But I would say overall, we are pleased with the underlying performance of the portfolio. This video is provided by the Australian Investment Council. You must click the activation link in order to complete your subscription. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Video: Paul Wappett, CEO Australian Institute of Business. 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. Click Turning to Slide 16. A few more updates before I turn it over to Henry. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Net realized losses were less than $0.05 per share. I mean how would the how are the operating trends doing? 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%. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Product Marketing and Business Development Director. And it means its going to be harder than ever to hold onto any money you make. 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. The good news is, this powerful new force can help you make a lot of money even in a bear market. Investors in our funds include both domestic and international pension funds and endowments. Privacy Policy InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. You talked about, obviously, youve lowered leverage ahead of that acquisition. 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. So, how did Warren Buffett manage to generate high returns and beat the market? Our team have over 30 years experience assisting healthcare businesses accelerate growth. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. You must click the activation link in order to complete your subscription. As a reminder, this call is being recorded for replay purposes. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Before we begin, Ill start with some important reminders. Video: Matt Courtney, CEO Construction Sciences. Jason Breaux: Okay. ", "Crescent brings a laser light focus on the things that drive value to our business.". Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. 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. 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. This has proven to be a competitive advantage, particularly in the current lending environment. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. On a GAAP basis, fourth quarter net investment income per share was $0.52. 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. management team, and recent news are also included. What's the investment trend over time for this hub? 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. Or was it a more normal course of business add-ons or growth or whatever? Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. The company assumes no obligation to update any such forward-looking statements. . Your submission has been received! Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. Video: Cameron Johnson, CEO Nucleus Network. 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. We have just sent you an email so you can verify your account. (310) 235-5900 Please turn to Slide 15 where we highlight our recent activity. Operator: Ladies and gentlemen, this does conclude our conference call for today. Angel, Fund of Funds, Venture Capital), Median number of investments made by investors in this hub, Median number of lead investments made by investors in this hub, Announced Date: Date the acquisition was announced, Acquirer Name: Name of the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. Get our editors daily picks straight in your inbox! Can you give us any color around that? All information contained in this website is qualified by the terms of applicable offering documents. Description. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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 Capital Partners is a leading Australian private equity firm. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 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. bdcir@crescentcap.com. Henry Chung: Thanks, Jason. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. You can sign up for additional alert options at any time. 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. After submitting your request, you will receive an activation email to the requested email address. 25+ years experience in strategy consulting, investment and business management and public company boards. 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. 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. 2023 Crescent Capital Group LP. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. Private Equity Portfolio. We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Video: Melinda McGrath, CEO Australian Clinical Labs. Terms & Conditions 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. Reduced net debt by approximately $850 Crescent Capital is a leading investor across real estate, private equity and venture capital. Website by GCI. For more information about Crescent. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 2023 PitchBook. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Get the full list, Youre viewing 5 of 21 co-investor. Get the full list, Morningstar Institutional Equity Research. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. 2023 Crescent Capital Investments Id now like to turn it over to Henry to discuss our Q4 investment activity. Excuse me. it's been delivered there. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. We are proud to have globally leading NPS scores with our executive partners. We initially share this idea in October 2018 and the stock already returned more than 150%. (310) 235-5900 All data as of 12/31/2022. Use of this website is governed by the Terms and Conditions. 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. . Jason Breaux: Yes. 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. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Thank you. 2009 Crescent Capital, All Rights Reserved. We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Only logged in subscribers of this site will be able to access the shared article. Wed like to thank all of you for your continued support and time today. 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. Great. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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 For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. With that, Id now like to turn it over to Jason. 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. I.e., is your forward leverage range target changing as a result of proposed acquisition? 87% in this quarter were raising one or two, so it appears pretty stable. 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. Now lets shift to capitalization and liquidity. Gerhard will then review our financial performance during the fourth quarter. A couple more worth highlighting. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. 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. 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. For example S&P 500 Index returned 43.4% in 1958. to generate high returns in the 20% to 30% range. The total size of the investment portfolio is around USD 400 million which . Jason Breaux: Sure. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Sorry, no results has been found matching your query. Read More Offerings across the credit quality spectrum AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? | 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. Venture Capital Portfolio. 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. We still like this investment. 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. He launched his hedge fund in 1956 with $105,100 in seed capital. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. We appreciate your continued interest in CCAP. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. That would have been 9.35% in hedge fund fees. We have consistently been able to deliver significant value-add alongside our management teams. 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. Healthcare is Crescent's largest sector by investment. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. I mean, whats the how are things actually trending right now? Back then they werent called hedge funds, they were called partnerships. Read More Portfolio See our recent purchases and offers. This call is being recorded on Thursday, February 23, 2023. LP investments in high-growth and distressed companies in the United States and abroad. Thanks for the question. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. Robert Dodd: Got it. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. 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. 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. Do you expect to be running lower leverage than was the case to present historically? One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Im on Slide 19. Im going to ask you a question that sort of relates to credit .
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