By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. After submitting your request, you will receive an activation email to the requested email address. Active vs. 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. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. We have consistently been able to deliver significant value-add alongside our management teams. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . 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. Do you expect to be running on a combined basis going forward? Warren Buffett took 25% of all returns in excess of 6 percent. Your submission has been received! You must click the activation link in order to complete your subscription. Please go ahead. 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. After that, there are no remaining term maturities until 2026. ", "Crescent add value across business development, acquisition and enhancement activities. While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. Im on Slide 19. All data as of 12/31/2022. 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. What's the investment trend over time for this hub? Continued strong performance ratings and low nonaccrual levels. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. Private Equity Portfolio. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. 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. Terms & Conditions Crescent Capital is a Belfast based venture capital fund manager. You can enter your email below to get our FREE report. Please check your spam or junk folder just in case 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. . Legal Notice. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. There are no further questions at this time. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. 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. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. That would have been 9.35% in hedge fund fees. 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. 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 . Website by GCI. Click here. Robert Dodd: Got it. 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. Excuse me. How much aggregate funding have these organizations raised over time? Crescent Capital is a leading investor across real estate, private equity and venture capital. Use of this website is governed by the Terms and Conditions. Thank you, operator. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Diversification will not guarantee profitability or protection against loss. What's the most common final funding type when companies get acquired? Guidance Jason Breaux: Thank you, Dan. 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. 2023 Crescent Capital Investments For more information about Crescent Capital Group, please visit www.crescentcap.com. 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%. And with that, Id like to turn it back to Jason for closing remarks. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. 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. 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. Product Marketing and Business Development Director. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. The company has a one-year high of $10.68 and a one . | We believe an active engagement model is a leading indicator of strong company performance. Use the PitchBook Platform to explore the full profile. 25+ years experience in strategy consulting, investment and business management and public company boards. 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. 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. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Great. Warren Buffett has been investing and compounding for at least 65 years. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Crescents track record is successfully managing through multiple economic and market cycles, provides us with significant and relevant experience navigating what could be a challenging environment in 2023 and beyond. Turning to Slide 16. Not the case? Privacy Policy You can get rich by returning 20% per year and compounding that for several years. Please turn to Slide 6, where youll see a summary of our results. The first question comes from Robert Dodd of Raymond James. This video is provided by the Australian Investment Council. I would now like to turn the conference over to Dan McMahon. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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 . All information contained in this website is qualified by the terms of applicable offering documents. Another, on your deployments in the quarter, obviously will follow on. to generate high returns in the 20% to 30% range. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. We have a large internal team which helps accelerate a portfolio company management teams decision making. Along the way, I believe Biden could become one of the most powerful Presidents in history. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. ", "I strongly recommend working in partnership with Crescent Capital. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. But I would say overall, we are pleased with the underlying performance of the portfolio. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. As of year-end, this GAAP expense accrual has been fully reversed. The fund was more than double the size of . Gerhard will then review our financial performance during the fourth quarter. Robert Dodd: Got it. Access to our investment and operational team brings unparalleled support to our portfolio companies. 87% in this quarter were raising one or two, so it appears pretty stable. What's the most common types of sub-organization? One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Video: Paul Wappett, CEO Australian Institute of Business. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Win whats next. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. The obvious, I mean, how you gave the interest coverage based on year-end rates. This has proven to be a competitive advantage, particularly in the current lending environment. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. 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. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. If you experience any issues with this process, please contact us for further assistance. Crescent Capital Partners is a leading Australian private equity firm. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Get the full list, Youre viewing 4 of 6 team members. This increase was driven primarily by rising base rates and higher spreads. Please turn to Slide 15 where we highlight our recent activity. ", "Crescent partnered with us and assisted in achieving our growth targets. You talked about, obviously, youve lowered leverage ahead of that acquisition. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. After submitting your request, you will receive an activation email to the requested email address. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. We still like this investment. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Or was it a more normal course of business add-ons or growth or whatever? Jason Breaux: Okay. ET. 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. 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. Video: Cameron Johnson, CEO Nucleus Network. Get our editors daily picks straight in your inbox! Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. You should only be asked to sign in once. 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. As a reminder, this call is being recorded for replay purposes. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. | Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. I mean, whats the how are things actually trending right now? This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. Get the full list, Morningstar Institutional Equity Research. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. 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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. 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. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. We are an equity partner that brings more than money to the relationship. 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 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. Im going to ask you a question that sort of relates to credit . We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. We see several investors trying to strike it rich in options market by risking their entire savings. Only logged in subscribers of this site will be able to access the shared article. 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. 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. 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). 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 . He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 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. Sorry, no results has been found matching your query. The all time high for this statistics is 5. Thanks for the question. 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. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. We did intentionally delever a bit here in Q4 in anticipation of the merger. Before we begin, Ill start with some important reminders. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. Which investors participated in the most funding rounds within this hub? Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Reduced net debt by approximately $850 LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . 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 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. I mean how would the how are the operating trends doing? As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. I will turn the call back to Jason Breaux for closing remarks. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. The total size of the investment portfolio is around USD 400 million which . 2009 Crescent Capital, All Rights Reserved. Register now to read this article and more for free. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Thank you. We attributed the bulk of the quarters NAV decline to widening credit spreads. He launched his hedge fund in 1956 with $105,100 in seed capital. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. And with that, operator, please open the line for questions. Jason reviewed several metrics related to our portfolio. And it means its going to be harder than ever to hold onto any money you make. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Get the full list, Youre viewing 10 of 31 exits. Healthcare is Crescent's largest sector by investment. 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.