You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Thank you! Video: Matt Courtney, CEO Construction Sciences. Thank you again, everyone for your interest and support of CCAP. We thank you for your participation and ask that you please disconnect your lines. Get our editors daily picks straight in your inbox! CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. The good news is, this powerful new force can help you make a lot of money even in a bear market. Please go ahead. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Product Marketing and Business Development Director. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. bdcir@crescentcap.com. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Shares added by 1.69% iShares Russell 1000. I mean, whats the how are things actually trending right now? All data as of 12/31/2022. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". The all time high for this statistics is 5. 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. Which companies in this hub have the most subsidiaries? 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. . Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. We are an equity partner that brings more than money to the relationship. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. I will turn the call back to Jason Breaux for closing remarks. You can sign up for additional alert options at any time. We did intentionally delever a bit here in Q4 in anticipation of the merger. If you experience any issues with this process, please contact us for further assistance. 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. ", "It has been Crescents human capital that has been most valuable to us. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Great. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Investing in the future of finance, education, SaaS, logistics, and more. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 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. 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 . Please check your spam or junk folder just in case (310) 235-5900 Robert Dodd: Hi guys. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. What's the investment trend over time for this hub? 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 a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Oops! 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. Net realized losses were less than $0.05 per share. 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. How are IPOs trending over time in this hub? Another, on your deployments in the quarter, obviously will follow on. For example S&P 500 Index returned 43.4% in 1958. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Gerhard will then review our financial performance during the fourth quarter. Video: Paul Wappett, CEO Australian Institute of Business. We appreciate your continued interest in CCAP. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. ", "Crescent add value across business development, acquisition and enhancement activities. Venture Capital Portfolio 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. Terms & Conditions Crescent Capital Partners is a leading Australian private equity firm. Our portfolio at fair value was comprised of the following: 2009 Crescent Capital, All Rights Reserved. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Please go ahead. Turning to Slide 16. to generate high returns in the 20% to 30% range. Or was it a more normal course of business add-ons or growth or whatever? One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent Capital is a leading investor across . 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. Do you expect to be running lower leverage than was the case to present historically? AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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. Discover more about our company and values. Get the full list, Youre viewing 4 of 6 team members. Jason Breaux: Hey Robert, its Jason. What's the most common types of sub-organization? 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. Video: Melinda McGrath, CEO Australian Clinical Labs. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. There are significant risks that should be considered and reviewed when considering an investment in real estate. Not the case? Diversification will not guarantee profitability or protection against loss. On a GAAP basis, fourth quarter net investment income per share was $0.52. 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. 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. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Focus on Seed and Series A. Win whats next. Before we begin, Ill start with some important reminders. 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. 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. That would have been 9.35% in hedge fund fees. You should only be asked to sign in once. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 2023 Crescent Capital Group LP. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. The obvious, I mean, how you gave the interest coverage based on year-end rates. And with that, Id like to turn it back to Jason for closing remarks. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 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. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity. A link has been emailed to you - check your inbox. We are proud to have globally leading NPS scores with our executive partners. You can sign up for additional alert options at any time. The companies continue to grow on the top line and the bottom line. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. This serves to drive growth and performance improvement, accelerating value creation for shareholders. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 2023 Crescent Capital Group LP. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. 2023 Crescent Capital Investments Healthcare is Crescent's largest sector by investment. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The fund was more than double the size of . Offerings across the credit quality spectrum With that, Id now like to turn it over to Jason. The company assumes no obligation to update any such forward-looking statements. 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. 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. Can you give us any color around that? By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Turning back to this quarters earnings. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Warren Buffett took 25% of all returns in excess of 6 percent. We look forward to speaking with you again soon. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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. . Thank you. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Description. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. You must click the activation link in order to complete your subscription. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. We believe an active engagement model is a leading indicator of strong company performance. ET. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. So lets begin. After that, there are no remaining term maturities until 2026. A couple more worth highlighting. Crescent Capital Partners General Information. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. For more information about Crescent. This video is provided by the Australian Investment Council. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. We still like this investment. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. 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. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--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 Solutions Group. ", "Crescents practical and analytical approach enabled management to hit their goals. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. 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. 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 . 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). Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Along the way, I believe Biden could become one of the most powerful Presidents in history. Operator: Thank you. Please also note that past performance or market information is not a guarantee of future results. Operator: Thank you. This means the bullish number of . You can enter your email below to get our FREE report. Id now like to turn it over to Henry to discuss our Q4 investment activity. The total size of the investment portfolio is around USD 400 million which . 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. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. To participate please dial (877 . That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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. Video: Cameron Johnson, CEO Nucleus Network. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. This increase was driven primarily by rising base rates and higher spreads. 2023 PitchBook. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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 is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. Crescent Capital 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 . Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Warren Buffett has been investing and compounding for at least 65 years. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Thanks for the question. 87% in this quarter were raising one or two, so it appears pretty stable. This call is being recorded on Thursday, February 23, 2023. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Robert Dodd: Got it. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Consistent with Crescents track record of investing through cycles over the past 30-plus years, we believe we have constructed a portfolio that consists of companies that are adequately capitalized to address the current macroeconomic environment and have taken a proactive approach to bolstering liquidity in select situations where it may be warranted. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Robert Dodd: Got it. 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. A few more updates before I turn it over to Henry. Read More Our Strategy Learn more about our investing strategy. All rights reserved. With that, I will now turn it over to Gerhard. Jason Breaux: Okay. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . It has a well-diversified portfolio and is unique in that it also has international exposure. . But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. After submitting your request, you will receive an activation email to the requested email address. He launched his hedge fund in 1956 with $105,100 in seed capital. Which investors participated in the most funding rounds within this hub? This has proven to be a competitive advantage, particularly in the current lending environment. Now lets shift to capitalization and liquidity. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. We have just sent you an email so you can verify your account. Thank you, operator. 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. Jason Breaux: Thanks, Gerhard. Read More Portfolio See our recent purchases and offers. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law.
Dollar General Electric Skillet,
Tara Wallace New Man,
The Wentworth Jackson, Nh Haunted,
North Platte Telegraph Divorces 2020,
Cecile American Girl Doll Worth,
Articles C