Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Crescent Capital is a Belfast based venture capital fund manager Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. If you experience any issues with this process, please contact us for further assistance. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Reduced net debt by approximately $850 Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescent Capital - Investing in the future Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Register now to read this article and more for free. In addition, a reconciliation of this measure may also be found in our earnings release. 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 Point announces 2022 results & reserves | BOE Report Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Active vs. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. 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. | 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. 2009 Crescent Capital, All Rights Reserved. Crescent Point Energy (CPG) Receives a Buy from BMO Capital 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. Thank you, operator. Don't have an account? Crescent Capital Partners | Private Equity Firm in Sydney Australia There are significant risks that should be considered and reviewed when considering an investment in real estate. In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. Jason Breaux: Yes. Get the full list, Youre viewing 4 of 6 team members. We attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Crescent Credit. This increase was driven primarily by rising base rates and higher spreads. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Use the PitchBook Platform to explore the full profile. We are an equity partner that brings more than money to the relationship. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. ", "Our growth strategy was perfectly aligned with Crescents. Jason Breaux: Okay. This serves to drive growth and performance improvement, accelerating value creation for shareholders. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Passive Investing: Which Real Estate Strategy is Right for You. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Warren Buffett took 25% of all returns in excess of 6 percent. Crescent Capital is a leading investor across real estate, private equity and venture capital. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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. 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Click 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. How much aggregate funding have these organizations raised over time? I will turn the call back to Jason Breaux for closing remarks. 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. Something went wrong while submitting the form. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. But I would say overall, we are pleased with the underlying performance of the portfolio. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. These are the top 5 holdings of Crescent Capital Consulting, LLC iShares Core S&P 500 ETF ( IVV) - 140,585 shares, 11.05% of the total portfolio. Video: Melinda McGrath, CEO Australian Clinical Labs. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Thank you again, everyone for your interest and support of CCAP. I would now like to turn the conference over to Dan McMahon. Video: Paul Wappett, CEO Australian Institute of Business. it's been delivered there. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Crescent Capital BDC, Inc. - About - Portfolio We look forward to speaking with you again soon. 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 Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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 is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. You can sign up for additional alert options at any time. Please turn to Slide 6, where youll see a summary of our results. I.e., is your forward leverage range target changing as a result of proposed acquisition? Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. You can get rich by returning 20% per year and compounding that for several years. 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. 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). Net realized losses were less than $0.05 per share. 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Private Credit | Sun Life Capital Management Jason Breaux: Hey Robert, its Jason. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. 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. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Use of this website is governed by the Terms and Conditions. Gross deployment in the fourth quarter was $46 million. And with that, operator, please open the line for questions. 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. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Back then they werent called hedge funds, they were called partnerships. It has a well-diversified portfolio and is unique in that it also has international exposure. If you experience any issues with this process, please contact us for further assistance. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. 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%. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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. Crescent Capital - Investing in the future 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. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Good morning, everyone, and thank you for joining our earnings call. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Please also note that past performance or market information is not a guarantee of future results. 2023 Crescent Capital Group LP. 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. to generate high returns in the 20% to 30% range. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Jason Breaux: Sure. 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. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Use of this website is governed by the Terms and Conditions. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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. I mean, whats the how are things actually trending right now? 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. And then one more, if I can. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. We have consistently been able to deliver significant value-add alongside our management teams. 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. Another, on your deployments in the quarter, obviously will follow on. "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. Get the full list, Morningstar Institutional Equity Research. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Thanks for the question. 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. ", "Crescent add value across business development, acquisition and enhancement activities. 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. All information contained in this website is qualified by the terms of applicable offering documents. You can enter your email below to get our FREE report. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. What's the most common final funding type when companies get acquired? . With that, I will now turn it over to Gerhard. 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