After submitting your request, you will receive an activation email to the requested email address. Thanks for the question. | The all time high for this statistics is 5. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Investors in our funds include both domestic and international pension funds and endowments. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. You must click the activation link in order to complete your subscription. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. 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. 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. 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. 2023 PitchBook. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Operator: Ladies and gentlemen, this does conclude our conference call for today. To participate please dial (877 . 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. 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. With that, I will now turn it over to Gerhard. 2023 Crescent Capital Group LP. I believe it will make millions of Americans vastly wealthier. We look forward to speaking with you again soon. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 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. Description. What's the investment trend over time for this hub? This is basically a recipe to generate better returns than Warren Buffett is achieving himself. This has proven to be a competitive advantage, particularly in the current lending environment. If you experience any issues with this process, please contact us for further assistance. Gross deployment in the fourth quarter was $46 million. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. A couple more worth highlighting. 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. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. 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. 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 Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Legal Notice. That would have been 9.35% in hedge fund fees. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Crescent Credit. Robert Dodd: Got it. Jason Breaux: Yes. 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. 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. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Please also note that past performance or market information is not a guarantee of future results. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Crescent Capital is a leading investor across real estate, private equity and venture capital. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. ", "Crescent partnered with us and assisted in achieving our growth targets. Privacy Policy Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. 2009 Crescent Capital, All Rights Reserved. We see several investors trying to strike it rich in options market by risking their entire savings. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Get the full list, Youre viewing 10 of 31 exits. 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. I will turn the call back to Jason Breaux for closing remarks. 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. There are no further questions at this time. For more information about Crescent Capital Group, please visit www.crescentcap.com. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. As of year-end, this GAAP expense accrual has been fully reversed. You talked about, obviously, youve lowered leverage ahead of that acquisition. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. 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. 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. For more information about Crescent. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Crescent Capital is a Belfast based venture capital fund manager. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. to generate high returns in the 20% to 30% range. You can sign up for additional alert options at any time. ", "Crescent add value across business development, acquisition and enhancement activities. Guidance This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Jason Breaux: Hey Robert, its Jason. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. I.e., is your forward leverage range target changing as a result of proposed acquisition? We have a large internal team which helps accelerate a portfolio company management teams decision making. 87% in this quarter were raising one or two, so it appears pretty stable. bdcir@crescentcap.com. Back then they werent called hedge funds, they were called partnerships. 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. Your submission has been received! Crescent Capital Partners General Information. This serves to drive growth and performance improvement, accelerating value creation for shareholders. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. 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. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. We appreciate your continued interest in CCAP. Not the case? 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. Jason Breaux: Sure. 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. Offerings across the credit quality spectrum We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. There are significant risks that should be considered and reviewed when considering an investment in real estate. We initially share this idea in October 2018 and the stock already returned more than 150%. Please go ahead. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Register now to read this article and more for free. | Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 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. Another, on your deployments in the quarter, obviously will follow on. 2023 Crescent Capital Group LP. 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. Product Marketing and Business Development Director. Thank you, operator. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Video: Cameron Johnson, CEO Nucleus Network. We still like this investment. 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. it's been delivered there. 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. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. The good news is, this powerful new force can help you make a lot of money even in a bear market. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Jason Breaux: Okay. 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 . We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. How are IPOs trending over time in this hub? 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. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. . 2023 Crescent Capital Investments 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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 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 thank you for your participation and ask that you please disconnect your lines. Investing in the future of finance, education, SaaS, logistics, and more. 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 . The total size of the investment portfolio is around USD 400 million which . 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. Henry Chung: Thanks, Jason. 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. 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. Healthcare is Crescent's largest sector by investment. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Robert Dodd: Got it. Two more credit trends to highlight. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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. 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. 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. The company assumes no obligation to update any such forward-looking statements. 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 . Which companies in this hub have the most subsidiaries? We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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. Thank you. Jason Breaux: Thanks, Gerhard. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. So lets begin. 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. Diversification will not guarantee profitability or protection against loss. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. You can enter your email below to get our FREE report. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Website by GCI. Please turn to Slide 6, where youll see a summary of our results. Continued strong performance ratings and low nonaccrual levels. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Jason reviewed several metrics related to our portfolio. Turning to Slide 16. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. This means the bullish number of . Networking We provide expertise and exposure to a network of relevant business contacts. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Thank you again, everyone for your interest and support of CCAP. Passive Investing: Which Real Estate Strategy is Right for You. Video: Paul Wappett, CEO Australian Institute of Business. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for 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. 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. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. 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.