funding have these organizations raised over time? Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. You can enter your email below to get our FREE report. Video: Matt Courtney, CEO Construction Sciences. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. 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. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. 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. We have a large internal team which helps accelerate a portfolio company management teams decision making. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Venture Capital Portfolio That means much bigger government. A few more updates before I turn it over to Henry. Which investors participated in the most funding rounds within this hub? So lets begin. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 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. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Along the way, I believe Biden could become one of the most powerful Presidents in history. Robert Dodd: Got it. A link has been emailed to you - check your inbox. Thank you again, everyone for your interest and support of CCAP. Register now to read this article and more for free. That would have been 9.35% in hedge fund fees. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Description. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Crescent Capital is a leading investor across real estate, private equity and venture capital. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Click 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. We are proud to have globally leading NPS scores with our executive partners. 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. We appreciate your continued interest in CCAP. As a reminder, this call is being recorded for replay purposes. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . . Shares added by 1.69% iShares Russell 1000. You can sign up for additional alert options at any time. On a GAAP basis, fourth quarter net investment income per share was $0.52. 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 must click the activation link in order to complete your subscription. 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. 25+ years experience in strategy consulting, investment and business management and public company boards. Im going to ask you a question that sort of relates to credit . WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. But I would say overall, we are pleased with the underlying performance of the portfolio. Do you expect to be running on a combined basis going forward? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. Continued strong performance ratings and low nonaccrual levels. All data as of 12/31/2022. With that, I will now turn it over to Gerhard. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 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%. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. 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. ", "Our growth strategy was perfectly aligned with Crescents. . "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. | We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. This video is provided by the Australian Investment Council. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. ET. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Get the full list, Morningstar Institutional Equity Research. 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. Henry Chung: Thanks, Jason. 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. 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. 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. . Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. 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. . Private Equity Portfolio. Please check your spam or junk folder just in case Please go ahead. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Please turn to Slide 6, where youll see a summary of our results. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. How are IPOs trending over time in this hub? Can you give us any color around that? This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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 Use of this website is governed by the Terms and Conditions. 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. Not the case? 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. Oops! What's the most common types of sub-organization? In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Get the full list, Youre viewing 4 of 6 team members. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. We believe an active engagement model is a leading indicator of strong company performance. For more information about Crescent. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Thank you. 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. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. to generate high returns in the 20% to 30% range. For more information about Crescent Capital Group, please visit www.crescentcap.com. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. If you experience any issues with this process, please contact us for further assistance. Turning to Slide 16. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Investors in our funds include both domestic and international pension funds and endowments. All rights reserved. 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.
Why Was Search For The Lost Giants Canceled,
Bounce Fitness Policies And Procedures,
Why Does Bilbo Call Himself Friend Of Bears,
Articles C