This has proven to be a competitive advantage, particularly in the current lending environment. 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. 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. You should only be asked to sign in once. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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). Privacy Policy We look forward to speaking with you again soon. Operator: Thank you. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Thank you again, everyone for your interest and support of CCAP. What's the most common types of sub-organization? This situates us well to benefit from increases in base rates above our average floors as is the case this quarter with continued growth in our interest income line item. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. All data as of 12/31/2022. Jason Breaux: Thank you, Dan. The all time high for this statistics is 5. How much aggregate funding have these organizations raised over time? The total size of the investment portfolio is around USD 400 million which . Before we begin, Ill start with some important reminders. Crescent Capital is a Belfast based venture capital fund manager. 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. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Video: Cameron Johnson, CEO Nucleus Network. Henry? "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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Operator: Ladies and gentlemen, this does conclude our conference call for today. We provide support for founders and senior management teams to accelerate the achievement of their goals. ", "Crescent add value across business development, acquisition and enhancement activities. 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 . 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. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Get the full list, Youre viewing 4 of 6 team members. I.e., is your forward leverage range target changing as a result of proposed acquisition? In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Jason Breaux: Okay. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Or is that just a timing? 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. 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 still like this investment. | In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. You talked about, obviously, youve lowered leverage ahead of that acquisition. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments to generate high returns in the 20% to 30% range. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. Use of this website is governed by the Terms and Conditions. We have a large internal team which helps accelerate a portfolio company management teams decision making. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. And it means its going to be harder than ever to hold onto any money you make. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. We did intentionally delever a bit here in Q4 in anticipation of the merger. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. I mean how would the how are the operating trends doing? Average Retirement Savings By Age: Are You Normal? We still like this investment. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Investors in our funds include both domestic and international pension funds and endowments. CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. We see several investors trying to strike it rich in options market by risking their entire savings. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. . 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. And then one more, if I can. Which companies in this hub have the most subsidiaries? We thank you for your participation and ask that you please disconnect your lines. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Sorry, no results has been found matching your query. 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. Im going to ask you a question that sort of relates to credit . This video is provided by the Australian Investment Council. I will turn the call back to Jason Breaux for closing remarks. 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. Robert Dodd: Got it. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Win whats next. Investing in the future of finance, education, SaaS, logistics, and more. 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. Only logged in subscribers of this site will be able to access the shared article. He launched his hedge fund in 1956 with $105,100 in seed capital. After submitting your request, you will receive an activation email to the requested email address. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. A couple more worth highlighting. 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. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. it's been delivered there. Turning back to this quarters earnings. All rights reserved. Private Equity Portfolio. That means much bigger government. 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. That would have been 9.35% in hedge fund fees. 2023 Crescent Capital Group LP. Great. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. As a reminder, this call is being recorded for replay purposes. Website by GCI. 2023 PitchBook. 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. 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. 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. 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 . Robert Dodd: Got it. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. After submitting your request, you will receive an activation email to the requested email address. As of year-end, this GAAP expense accrual has been fully reversed. Our portfolio at fair value was comprised of the following: Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. ", "It has been Crescents human capital that has been most valuable to us. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Do you expect to be running on a combined basis going forward? There are significant risks that should be considered and reviewed when considering an investment in real estate. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. The obvious, I mean, how you gave the interest coverage based on year-end rates. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. Our team have over 30 years experience assisting healthcare businesses accelerate growth. On a GAAP basis, fourth quarter net investment income per share was $0.52. 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. The fund was more than double the size of . 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. 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. Warren Buffett has been investing and compounding for at least 65 years. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. Turning to Slide 16. 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. A link has been emailed to you - check your inbox. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Net realized losses were less than $0.05 per share. Excuse me. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. bdcir@crescentcap.com. For example S&P 500 Index returned 43.4% in 1958. Use of this website is governed by the Terms and Conditions. 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. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now.
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