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) 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 provide support for founders and senior management teams to accelerate the achievement of their goals. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. ", "Crescent partnered with us and assisted in achieving our growth targets. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. Back then they werent called hedge funds, they were called partnerships. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. This has proven to be a competitive advantage, particularly in the current lending environment. 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. Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 2023 PitchBook. bdcir@crescentcap.com. With that, I will now turn it over to Gerhard. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Thank you. There are no further questions at this time. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Investors in our funds include both domestic and international pension funds and endowments. Please go ahead. Read More At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. You can sign up for additional alert options at any time. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. The good news is, this powerful new force can help you make a lot of money even in a bear market. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Im on Slide 19. 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%. Active vs. We have a large internal team which helps accelerate a portfolio company management teams decision making. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. 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. ET. 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. Please turn to Slide 15 where we highlight our recent activity. 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 . 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. The total size of the investment portfolio is around USD 400 million which . Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. . Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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 then one more, if I can. 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. 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. Thank you again, everyone for your interest and support of CCAP. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. Investing in the future of finance, education, SaaS, logistics, and more. Get the full list, Youre viewing 5 of 21 co-investor. 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. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. Venture Capital Portfolio. 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. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Venture Capital Portfolio Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. I.e., is your forward leverage range target changing as a result of proposed acquisition? Jason Breaux: Sure. 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. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. Passive Investing: Which Real Estate Strategy is Right for You. This video is provided by the Australian Investment Council. Win whats next. 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. 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. Two more credit trends to highlight. 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. Or was it a more normal course of business add-ons or growth or whatever? Get our editors daily picks straight in your inbox! In addition, a reconciliation of this measure may also be found in our earnings release. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Guidance 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. | Before we begin, Ill start with some important reminders. 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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. The company assumes no obligation to update any such forward-looking statements. A couple of reminders as it relates to the transaction. We look forward to speaking with you again soon. 2023 Crescent Capital Group LP. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Use of this website is governed by the Terms and Conditions. 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. 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. Great. For more information about Crescent. 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 team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. it's been delivered there. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Jason reviewed several metrics related to our portfolio. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Private Equity Portfolio. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Our portfolio at fair value was comprised of the following: Or is that just a timing? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Website by GCI. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Please go ahead. 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. We are an equity partner that brings more than money to the relationship. That means much bigger government. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. The companies continue to grow on the top line and the bottom line. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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 Product Marketing and Business Development Director. So, how did Warren Buffett manage to generate high returns and beat the market? Thanks for the question. Jason Breaux: Okay. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Video: Melinda McGrath, CEO Australian Clinical Labs. Wed like to thank all of you for your continued support and time today. 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 . Good morning, everyone, and thank you for joining our earnings call. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Only logged in subscribers of this site will be able to access the shared article. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Thank you, operator. Crescent Capital is a leading investor across . You can get rich by returning 20% per year and compounding that for several years. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. (310) 235-5900 Robert Dodd: Got it. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Jason Breaux: Hey Robert, its Jason. 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. How much aggregate funding have these organizations raised over time? Click here. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. After submitting your request, you will receive an activation email to the requested email address. 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. We believe an active engagement model is a leading indicator of strong company performance.