Crescent Capital Partners is a leading Australian private equity firm. Can you give us any color around that? With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. If you experience any issues with this process, please contact us for further assistance. We appreciate your continued interest in CCAP. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? 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. 87% in this quarter were raising one or two, so it appears pretty stable. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. 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. Back then they werent called hedge funds, they were called partnerships. Your submission has been received! You talked about, obviously, youve lowered leverage ahead of that acquisition. We believe an active engagement model is a leading indicator of strong company performance. Crescent Capital is a leading investor across real estate, private equity and venture capital. 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 for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Read More Portfolio See our recent purchases and offers. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Our 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. With that, I will now turn it over to Gerhard. Don't have an account? You can sign up for additional alert options at any time. Active vs. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Access to our investment and operational team brings unparalleled support to our portfolio companies. Gerhard Lombard: Thanks, Henry, and good morning, everyone. We did intentionally delever a bit here in Q4 in anticipation of the merger. Video: Matt Courtney, CEO Construction Sciences. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Jason Breaux: Thank you, Dan. Website by GCI. We still like this investment. Investors in our funds include both domestic and international pension funds and endowments. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. Wed like to thank all of you for your continued support and time today. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. I mean, whats the how are things actually trending right now? | Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Only logged in subscribers of this site will be able to access the shared article. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. LP investments in high-growth and distressed companies in the United States and abroad. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. ", "Crescent brings a laser light focus on the things that drive value to our business.". What's the most common final funding type when companies get acquired? 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 Healthcare is Crescent's largest sector by investment. Crescent Capital is a Belfast based venture capital fund manager. . Or was it a more normal course of business add-ons or growth or whatever? Networking We provide expertise and exposure to a network of relevant business contacts. And then one more, if I can. This call is being recorded on Thursday, February 23, 2023. Im on Slide 19. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. And with that, operator, please open the line for questions. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. The company assumes no obligation to update any such forward-looking statements. For more information about Crescent. Average Retirement Savings By Age: Are You Normal? Jason Breaux: Yes. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Our portfolio at fair value was comprised of the following: 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. 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. This has proven to be a competitive advantage, particularly in the current lending environment. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. The first question comes from Robert Dodd of Raymond James. Shares added by 1.69% iShares Russell 1000. Thank you. 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. All data as of 12/31/2022. 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. Net realized losses were less than $0.05 per share. Please turn to Slide 15 where we highlight our recent activity. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Description. For more information about Crescent Capital Group, please visit www.crescentcap.com. Not the case? The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Continued strong performance ratings and low nonaccrual levels. 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. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. This increase was driven primarily by rising base rates and higher spreads. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. it's been delivered there. 25+ years experience in strategy consulting, investment and business management and public company boards. I would now like to turn the conference over to Dan McMahon. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. You can enter your email below to get our FREE report. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Privacy Policy bdcir@crescentcap.com. 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. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? As of year-end, this GAAP expense accrual has been fully reversed. Investing in the future of finance, education, SaaS, logistics, and more. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Sorry, no results has been found matching your query. A link has been emailed to you - check your inbox. This video is provided by the Australian Investment Council. 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. 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 is headquartered in Los Angeles with offices in Boston, London, and New York. We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. How are IPOs trending over time in this hub? Crescent Capital is a Belfast based venture capital fund manager. Please go ahead. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. We see several investors trying to strike it rich in options market by risking their entire savings. We are an equity partner that brings more than money to the relationship. Jason Breaux: Sure. 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. 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. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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. . 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. A few more updates before I turn it over to Henry. In addition, a reconciliation of this measure may also be found in our earnings release. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Jason Breaux: Okay. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Win whats next. Please turn to Slide 6, where youll see a summary of our results. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Private Equity Portfolio. Use of this website is governed by the Terms and Conditions. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. The all time high for this statistics is 5. Guidance Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Or is that just a timing? That would have been 9.35% in hedge fund fees. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. Operator: Thank you. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Thank you again, everyone for your interest and support of CCAP. After submitting your request, you will receive an activation email to the requested email address. 2023 Crescent Capital Investments An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Thanks for the question. 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. 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. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Get our editors daily picks straight in your inbox! At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Website by GCI. Focus on Seed and Series A. 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. Discover more about our company and values. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. Good morning, everyone, and thank you for joining our earnings call. Crescent Credit. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. to generate high returns in the 20% to 30% range. 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. 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). That means much bigger government. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Passive Investing: Which Real Estate Strategy is Right for You. Video: Cameron Johnson, CEO Nucleus Network. Crescent Capital is a Belfast based venture capital fund manager. Jason Breaux: Hey Robert, its Jason. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Video: Melinda McGrath, CEO Australian Clinical Labs. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. What's the investment trend over time for this hub? His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. ", "It has been Crescents human capital that has been most valuable to us. He launched his hedge fund in 1956 with $105,100 in seed capital. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. 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. 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. 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. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Gerhard will then review our financial performance during the fourth quarter. We are proud to have globally leading NPS scores with our executive partners. Do you expect to be running on a combined basis going forward? Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. After submitting your request, you will receive an activation email to the requested email address. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 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 . Venture Capital Portfolio PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. What's the most common types of sub-organization? 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Henry Chung: Thanks, Jason. 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. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Get the full list, Youre viewing 4 of 6 team members. Robert Dodd: Got it. A couple more worth highlighting. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. ", "I strongly recommend working in partnership with Crescent Capital. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. | Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. You should only be asked to sign in once. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. And with that, Id like to turn it back to Jason for closing remarks.
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