Terms & Conditions Warren Buffett took 25% of all returns in excess of 6 percent. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. We see several investors trying to strike it rich in options market by risking their entire savings. Please go ahead. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Venture Capital Portfolio. Crescent Capital is a Belfast based venture capital fund manager. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Something went wrong while submitting the form. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Our portfolio at fair value was comprised of the following: And it means its going to be harder than ever to hold onto any money you make. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. He launched his hedge fund in 1956 with $105,100 in seed capital. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. ET. Excuse me. 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. Or is that just a timing? Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Only logged in subscribers of this site will be able to access the shared article. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. . We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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 . Video: Cameron Johnson, CEO Nucleus Network. 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 Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Passive Investing: Which Real Estate Strategy is Right for You. Get the full list, Youre viewing 10 of 31 exits. We are an equity partner that brings more than money to the relationship. Robert Dodd: Hi guys. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. 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. 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 companies continue to grow on the top line and the bottom line. Investors in our funds include both domestic and international pension funds and endowments. | Crescent Capital is a leading investor across real estate, private equity and venture capital. 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. Read More Our Strategy Learn more about our investing strategy. 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. Offerings across the credit quality spectrum 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. ", "Crescent brings a laser light focus on the things that drive value to our business.". You can get rich by returning 20% per year and compounding that for several years. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Jason Breaux: Sure. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Use the PitchBook Platform to explore the full profile. Description. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. And then one more, if I can. Focus on Seed and Series A. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. This call is being recorded on Thursday, February 23, 2023. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Please check your spam or junk folder just in case Video: Melinda McGrath, CEO Australian Clinical Labs. After submitting your request, you will receive an activation email to the requested email address. We still like this investment. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Access to our investment and operational team brings unparalleled support to our portfolio companies. 2009 Crescent Capital, All Rights Reserved. 87% in this quarter were raising one or two, so it appears pretty stable. As a reminder, this call is being recorded for replay purposes. 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. 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. Privacy Policy Discover more about our company and values. Private Equity Portfolio. 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 company assumes no obligation to update any such forward-looking statements. Henry? ", "Crescent partnered with us and assisted in achieving our growth targets. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. We appreciate your continued interest in CCAP. Operator: Thank you. So lets begin. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. If you experience any issues with this process, please contact us for further assistance. Turning back to this quarters earnings. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Continued strong performance ratings and low nonaccrual levels. Jason Breaux: Okay. We believe an active engagement model is a leading indicator of strong company performance. Reduced net debt by approximately $850 to generate high returns in the 20% to 30% range. We have just sent you an email so you can verify your account. The good news is, this powerful new force can help you make a lot of money even in a bear market. Jason Breaux: Thanks, Gerhard. Get our editors daily picks straight in your inbox! 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. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. You can enter your email below to get our FREE report. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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 . 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. Do you expect to be running on a combined basis going forward? With that, I will now turn it over to Gerhard. Im going to ask you a question that sort of relates to credit . Henry Chung: Thanks, Jason. 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. A couple more worth highlighting. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. This website is neither an offer to sell nor a solicitation of an offer to buy securities. All information contained in this website is qualified by the terms of applicable offering documents. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. For more information about Crescent Capital Group, please visit www.crescentcap.com. We initially share this idea in October 2018 and the stock already returned more than 150%. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. ", "Our growth strategy was perfectly aligned with Crescents. That means much bigger government. Guidance 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.
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