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. Please go ahead. It has a well-diversified portfolio and is unique in that it also has international exposure. Warren Buffett has been investing and compounding for at least 65 years. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Website by GCI. For the year ended December 31, 2022, the Company invested $308.0 million across 20 new portfolio companies, 31 existing portfolio companies and several follow-on revolver and delayed draw fundings. 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. bdcir@crescentcap.com. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 2023 PitchBook. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Something went wrong while submitting the form. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Product Marketing and Business Development Director. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. 25+ years experience in strategy consulting, investment and business management and public company boards. Click In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Guidance Jason Breaux: Yes. And it means its going to be harder than ever to hold onto any money you make. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. We did intentionally delever a bit here in Q4 in anticipation of the merger. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Wed like to thank all of you for your continued support and time today. A few more updates before I turn it over to Henry. Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. A link has been emailed to you - check your inbox. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. We attributed the bulk of the quarters NAV decline to widening credit spreads. Jason Breaux: Thank you, Dan. (310) 235-5900 And with that, Id like to turn it back to Jason for closing remarks. You should only be asked to sign in once. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. ", "Crescent brings a laser light focus on the things that drive value to our business.". In addition, a reconciliation of this measure may also be found in our earnings release. 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. 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. Legal Notice. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. Jason Breaux: Thanks, Gerhard. 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 2023 Crescent Capital Group LP. Oops! Crescent Credit. Warren Buffett took 25% of all returns in excess of 6 percent. 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. Diversification will not guarantee profitability or protection against loss. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. After submitting your request, you will receive an activation email to the requested email address. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. And with that, operator, please open the line for questions. 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. Get the full list, Morningstar Institutional Equity Research. Get the full list, Youre viewing 10 of 31 exits. Before we begin, Ill start with some important reminders. | Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Please also note that past performance or market information is not a guarantee of future results. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Please go ahead. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Im on Slide 19. What's the most common types of sub-organization? Do you expect to be running lower leverage than was the case to present historically? Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Crescent BDC and Alcentra Capital will be holding a joint conference call to discuss the transaction on Tuesday, August 13, 2019 at 1:15 p.m. PT / 4:15 p.m. Which companies in this hub have the most subsidiaries? The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. All information contained in this website is qualified by the terms of applicable offering documents. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. The fund was more than double the size of . to generate high returns in the 20% to 30% range. Active vs. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. This has proven to be a competitive advantage, particularly in the current lending environment. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. All rights reserved. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. All data as of 12/31/2022. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. You can sign up for additional alert options at any time. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Now lets shift to capitalization and liquidity. 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. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. ", "Crescent add value across business development, acquisition and enhancement activities. Operator: Thank you. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. bdcir@crescentcap.com. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Jason Breaux: Hey Robert, its Jason. Venture Capital Portfolio. Passive Investing: Which Real Estate Strategy is Right for You. I will turn the call back to Jason Breaux for closing remarks. If you experience any issues with this process, please contact us for further assistance. How much aggregate funding have these organizations raised over time? 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. 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. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Jason reviewed several metrics related to our portfolio. Crescent Capital is a Belfast based venture capital fund manager. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. This means the bullish number of . As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. . 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. Or is that just a timing? 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Good morning, everyone, and thank you for joining our earnings call. Thank you, operator. 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 If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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. Shares added by 1.69% iShares Russell 1000. 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. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. How are IPOs trending over time in this hub? We have a large internal team which helps accelerate a portfolio company management teams decision making. Henry? Id now like to turn it over to Henry to discuss our Q4 investment activity. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We thank you for your participation and ask that you please disconnect your lines. Crescent Capital is a Belfast based venture capital fund manager. 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 . As a reminder, this call is being recorded for replay purposes. Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. Total investment income again reached its highest level since inception and recurring yield related investment income continues to grow in both absolute dollars and as a percentage of our total revenue, which Gerhard will provide more color on. For example S&P 500 Index returned 43.4% in 1958. Im going to ask you a question that sort of relates to credit . Crescent Capital is a leading investor across . Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. We seek to maximize the total return of our stockholders in the form of current income and capital appreciation by providing capital solutions to companies with sound business fundamentals and strong growth prospects. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Please turn to Slide 15 where we highlight our recent activity. Jason Breaux: Sure. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. The companies continue to grow on the top line and the bottom line. For more information about Crescent. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. . Thanks for the question. Read More ET. "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. Use the PitchBook Platform to explore the full profile. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. I mean, whats the how are things actually trending right now? This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Use of this website is governed by the Terms and 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. Turning to Slide 16. 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. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Gross deployment in the fourth quarter was $46 million. 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 . 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. After that, there are no remaining term maturities until 2026. Networking We provide expertise and exposure to a network of relevant business contacts. We appreciate your continued interest in CCAP. 87% in this quarter were raising one or two, so it appears pretty stable. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Click here.
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