Read More Portfolio See our recent purchases and offers. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. | A few more updates before I turn it over to Henry. To participate please dial (877 . Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. 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. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity. Video: Cameron Johnson, CEO Nucleus Network. With that, I will now turn it over to Gerhard. 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 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. ", "Crescents practical and analytical approach enabled management to hit their goals. Discover more about our company and values. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. The company assumes no obligation to update any such forward-looking statements. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Turning to Slide 16. Oops! Henry? Our portfolio at fair value was comprised of the following: What's the investment trend over time for this hub? 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. ", "Crescent partnered with us and assisted in achieving our growth targets. He launched his hedge fund in 1956 with $105,100 in seed capital. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Please check your spam or junk folder just in case For more information about Crescent. 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. (310) 235-5900 I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. The company has a one-year high of $10.68 and a one . Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Jason Breaux: Thanks, Gerhard. This video is provided by the Australian Investment Council. Don't have an account? . LP investments in high-growth and distressed companies in the United States and abroad. After submitting your request, you will receive an activation email to the requested email address. 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. Passive Investing: Which Real Estate Strategy is Right for You. If you experience any issues with this process, please contact us for further assistance. 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. 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. Reduced net debt by approximately $850 Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Excuse me. Jason Breaux: Sure. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. All information contained in this website is qualified by the terms of applicable offering documents. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. We have raised six funds since 2000 and we are a top quartile manager on global metrics. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays Product Marketing and Business Development Director. 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. Offerings across the credit quality spectrum Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. Investing in the future of finance, education, SaaS, logistics, and more. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. We thank you for your participation and ask that you please disconnect your lines. As of year-end, this GAAP expense accrual has been fully reversed. Along the way, I believe Biden could become one of the most powerful Presidents in history. Crescent Capital is a leading investor across . 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). 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Warren Buffett took 25% of all returns in excess of 6 percent. Description. 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. Use of this website is governed by the Terms and Conditions. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Terms & Conditions 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. Great. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Something went wrong while submitting the form. There are significant risks that should be considered and reviewed when considering an investment in real estate. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 2023 Crescent Capital Group LP. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Win whats next. 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. The all time high for this statistics is 5. | Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Operator: Thank you. Not the case? His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Use of this website is governed by the Terms and Conditions. Which investors participated in the most funding rounds within this hub? 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. After submitting your request, you will receive an activation email to the requested email address. We did intentionally delever a bit here in Q4 in anticipation of the merger. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Jason Breaux: Hey Robert, its Jason. 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 . At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Im on Slide 19. 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. I believe it will make millions of Americans vastly wealthier. Click Investors in our funds include both domestic and international pension funds and endowments. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. There are no further questions at this time. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. For more information about Crescent Capital Group, please visit www.crescentcap.com. You must click the activation link in order to complete your subscription. Thank you! And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. In addition, a reconciliation of this measure may also be found in our earnings release. (310) 235-5900 All rights reserved. Before we begin, Ill start with some important reminders. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. That would have been 9.35% in hedge fund fees. We are an equity partner that brings more than money to the relationship. Now lets shift to capitalization and liquidity. The first question comes from Robert Dodd of Raymond James. You can sign up for additional alert options at any time. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. You talked about, obviously, youve lowered leverage ahead of that acquisition. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Gerhard will then review our financial performance during the fourth quarter. 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 . 2023 Crescent Capital Investments We initially share this idea in October 2018 and the stock already returned more than 150%. 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 . 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. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. Crescent Capital Partners General Information. We still like this investment. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Two more credit trends to highlight. Crescent Capital Partners is a leading Australian private equity firm. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. We appreciate your continued interest in CCAP. Crescent Credit. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. ", "Crescent brings a laser light focus on the things that drive value to our business.". 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Good morning, everyone, and thank you for joining our earnings call. 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. But I would say overall, we are pleased with the underlying performance of the portfolio. 2009 Crescent Capital, All Rights Reserved. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Get the full list, Morningstar Institutional Equity Research. The companies continue to grow on the top line and the bottom line. It has a well-diversified portfolio and is unique in that it also has international exposure. 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%. 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. Do you expect to be running on a combined basis going forward? You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Click here. This means the bullish number of . Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. And it means its going to be harder than ever to hold onto any money you make. Get our editors daily picks straight in your inbox! For more information about Crescent. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. . Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. to generate high returns in the 20% to 30% range. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. I.e., is your forward leverage range target changing as a result of proposed acquisition? ET. Continued strong performance ratings and low nonaccrual levels. 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 presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Video: Paul Wappett, CEO Australian Institute of Business. . We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. And with that, operator, please open the line for questions. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 2023 PitchBook. 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. Wed like to thank all of you for your continued support and time today. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential.

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