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. 2023 Crescent Capital Group LP. 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. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. . Or was it a more normal course of business add-ons or growth or whatever? 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. Terms & Conditions That means much bigger government. Another, on your deployments in the quarter, obviously will follow on. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Win whats next. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Gross deployment in the fourth quarter was $46 million. 2009 Crescent Capital, All Rights Reserved. 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. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. A couple of reminders as it relates to the transaction. With that, I will now turn it over to Gerhard. Our portfolio at fair value was comprised of the following: We have just sent you an email so you can verify your account. Website by GCI. Crescent Capital is a Belfast based venture capital fund manager. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Please turn to Slide 6, where youll see a summary of our results. Net realized losses were less than $0.05 per share. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Investing in the future of finance, education, SaaS, logistics, and more. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. Jason Breaux: Thank you, Dan. We look forward to speaking with you again soon. Operator: Thank you. For more information about Crescent. 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 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 . And with that, Id like to turn it back to Jason for closing remarks. Operator: Ladies and gentlemen, this does conclude our conference call for today. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Before we begin, Ill start with some important reminders. 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. All information contained in this website is qualified by the terms of applicable offering documents. Turning back to this quarters earnings. Don't have an account? The total size of the investment portfolio is around USD 400 million which . Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. You can get rich by returning 20% per year and compounding that for several years. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. How much aggregate funding have these organizations raised over time? This means the bullish number of . With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. 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. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. I believe it will make millions of Americans vastly wealthier. LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . 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. The all time high for this statistics is 5. And then one more, if I can. Register now to read this article and more for free. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Thanks for the question. Offerings across the credit quality spectrum Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Total investment income of $34.6 million for the fourth quarter, the highest quarterly figure weve reported since inception compares to $29 million for the prior quarter, representing an increase of approximately 19%. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Jason Breaux: Sure. management team, and recent news are also included. ", "Crescents practical and analytical approach enabled management to hit their goals. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. What's the investment trend over time for this hub? We have a large internal team which helps accelerate a portfolio company management teams decision making. Thank you, operator. Thank you! to generate high returns in the 20% to 30% range. Click As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Click here. It has a well-diversified portfolio and is unique in that it also has international exposure. Crescent Capital Partners General Information. In addition, a reconciliation of this measure may also be found in our earnings release. Private Equity Portfolio. I mean, whats the how are things actually trending right now? The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Something went wrong while submitting the form. 2023 PitchBook. 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 did intentionally delever a bit here in Q4 in anticipation of the merger. The company has a one-year high of $10.68 and a one . And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. A couple more worth highlighting. 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Robert Dodd: Got it. Jason Breaux: Thanks, Gerhard. I would now like to turn the conference over to Dan McMahon. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Use the PitchBook Platform to explore the full profile. 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. Discover more about our company and values. 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. 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. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 2023 Crescent Capital Group LP. Your submission has been received! 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. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Henry? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Video: Cameron Johnson, CEO Nucleus Network. 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. 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. 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. You can sign up for additional alert options at any time. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. it's been delivered there. Read More Our Strategy Learn more about our investing strategy. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. Jason Breaux: Hey Robert, its Jason. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. 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. Product Marketing and Business Development Director. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? We attributed the bulk of the quarters NAV decline to widening credit spreads. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Along the way, I believe Biden could become one of the most powerful Presidents in history. 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. Reduced net debt by approximately $850 Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Description. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Access to our investment and operational team brings unparalleled support to our portfolio companies. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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 initially share this idea in October 2018 and the stock already returned more than 150%. That would have been 9.35% in hedge fund fees. The fund was more than double the size of . 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. But I would say overall, we are pleased with the underlying performance of the portfolio. 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. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. 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 After submitting your request, you will receive an activation email to the requested email address. Healthcare is Crescent's largest sector by investment. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. For more information about Crescent Capital Group, please visit www.crescentcap.com. 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. Thank you. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Warren Buffett took 25% of all returns in excess of 6 percent. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Investors in our funds include both domestic and international pension funds and endowments. Do you expect to be running on a combined basis going forward? We still like this investment. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. For more information about Crescent. Im going to ask you a question that sort of relates to credit . An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. ", "I strongly recommend working in partnership with Crescent Capital. Get the full list, Youre viewing 10 of 31 exits. 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. Sorry, no results has been found matching your query. (310) 235-5900 PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. After that, there are no remaining term maturities until 2026. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. 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. Warren Buffett has been investing and compounding for at least 65 years. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. All data as of 12/31/2022. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Robert Dodd: Got it. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. I will turn the call back to Jason Breaux for closing remarks. Crescent Capital is a Belfast based venture capital fund manager. You can sign up for additional alert options at any time. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. LOS ANGELES, February 28, 2023--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor . As a reminder, this call is being recorded for replay purposes. 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. | | As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. So, how did Warren Buffett manage to generate high returns and beat the market? You must click the activation link in order to complete your subscription. Average Retirement Savings By Age: Are You Normal? We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. So lets begin. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. Now lets shift to capitalization and liquidity. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. Get our editors daily picks straight in your inbox! By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. To participate please dial (877 . Read More Video: Matt Courtney, CEO Construction Sciences. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Active vs. Venture Capital Portfolio. With that, Id now like to turn it over to Jason. As of year-end, this GAAP expense accrual has been fully reversed. 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. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. LP investments in high-growth and distressed companies in the United States and abroad. 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.

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