crescent capital portfoliocrescent capital portfolio

Continued strong performance ratings and low nonaccrual levels. Henry? ", "Crescent brings a laser light focus on the things that drive value to our business.". If you experience any issues with this process, please contact us for further assistance. In addition, a reconciliation of this measure may also be found in our earnings release. Id now like to turn it over to Henry to discuss our Q4 investment activity. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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 . We look forward to speaking with you again soon. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, [email protected]. We have just sent you an email so you can verify your account. 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. Legal Notice. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. 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. For example S&P 500 Index returned 43.4% in 1958. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Video: Cameron Johnson, CEO Nucleus Network. The companies continue to grow on the top line and the bottom line. 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 generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. 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. We have a large internal team which helps accelerate a portfolio company management teams decision making. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Diversification will not guarantee profitability or protection against loss. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. 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). We are an equity partner that brings more than money to the relationship. Read More Portfolio See our recent purchases and offers. 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. 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 . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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 firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. As of year-end, this GAAP expense accrual has been fully reversed. We provide support for founders and senior management teams to accelerate the achievement of their goals. Gross deployment in the fourth quarter was $46 million. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Venture Capital Portfolio 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. So, how did Warren Buffett manage to generate high returns and beat the market? Net realized losses were less than $0.05 per share. 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 year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. What's the most common types of sub-organization? Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. All data as of 12/31/2022. 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. it's been delivered there. We initially share this idea in October 2018 and the stock already returned more than 150%. 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 Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. . 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Video: Paul Wappett, CEO Australian Institute of Business. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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 . Another, on your deployments in the quarter, obviously will follow on. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Privacy Policy (310) 235-5900 This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. You talked about, obviously, youve lowered leverage ahead of that acquisition. | LP investments in high-growth and distressed companies in the United States and abroad. 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. You should only be asked to sign in once. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. You must click the activation link in order to complete your subscription. Crescent Capital is a Belfast based venture capital fund manager. 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. 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 . We see several investors trying to strike it rich in options market by risking their entire savings. Get the full list, Youre viewing 5 of 21 co-investor. 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. From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. Crescent Capital is a Belfast based venture capital fund manager. 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. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. "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. Operator: Ladies and gentlemen, this does conclude our conference call for today. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. 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. Good morning, everyone, and thank you for joining our earnings call. Please check your spam or junk folder just in case secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Thank you again, everyone for your interest and support of CCAP. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Robert Dodd: Hi guys. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. We thank you for your participation and ask that you please disconnect your lines. Turning to Slide 16. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. We still like this investment. 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. Which investors participated in the most funding rounds within this hub? CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 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. We believe an active engagement model is a leading indicator of strong company performance. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Jason Breaux: Thank you, Dan. ET. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. Website by GCI. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments (310) 235-5900 The company's 90% portfolio is performing above expectations, while 89% of its portfolio. You can enter your email below to get our FREE report. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. But I would say overall, we are pleased with the underlying performance of the portfolio. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We have consistently been able to deliver significant value-add alongside our management teams. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. ", "Crescent add value across business development, acquisition and enhancement activities. 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. Use the PitchBook Platform to explore the full profile. I mean how would the how are the operating trends doing? . Robert Dodd: Got it. Your submission has been received! 2009 Crescent Capital, All Rights Reserved. Can you give us any color around that? Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Thank you! I believe it will make millions of Americans vastly wealthier. We believe this is an important distinction to highlight for shareholders in a volatile market environment. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. 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. Please turn to Slide 15 where we highlight our recent activity. Do you expect to be running lower leverage than was the case to present historically? Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. We still like this investment. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . . A link has been emailed to you - check your inbox. On a GAAP basis, fourth quarter net investment income per share was $0.52. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. After that, there are no remaining term maturities until 2026. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Read More Our Strategy Learn more about our investing strategy. Or was it a more normal course of business add-ons or growth or whatever? The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 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 difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. 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. Use of this website is governed by the Terms and Conditions. This website is neither an offer to sell nor a solicitation of an offer to buy securities. As a reminder, this call is being recorded for replay purposes. Reduced net debt by approximately $850 Passive Investing: Which Real Estate Strategy is Right for You. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Video: Melinda McGrath, CEO Australian Clinical Labs. Do you expect to be running on a combined basis going forward? Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. This means the bullish number of . Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. 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. A couple of reminders as it relates to the transaction. With that, Id now like to turn it over to Jason. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. ", "Our growth strategy was perfectly aligned with Crescents. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Operator: Thank you. WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. And with that, Id like to turn it back to Jason for closing remarks. We have raised six funds since 2000 and we are a top quartile manager on global metrics. to generate high returns in the 20% to 30% range. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Please go ahead. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. And it means its going to be harder than ever to hold onto any money you make. 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. Crescent Credit. Crescent Capital is a leading investor across real estate, private equity and venture capital. The company has a one-year high of $10.68 and a one . Don't have an account? A few more updates before I turn it over to Henry. 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 Jason Breaux: Okay. Henry Chung: Thanks, Jason. Terms & Conditions Use of this website is governed by the Terms and Conditions. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Jason Breaux: Yes. Please go ahead. 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. 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Please turn to Slide 6, where youll see a summary of our results. Operator: Thank you.

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