crescent capital portfolio

. Offerings across the credit quality spectrum | 25+ years experience in strategy consulting, investment and business management and public company boards. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Now lets shift to capitalization and liquidity. Click We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. to generate high returns in the 20% to 30% range. The companies continue to grow on the top line and the bottom line. Guidance Something went wrong while submitting the form. If you experience any issues with this process, please contact us for further assistance. 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. And it means its going to be harder than ever to hold onto any money you make. Thank you, operator. The fund was more than double the size of . Venture Capital Portfolio. We look forward to speaking with you again soon. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. 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. Only logged in subscribers of this site will be able to access the shared article. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Get the full list, Morningstar Institutional Equity Research. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Wed like to thank all of you for your continued support and time today. 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. 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. In addition, a reconciliation of this measure may also be found in our earnings release. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". So lets begin. So, how did Warren Buffett manage to generate high returns and beat the market? 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. Use of this website is governed by the Terms and Conditions. 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. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 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. Win whats next. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Get the full list, Youre viewing 10 of 31 exits. 87% in this quarter were raising one or two, so it appears pretty stable. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We still like this investment. 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. The good news is, this powerful new force can help you make a lot of money even in a bear market. Please turn to Slide 15 where we highlight our recent activity. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. 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. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. Legal Notice. Oops! 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. 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. Thank you again, everyone for your interest and support of CCAP. Operator: Thank you. A couple more worth highlighting. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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. 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. Average Retirement Savings By Age: Are You Normal? ", "It has been Crescents human capital that has been most valuable to us. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. 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. This increase was driven primarily by rising base rates and higher spreads. This website is neither an offer to sell nor a solicitation of an offer to buy securities. This means the bullish number of . 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. Diversification will not guarantee profitability or protection against loss. I.e., is your forward leverage range target changing as a result of proposed acquisition? As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Thanks for the question. A few more updates before I turn it over to Henry. You should only be asked to sign in once. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. 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. Back then they werent called hedge funds, they were called partnerships. Investing in the future of finance, education, SaaS, logistics, and more. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. That means much bigger government. We have consistently been able to deliver significant value-add alongside our management teams. Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Which companies in this hub have the most subsidiaries? We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. 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. management team, and recent news are also included. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Please go ahead. Terms & Conditions Crescent Capital is a Belfast based venture capital fund manager. Website by GCI. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. | He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Gerhard will then review our financial performance during the fourth quarter. The company has a one-year high of $10.68 and a one . 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. Our portfolio at fair value was comprised of the following: Operator: Ladies and gentlemen, this does conclude our conference call for today. Not the case? Jason reviewed several metrics related to our portfolio. Thank you! But I would say overall, we are pleased with the underlying performance of the portfolio. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. I believe it will make millions of Americans vastly wealthier. Reduced net debt by approximately $850 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. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. 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. bdcir@crescentcap.com. How much aggregate funding have these organizations raised over time? InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. 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. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. This video is provided by the Australian Investment Council. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. You must click the activation link in order to complete your subscription. After submitting your request, you will receive an activation email to the requested email address. We have just sent you an email so you can verify your account. All data as of 12/31/2022. 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. 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. For more information about Crescent Capital Group, please visit www.crescentcap.com. 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. The first question comes from Robert Dodd of Raymond James. We still like this investment. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. We did intentionally delever a bit here in Q4 in anticipation of the merger. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. And then one more, if I can. ET. Id now like to turn it over to Henry to discuss our Q4 investment activity. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. 2009 Crescent Capital, All Rights Reserved. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. . 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Or is that just a timing? (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. Sorry, no results has been found matching your query. Im on Slide 19. 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. You must click the activation link in order to complete your subscription. 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. With that, I will now turn it over to Gerhard. Jason Breaux: Hey Robert, its Jason. How are IPOs trending over time in this hub? I would now like to turn the conference over to Dan McMahon. As a reminder, this call is being recorded for replay purposes. Do you expect to be running on a combined basis going forward? Please check your spam or junk folder just in case As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. After that, there are no remaining term maturities until 2026. Get our editors daily picks straight in your inbox! Do you expect to be running lower leverage than was the case to present historically? I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Read More Our Strategy Learn more about our investing strategy. The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. 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. Please go ahead. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Video: Cameron Johnson, CEO Nucleus Network. 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. Product Marketing and Business Development Director. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Jason Breaux: Thank you, Dan. 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. I will turn the call back to Jason Breaux for closing remarks. 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. Networking We provide expertise and exposure to a network of relevant business contacts. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? 2023 Crescent Capital Group LP. 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.

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