crescent capital portfolio
First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Crescent Credit. A couple of reminders as it relates to the transaction. Crescent Point Energy (CPG) Receives a Buy from BMO Capital Jason Breaux: Sure. Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation 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. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. 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. 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. 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. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Video: Matt Courtney, CEO Construction Sciences. 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. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. What's the most common final funding type when companies get acquired? We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. 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 . As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. 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. There are no further questions at this time. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Guidance 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 initially share this idea in October 2018 and the stock already returned more than 150%. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. 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. 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. 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. You must click the activation link in order to complete your subscription. In addition, a reconciliation of this measure may also be found in our earnings release. I will turn the call back to Jason Breaux for closing remarks. Which investors participated in the most funding rounds within this hub? As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. A few more updates before I turn it over to Henry. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Excuse me. 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. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. 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. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. I.e., is your forward leverage range target changing as a result of proposed acquisition? Henry? Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, 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. Which companies in this hub have the most subsidiaries? Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results You must click the activation link in order to complete your subscription. After submitting your request, you will receive an activation email to the requested email address. 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 . Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Invest NI pulls plug on new VC equity fund amid claims of earlier round The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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. Thank you! 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. Private Credit | Sun Life Capital Management Legal Notice. 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. Average Retirement Savings By Age: Are You Normal? Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Gerhard will then review our financial performance during the fourth quarter. 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential Crescent Capital Group Announces Hiring of Jonathan Harari as Global You can get rich by returning 20% per year and compounding that for several years. 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 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 . Please also note that past performance or market information is not a guarantee of future results. Jason Breaux: Yes. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. Crescent Capital - Investing in the future Crescent Point announces 2022 results & reserves | BOE Report bdcir@crescentcap.com. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Offerings across the credit quality spectrum As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. The obvious, I mean, how you gave the interest coverage based on year-end rates. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Use of this website is governed by the Terms and Conditions. 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. From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. 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. This video is provided by the Australian Investment Council. Venture Capital Portfolio Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Crescent Capital is a leading investor across real estate, private equity and venture capital. Networking We provide expertise and exposure to a network of relevant business contacts. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Jason Breaux: Okay. We thank you for your participation and ask that you please disconnect your lines. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The total size of the investment portfolio is around USD 400 million which . The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 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. 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. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 2023 Crescent Capital Investments I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. This website is neither an offer to sell nor a solicitation of an offer to buy securities. There are significant risks that should be considered and reviewed when considering an investment in real estate. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. This means the bullish number of . The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Crescent Capital Group 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. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. If you experience any issues with this process, please contact us for further assistance. ", "Crescent brings a laser light focus on the things that drive value to our business.". An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Gross deployment in the fourth quarter was $46 million. We attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Henry Chung: Thanks, Jason. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. After that, there are no remaining term maturities until 2026. 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. Thanks for the question. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. ", "Crescent partnered with us and assisted in achieving our growth targets. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. That would have been 9.35% in hedge fund fees. . The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Please turn to Slide 15 where we highlight our recent activity. So lets begin. 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. to generate high returns in the 20% to 30% range. 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. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Venture Capital Portfolio. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We look forward to speaking with you again soon. (310) 235-5900 Stock Market | Pittsburgh Post-Gazette You can sign up for additional alert options at any time. How much aggregate funding have these organizations raised over time? Jason Breaux: Thank you, Dan. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We still like this investment. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved.