. ", "I strongly recommend working in partnership with Crescent Capital. We appreciate your continued interest in CCAP. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. 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 have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Can you give us any color around that? Terms & Conditions 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. The first question comes from Robert Dodd of Raymond James. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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 would say broadly speaking, we continue to feel good about the health of the overall portfolio. If you experience any issues with this process, please contact us for further assistance. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. We still like this investment. So lets begin. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Investors in our funds include both domestic and international pension funds and endowments. For more information about Crescent. Use the PitchBook Platform to explore the full profile. Great. Jason Breaux: Thank you, Dan. Not the case? 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. Your submission has been received! Operator: Ladies and gentlemen, this does conclude our conference call for today. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. 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 Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Gerhard will then review our financial performance during the fourth quarter. With that, I will now turn it over to Gerhard. Crescent Capital is a leading investor across . 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. Or was it a more normal course of business add-ons or growth or whatever? We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Healthcare is Crescent's largest sector by investment. . 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. 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. Thank you. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. What's the most common final funding type when companies get acquired? We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 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. The companies continue to grow on the top line and the bottom line. Crescent Capital is a Belfast based venture capital fund manager. 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. ", "Our growth strategy was perfectly aligned with Crescents. That means much bigger government. Please turn to Slide 15 where we highlight our recent activity. Net realized losses were less than $0.05 per share. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Please go ahead. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 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. Video: Cameron Johnson, CEO Nucleus Network. 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. The fund was more than double the size of . Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent Capital Partners is a leading Australian private equity firm. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. There are no further questions at this time. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Ill provide some fourth quarter and full year highlights, touch on our current portfolio and positioning and then turn it over to Henry to review our recent activity in more detail. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. You can sign up for additional alert options at any time. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. 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. 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. Video: Melinda McGrath, CEO Australian Clinical Labs. In addition, a reconciliation of this measure may also be found in our earnings release. 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. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. All information contained in this website is qualified by the terms of applicable offering documents. 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. Read More Portfolio See our recent purchases and offers. All data as of 12/31/2022. ", "It has been Crescents human capital that has been most valuable to us. It has a well-diversified portfolio and is unique in that it also has international exposure. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. ", "Crescent partnered with us and assisted in achieving our growth targets. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent Credit. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Description. 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 . Before we begin, Ill start with some important reminders. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. The company has a one-year high of $10.68 and a one . 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. I mean, whats the how are things actually trending right now? Thank you again, everyone for your interest and support of CCAP. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Click here. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. ET. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Website by GCI. I believe it will make millions of Americans vastly wealthier. 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. And with that, Id like to turn it back to Jason for closing remarks. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Gross deployment in the fourth quarter was $46 million. 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. 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. Offerings across the credit quality spectrum Robert Dodd: Got it. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 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 is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. LP investments in high-growth and distressed companies in the United States and abroad. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. 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. I.e., is your forward leverage range target changing as a result of proposed acquisition? Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Private Equity Portfolio. bdcir@crescentcap.com. 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. After submitting your request, you will receive an activation email to the requested email address. 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. (310) 235-5900 We see several investors trying to strike it rich in options market by risking their entire savings. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Website by GCI. That would have been 9.35% in hedge fund fees. What's the most common types of sub-organization? As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. 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.
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