crescent capital 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. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Your submission has been received! 87% in this quarter were raising one or two, so it appears pretty stable. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Website by GCI. Crescent Capital Group Announces Hiring of Jonathan Harari as Global Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. We look forward to speaking with you again soon. Please turn to Slide 15 where we highlight our recent activity. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Get the full list, Youre viewing 4 of 6 team members. Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. 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. 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. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Use of this website is governed by the Terms and Conditions. Click here. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. We attributed the bulk of the quarters NAV decline to widening credit spreads. | Can you give us any color around that? Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. You can sign up for additional alert options at any time. bdcir@crescentcap.com. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Video: Matt Courtney, CEO Construction Sciences. 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. Read More Our Strategy Learn more about our investing strategy. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Guidance This video is provided by the Australian Investment Council. 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. Venture Capital Portfolio What's the most common final funding type when companies get acquired? 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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Crescent Capital is a Belfast based venture capital fund manager. 2023 Crescent Capital Group LP. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. 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 redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. But I would say overall, we are pleased with the underlying performance of the portfolio. We have just sent you an email so you can verify your account. I would now like to turn the conference over to Dan McMahon. What's the most common types of sub-organization? Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. We see several investors trying to strike it rich in options market by risking their entire savings. We appreciate your continued interest in CCAP. 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). Crescent Capital BDC, Inc. - About - Portfolio An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital BDC, Inc. - Investor Relations The first question comes from Robert Dodd of Raymond James. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Jason Breaux: Thank you, Dan. To participate please dial (877 . 2009 Crescent Capital, All Rights Reserved. Wed like to thank all of you for your continued support and time today. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Thank you, operator. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Excuse me. A couple of reminders as it relates to the transaction. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Use of this website is governed by the Terms and Conditions. Please turn to Slide 6, where youll see a summary of our results. Jason Breaux: Sure. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Robert Dodd: Got it. You can get rich by returning 20% per year and compounding that for several years. The all time high for this statistics is 5. Jason Breaux: Thanks, Gerhard. 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. ", "Crescent add value across business development, acquisition and enhancement activities. We have a large internal team which helps accelerate a portfolio company management teams decision making. Diversification will not guarantee profitability or protection against loss. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. As a reminder, this call is being recorded for replay purposes. Warren Buffett took 25% of all returns in excess of 6 percent. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Henry? Crescent Capital is a Belfast based venture capital fund manager Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. We are proud to have globally leading NPS scores with our executive partners. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 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. Get the full list, Youre viewing 5 of 21 co-investor. Robert Dodd: Hi guys. Crescent Capital Partners | Private Equity Firm in Sydney Australia In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Crescent Capital Offers A Buying Opportunity For Dividend Investors 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. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook Passive Investing: Which Real Estate Strategy is Right for You. Robert Dodd: Got it. Warren Buffett has been investing and compounding for at least 65 years. Reduced net debt by approximately $850 Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Crescent Capital That means much bigger government. 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. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. A couple more worth highlighting. Don't have an account? An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Product Marketing and Business Development Director. Please go ahead. Invest NI pulls plug on new VC equity fund amid claims of earlier round So, how did Warren Buffett manage to generate high returns and beat the market? Legal Notice. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. You can sign up for additional alert options at any time. Net realized losses were less than $0.05 per share. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. List of top Crescent Capital Portfolio Companies - CrunchBase S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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. 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. For more information about Crescent. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . This call is being recorded on Thursday, February 23, 2023. Description. Jason Breaux: Yes. 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Now lets shift to capitalization and liquidity. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. Click Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior 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. 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 in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. You can enter your email below to get our FREE report. Im on Slide 19. ", "Crescent brings a laser light focus on the things that drive value to our business.". The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Im going to ask you a question that sort of relates to credit . ", "It has been Crescents human capital that has been most valuable to us. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. 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 Group Closes Eighth Credit Solutions Fund, Raising $8 Privacy Policy Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising 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. 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. Our Company - Crescent Capital Group We still like this investment. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Thank you again, everyone for your interest and support of CCAP. Thank you. 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. 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 In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. The companies continue to grow on the top line and the bottom line. 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. After that, there are no remaining term maturities until 2026. The fund was more than double the size of . Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. it's been delivered there. Crescent Point announces 2022 results & reserves | BOE Report 2023 PitchBook. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Continued strong performance ratings and low nonaccrual levels. For more information about Crescent Capital Group, please visit www.crescentcap.com. 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.

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