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. Henry Chung: Thanks, Jason. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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 all time high for this statistics is 5. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. We thank you for your participation and ask that you please disconnect your lines. Product Marketing and Business Development Director. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Im going to ask you a question that sort of relates to credit . And with that, operator, please open the line for questions. I would now like to turn the conference over to Dan McMahon. 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. Something went wrong while submitting the form. Privacy Policy For more information about Crescent. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 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 . Jason Breaux: Yes. 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. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. 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. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 2023 Crescent Capital Investments With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Gerhard Lombard: Thanks, Henry, and good morning, everyone. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Get the full list, Youre viewing 4 of 6 team members. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. What's the investment trend over time for this hub? If you experience any issues with this process, please contact us for further assistance. 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. 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. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. As a reminder, this call is being recorded for replay purposes. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Click 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Legal Notice. ET. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. How much aggregate funding have these organizations raised over time? You should only be asked to sign in once. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Crescent Capital is a leading investor across . The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Read More Portfolio See our recent purchases and offers. 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. . Crescent Capital is a leading investor across real estate, private equity and venture capital. Get the full list, Morningstar Institutional Equity Research. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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 . Great. Use of this website is governed by the Terms and Conditions. Oops! As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Register now to read this article and more for free. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. This means the bullish number of . 87% in this quarter were raising one or two, so it appears pretty stable. 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. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. We still like this investment. 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. And then one more, if I can. 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. 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. 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. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. Crescent Credit. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. The good news is, this powerful new force can help you make a lot of money even in a bear market. 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. Use of this website is governed by the Terms and Conditions. In addition, a reconciliation of this measure may also be found in our earnings release. 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. I mean, whats the how are things actually trending right now? ", "Crescent add value across business development, acquisition and enhancement activities. 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. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We provide support for founders and senior management teams to accelerate the achievement of their goals. We still like this investment. Networking We provide expertise and exposure to a network of relevant business contacts. Robert Dodd: Hi guys. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. 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 have a large internal team which helps accelerate a portfolio company management teams decision making. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Id now like to turn it over to Henry to discuss our Q4 investment activity. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. You can sign up for additional alert options at any time. 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 companies continue to grow on the top line and the bottom line. There are no further questions at this time. 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. 2009 Crescent Capital, All Rights Reserved. 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. Sorry, no results has been found matching your query. 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. Offerings across the credit quality spectrum Please turn to Slide 15 where we highlight our recent activity. The fund was more than double the size of . Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. | Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Along the way, I believe Biden could become one of the most powerful Presidents in history. That would have been 9.35% in hedge fund fees. What's the most common types of sub-organization? You can get rich by returning 20% per year and compounding that for several years. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. "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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Warren Buffett has been investing and compounding for at least 65 years. Which companies in this hub have the most subsidiaries? Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. 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. Video: Matt Courtney, CEO Construction Sciences. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. Jason Breaux: Thanks, Gerhard. Crescent Capital Partners is a leading Australian private equity firm. A link has been emailed to you - check your inbox. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Crescent Capital is a Belfast based venture capital fund manager. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. I.e., is your forward leverage range target changing as a result of proposed acquisition? The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. We are an equity partner that brings more than money to the relationship. Gross deployment in the fourth quarter was $46 million. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. Crescent Capital is a Belfast based venture capital fund manager. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. The first question comes from Robert Dodd of Raymond James. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? After submitting your request, you will receive an activation email to the requested email address. 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. Do you expect to be running on a combined basis going forward? 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. 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. This increase was driven primarily by rising base rates and higher spreads. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Before we begin, Ill start with some important reminders. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? If Warren Buffetts hedge fund didnt generate any outperformance (i.e. All information contained in this website is qualified by the terms of applicable offering documents. 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. And with that, Id like to turn it back to Jason for closing remarks. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Good morning, everyone, and thank you for joining our earnings call. Video: Paul Wappett, CEO Australian Institute of Business. We see several investors trying to strike it rich in options market by risking their entire savings. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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. . Or was it a more normal course of business add-ons or growth or whatever? 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. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 2023 Crescent Capital Group LP. So, how did Warren Buffett manage to generate high returns and beat the market? I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. The obvious, I mean, how you gave the interest coverage based on year-end rates. Reduced net debt by approximately $850 Now lets shift to capitalization and liquidity. A couple of reminders as it relates to the transaction. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. You can enter your email below to get our FREE report. There are significant risks that should be considered and reviewed when considering an investment in real estate. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. I believe it will make millions of Americans vastly wealthier. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. For example S&P 500 Index returned 43.4% in 1958. Operator: Thank you. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. What's the most common final funding type when companies get acquired? Average Retirement Savings By Age: Are You Normal? Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Read More This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Can you give us any color around that? One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. Access to our investment and operational team brings unparalleled support to our portfolio companies. | You must click the activation link in order to complete your subscription. Guidance 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. We look forward to speaking with you again soon. Our portfolio at fair value was comprised of the following: Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. ", "Our growth strategy was perfectly aligned with Crescents. For more information about Crescent. 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.

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