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As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook And with that, Id like to turn it back to Jason for closing remarks. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Jason Breaux: Thank you, Dan. 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. You can get rich by returning 20% per year and compounding that for several years. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Robert Dodd: Hi guys. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Or was it a more normal course of business add-ons or growth or whatever? Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. In addition, a reconciliation of this measure may also be found in our earnings release. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Warren Buffett took 25% of all returns in excess of 6 percent. Back then they werent called hedge funds, they were called partnerships. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 25+ years experience in strategy consulting, investment and business management and public company boards. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Video: Melinda McGrath, CEO Australian Clinical Labs. This has proven to be a competitive advantage, particularly in the current lending environment. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! We have just sent you an email so you can verify your account. 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. Henry Chung: Thanks, Jason. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Our portfolio at fair value was comprised of the following: Read More 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. Crescent Capital Offers A Buying Opportunity For Dividend Investors . At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Crescent Capital Partners | Private Equity Firm in Sydney Australia 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. Henry? What's the investment trend over time for this hub? (310) 235-5900 After submitting your request, you will receive an activation email to the requested email address. 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. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 This serves to drive growth and performance improvement, accelerating value creation for shareholders. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. 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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. A couple of reminders as it relates to the transaction. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Reduced net debt by approximately $850 This means the bullish number of . Access to our investment and operational team brings unparalleled support to our portfolio companies. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Great. 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. Use the PitchBook Platform to explore the full profile. The fund was more than double the size of . S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. For example S&P 500 Index returned 43.4% in 1958. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. As a reminder, this call is being recorded for replay purposes. Privacy Policy 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. 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. Home - Crescent Capital Investments 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. I mean how would the how are the operating trends doing? An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. We still like this investment. Crescent Capital Group Announces Hiring of Jonathan Harari as Global We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Invest Money & Crypto With #Crescent | Crescent Bit Capital Our Company - Crescent Capital Group So, how did Warren Buffett manage to generate high returns and beat the market? Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Click here. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. So lets begin. Id now like to turn it over to Henry to discuss our Q4 investment activity. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. That means much bigger government. Please also note that past performance or market information is not a guarantee of future results. "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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. ", "Crescents practical and analytical approach enabled management to hit their goals. . Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Website by GCI. The obvious, I mean, how you gave the interest coverage based on year-end rates. 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 Capital is a Belfast based venture capital fund manager. ", "I strongly recommend working in partnership with Crescent Capital. (310) 235-5900 Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. 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. Which investors participated in the most funding rounds within this hub? 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. We have consistently been able to deliver significant value-add alongside our management teams. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. What's the most common types of sub-organization? Turning back to this quarters earnings. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Do you expect to be running lower leverage than was the case to present historically? All information contained in this website is qualified by the terms of applicable offering documents. 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. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results LP investments in high-growth and distressed companies in the United States and abroad. I.e., is your forward leverage range target changing as a result of proposed acquisition? His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. ", "Crescent brings a laser light focus on the things that drive value to our business.". The total size of the investment portfolio is around USD 400 million which . Crescent Capital Group Closes Second Direct Lending Fund at We did intentionally delever a bit here in Q4 in anticipation of the merger. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. 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. Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . Crescent 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. Only logged in subscribers of this site will be able to access the shared article. All data as of 12/31/2022. All rights reserved. Terms & Conditions The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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 . How much aggregate funding have these organizations raised over time? We have raised six funds since 2000 and we are a top quartile manager on global metrics. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. The first question comes from Robert Dodd of Raymond James. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. We attributed the bulk of the quarters NAV decline to widening credit spreads. bdcir@crescentcap.com. You must click the activation link in order to complete your subscription. Net realized losses were less than $0.05 per share. bdcir@crescentcap.com. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. You can sign up for additional alert options at any time. Jason Breaux: Sure. Investors in our funds include both domestic and international pension funds and endowments. Do you expect to be running on a combined basis going forward? Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. Investing in the future of finance, education, SaaS, logistics, and more. 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. Video: Cameron Johnson, CEO Nucleus Network. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments How are IPOs trending over time in this hub? Operator: Ladies and gentlemen, this does conclude our conference call for today. There are no further questions at this time. Stock Market | FinancialContent Business Page Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook 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 The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. And then one more, if I can. 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. You should only be asked to sign in once. Crescent Capital is a leading investor across real estate, private equity and venture capital. Get the full list, Youre viewing 4 of 6 team members. | Jason Breaux: Hey Robert, its Jason. Get the full list, Youre viewing 10 of 31 exits. Please check your spam or junk folder just in case Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. We see several investors trying to strike it rich in options market by risking their entire savings. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We look forward to speaking with you again soon. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. 2009 Crescent Capital, All Rights Reserved. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Shares added by 1.69% iShares Russell 1000. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. What's the most common final funding type when companies get acquired? Don't have an account? Now lets shift to capitalization and liquidity. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. You talked about, obviously, youve lowered leverage ahead of that acquisition. Use of this website is governed by the Terms and Conditions. Thanks for the question. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. This increase was driven primarily by rising base rates and higher spreads. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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. 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. ", "It has been Crescents human capital that has been most valuable to us. Read More Portfolio See our recent purchases and offers. Good morning, everyone, and thank you for joining our earnings call. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. With that, Id now like to turn it over to Jason. 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. 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. Discover more about our company and values. 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We appreciate your continued interest in CCAP. Gerhard will then review our financial performance during the fourth quarter.

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