For more information about Crescent Capital Group, please visit www.crescentcap.com. After that, there are no remaining term maturities until 2026. | 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. In addition, a reconciliation of this measure may also be found in our earnings release. Register now to read this article and more for free. Great. Jason Breaux: Okay. 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%. Please check your spam or junk folder just in case 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Robert Dodd: Got it. 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. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. Get the full list, Youre viewing 4 of 6 team members. Venture Capital Portfolio. 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. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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 . This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. This call is being recorded on Thursday, February 23, 2023. 2023 Crescent Capital Investments Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Thanks for the question. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We did intentionally delever a bit here in Q4 in anticipation of the merger. ", "Crescent partnered with us and assisted in achieving our growth targets. 2023 PitchBook. Your submission has been received! Operator: Thank you. All rights reserved. We have just sent you an email so you can verify your account. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. And then one more, if I can. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. | 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 . I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. . Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Focus on Seed and Series A. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Get the full list, Youre viewing 10 of 31 exits. We have a large internal team which helps accelerate a portfolio company management teams decision making. Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. For example S&P 500 Index returned 43.4% in 1958. With that, I will now turn it over to Gerhard. So, how did Warren Buffett manage to generate high returns and beat the market? 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. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. LP investments in high-growth and distressed companies in the United States and abroad. You can sign up for additional alert options at any time. 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. 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. 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. Please turn to Slide 6, where youll see a summary of our results. 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 thank you for your participation and ask that you please disconnect your lines. If you experience any issues with this process, please contact us for further assistance. management team, and recent news are also included. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Series A, Seed, Private Equity), Average of the Crunchbase Ranks of the organizations in this hub, Organization Name: Name of the Organization, Total Funding Amount: Total amount raised across all funding rounds, CB Rank (Organization): Algorithmic rank assigned to the top 100,000 most active Organizations, Trend Score (30 Days): Movement in Rank over the last 30 days using a score from -10 to 10, Total number of funding rounds associated with this hub, Total funding amount raised across all funding rounds, Total number of acquisitions made by organizations in the hub, Announced Date: Date that the Funding Round was publicly announced, Organization Name: Name of the organization that got funded, Transaction Name: Auto-generated name of transaction (e.g. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Sorry, no results has been found matching your query. Jason reviewed several metrics related to our portfolio. What's the most common types of sub-organization? 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. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Video: Cameron Johnson, CEO Nucleus Network. ", "Our growth strategy was perfectly aligned with Crescents. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. This has proven to be a competitive advantage, particularly in the current lending environment. Im going to ask you a question that sort of relates to credit . Robert Dodd: Got it. 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. The first question comes from Robert Dodd of Raymond James. Healthcare is Crescent's largest sector by investment. Please also note that past performance or market information is not a guarantee of future results. As a reminder, this call is being recorded for replay purposes. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 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 . Jason Breaux: Thank you, Dan. A couple more worth highlighting. Get the full list, Youre viewing 5 of 21 co-investor. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. We initially share this idea in October 2018 and the stock already returned more than 150%. ", "Crescent brings a laser light focus on the things that drive value to our business.". Do you expect to be running lower leverage than was the case to present historically? For more information about Crescent. 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. Discover more about our company and values. Video: Paul Wappett, CEO Australian Institute of Business. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. Win whats next. Private Equity Portfolio. Now lets shift to capitalization and liquidity. We have raised six funds since 2000 and we are a top quartile manager on global metrics. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments That would have been 9.35% in hedge fund fees. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Crescent Capital is a Belfast based venture capital fund manager. Jason Breaux: Sure. Net realized losses were less than $0.05 per share. Excuse me. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Description. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. How much aggregate funding have these organizations raised over time? Click here. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. This increase was driven primarily by rising base rates and higher spreads. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. The company assumes no obligation to update any such forward-looking statements. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. 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). The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We appreciate your continued interest in CCAP. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. For more information about Crescent. Thank you! Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Crescent Capital Partners General Information. So lets begin. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. As of year-end, this GAAP expense accrual has been fully reversed. You should only be asked to sign in once. 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 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. Guidance Thank you again, everyone for your interest and support of CCAP. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Don't have an account? I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income.
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