View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Venture Capital Portfolio. Only logged in subscribers of this site will be able to access the shared article. If you experience any issues with this process, please contact us for further assistance. 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. 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. Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. 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. bdcir@crescentcap.com. Use of this website is governed by the Terms and Conditions. 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. The fund was more than double the size of . There are significant risks that should be considered and reviewed when considering an investment in real estate. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Henry? 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. | Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. . We still like this investment. Focus on Seed and Series A. The good news is, this powerful new force can help you make a lot of money even in a bear market. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescent Capital Partners is a leading Australian private equity firm. Turning back to this quarters earnings. What's the most common types of sub-organization? 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. 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 . Two more credit trends to highlight. 2023 Crescent Capital Group LP. 87% in this quarter were raising one or two, so it appears pretty stable. 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. 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. Use the PitchBook Platform to explore the full profile. A couple more worth highlighting. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Click here. The company assumes no obligation to update any such forward-looking statements. 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. Another, on your deployments in the quarter, obviously will follow on. (310) 235-5900 We did intentionally delever a bit here in Q4 in anticipation of the merger. 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. Website by GCI. 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. So lets begin. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Product Marketing and Business Development Director. Read More Portfolio See our recent purchases and offers. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Please also note that past performance or market information is not a guarantee of future results. The first question comes from Robert Dodd of Raymond James. 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. Investors in our funds include both domestic and international pension funds and endowments. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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 are an equity partner that brings more than money to the relationship. Jason reviewed several metrics related to our portfolio. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments to generate high returns in the 20% to 30% range. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. What's the investment trend over time for this hub? 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. Please turn to Slide 15 where we highlight our recent activity. Jason Breaux: Yes. Venture Capital Portfolio I mean how would the how are the operating trends doing? Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. 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. 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Offerings across the credit quality spectrum The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Get our editors daily picks straight in your inbox! This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 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. 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 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. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Net realized losses were less than $0.05 per share. 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. 2023 Crescent Capital Investments At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. I will turn the call back to Jason Breaux for closing remarks. 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. Or was it a more normal course of business add-ons or growth or whatever? . The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Website by GCI. This has proven to be a competitive advantage, particularly in the current lending environment. 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. Terms & Conditions And then one more, if I can. Operator: Ladies and gentlemen, this does conclude our conference call for today. Discover more about our company and values. 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Operator: Thank you. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. What's the most common final funding type when companies get acquired? Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? With that, I will now turn it over to Gerhard. Guidance 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 . With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. The total size of the investment portfolio is around USD 400 million which . We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Oops! 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. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. After submitting your request, you will receive an activation email to the requested email address. Thanks for the question. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. And it means its going to be harder than ever to hold onto any money you make. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. We look forward to speaking with you again soon. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Robert Dodd: Hi guys. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. He launched his hedge fund in 1956 with $105,100 in seed capital. Id now like to turn it over to Henry to discuss our Q4 investment activity. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Crescent Capital is a Belfast based venture capital fund manager. Get the full list, Youre viewing 10 of 31 exits. We appreciate your continued interest in CCAP. Before we begin, Ill start with some important reminders. We have just sent you an email so you can verify your account. You can sign up for additional alert options at any time. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. This video is provided by the Australian Investment Council. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 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%. You must click the activation link in order to complete your subscription. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. management team, and recent news are also included. Use of this website is governed by the Terms and Conditions. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. The firm seeks to invest in middle-market companies across Australia and New Zealand with a focus on the industrial, financial services, healthcare, consumer brands, technology, and education sectors. Thank you. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Please check your spam or junk folder just in case Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. If you experience any issues with this process, please contact us for further assistance. Operator: Thank you. A link has been emailed to you - check your inbox. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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. Average Retirement Savings By Age: Are You Normal? Networking We provide expertise and exposure to a network of relevant business contacts. Jason Breaux: Sure. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. You should only be asked to sign in once. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. 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. 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. 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. We still like this investment. 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. On a GAAP basis, fourth quarter net investment income per share was $0.52. Reduced net debt by approximately $850 Read More Our Strategy Learn more about our investing strategy. 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. ", "Our growth strategy was perfectly aligned with Crescents. Passive Investing: Which Real Estate Strategy is Right for You. Crescent Capital is a leading investor across . Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. With that, Id now like to turn it over to Jason. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. Thank you, operator. It has a well-diversified portfolio and is unique in that it also has international exposure. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Which investors participated in the most funding rounds within this hub? Excuse me. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. Sorry, no results has been found matching your query. 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 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 . For example S&P 500 Index returned 43.4% in 1958. 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. The companies continue to grow on the top line and the bottom line. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Im on Slide 19. Click Something went wrong while submitting the form. Get the full list, Youre viewing 4 of 6 team members. 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. 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. 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. Video: Paul Wappett, CEO Australian Institute of Business. We provide support for founders and senior management teams to accelerate the achievement of their goals. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Can you give us any color around that? 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. 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 in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. 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. A few more updates before I turn it over to Henry. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Active vs. I believe it will make millions of Americans vastly wealthier. Privacy Policy | Don't have an account? A reconciliation of adjusted net investment income per share to net investment income per share, the most directly comparable GAAP financial measure can be found in the accompanying slide presentation for this call. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. 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 .
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