crescent capital portfolio

Or is that just a timing? 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. Video: Melinda McGrath, CEO Australian Clinical Labs. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. That means much bigger government. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Oops! Sorry, no results has been found matching your query. Warren Buffett took 25% of all returns in excess of 6 percent. 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. 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 The first question comes from Robert Dodd of Raymond James. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Thank you! 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. 25+ years experience in strategy consulting, investment and business management and public company boards. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. And then one more, if I can. Description. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Average Retirement Savings By Age: Are You Normal? 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. bdcir@crescentcap.com. This call is being recorded on Thursday, February 23, 2023. With that, I will now turn it over to Gerhard. We see several investors trying to strike it rich in options market by risking their entire savings. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. Please go ahead. We thank you for your participation and ask that you please disconnect your lines. | Gerhard will then review our financial performance during the fourth quarter. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . 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. In addition, a reconciliation of this measure may also be found in our earnings release. Crescent Capital Partners is a leading Australian private equity firm. 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. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. As of year-end, this GAAP expense accrual has been fully reversed. Which companies in this hub have the most subsidiaries? We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. Read More Portfolio See our recent purchases and offers. Please also note that past performance or market information is not a guarantee of future results. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. You must click the activation link in order to complete your subscription. . Focus on Seed and Series A. 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. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. 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. Website by GCI. Do you expect to be running on a combined basis going forward? 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. LP investments in high-growth and distressed companies in the United States and abroad. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Henry Chung: Thanks, Jason. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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. I will turn the call back to Jason Breaux for closing remarks. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. We are an equity partner that brings more than money to the relationship. Private Equity Portfolio. 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. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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 is a Belfast based venture capital fund manager. 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. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? All data as of 12/31/2022. Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. ", "It has been Crescents human capital that has been most valuable to us. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Robert Dodd: Hi guys. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. to generate high returns in the 20% to 30% range. Discover more about our company and values. 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. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Please go ahead. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Video: Paul Wappett, CEO Australian Institute of Business. You can sign up for additional alert options at any time. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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 . This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Offerings across the credit quality spectrum Guidance 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 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. Crescent Capital Partners General Information. This means the bullish number of . 87% in this quarter were raising one or two, so it appears pretty stable. 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. There are no further questions at this time. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. We have a large internal team which helps accelerate a portfolio company management teams decision making. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. All information contained in this website is qualified by the terms of applicable offering documents. The company assumes no obligation to update any such forward-looking statements. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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 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. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. ", "I strongly recommend working in partnership with Crescent Capital. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. We appreciate your continued interest in CCAP. Please turn to Slide 6, where youll see a summary of our results. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. ", "Our growth strategy was perfectly aligned with Crescents. 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. Operator: Thank you. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. And it means its going to be harder than ever to hold onto any money you make. Crescent Capital is a leading investor across real estate, private equity and venture capital. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. We have just sent you an email so you can verify your account. 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 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. But I would say overall, we are pleased with the underlying performance of the portfolio. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Before we begin, Ill start with some important reminders. For more information about Crescent Capital Group, please visit www.crescentcap.com. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. This increase was driven primarily by rising base rates and higher spreads. 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. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Shares added by 1.69% iShares Russell 1000. Henry? Reduced net debt by approximately $850 Net realized losses were less than $0.05 per share. Access to our investment and operational team brings unparalleled support to our portfolio companies. If you experience any issues with this process, please contact us for further assistance. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. I believe it will make millions of Americans vastly wealthier. Get the full list, Youre viewing 4 of 6 team members. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. We still like this investment. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Robert Dodd: Got it. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. The all time high for this statistics is 5. Use the PitchBook Platform to explore the full profile. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. 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. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. What's the most common final funding type when companies get acquired? Legal Notice. 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. Active vs. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Register now to read this article and more for free. Another, on your deployments in the quarter, obviously will follow on.

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