crescent capital portfolio

We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Sorry, no results has been found matching your query. Which companies in this hub have the most subsidiaries? 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. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. We look forward to speaking with you again soon. 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 first question comes from Robert Dodd of Raymond James. Please check your spam or junk folder just in case 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. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Description. Offerings across the credit quality spectrum Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. bdcir@crescentcap.com. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescents track record is successfully managing through multiple economic and market cycles, provides us with significant and relevant experience navigating what could be a challenging environment in 2023 and beyond. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 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. For more information about Crescent. 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. Jason Breaux: Sure. Read More Portfolio See our recent purchases and offers. Or was it a more normal course of business add-ons or growth or whatever? Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Investing in the future of finance, education, SaaS, logistics, and more. As a reminder, this call is being recorded for replay purposes. 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent Credit. it's been delivered there. 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. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Or is that just a timing? Win whats next. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. We see several investors trying to strike it rich in options market by risking their entire savings. 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. All information contained in this website is qualified by the terms of applicable offering documents. Get the full list, Youre viewing 10 of 31 exits. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. (310) 235-5900 I would now like to turn the conference over to Dan McMahon. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Which investors participated in the most funding rounds within this hub? Do you expect to be running on a combined basis going forward? Thank you again, everyone for your interest and support of CCAP. 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. (310) 235-5900 At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Robert Dodd: Hi guys. 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. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. And with that, Id like to turn it back to Jason for closing remarks. Thank you! We attributed the bulk of the quarters NAV decline to widening credit spreads. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Im on Slide 19. 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. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. There are significant risks that should be considered and reviewed when considering an investment in real estate. 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. Please also note that past performance or market information is not a guarantee of future results. 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. 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. 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. The good news is, this powerful new force can help you make a lot of money even in a bear market. The companies continue to grow on the top line and the bottom line. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. ", "Crescent brings a laser light focus on the things that drive value to our business.". That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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. 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. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. We believe an active engagement model is a leading indicator of strong company performance. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Only logged in subscribers of this site will be able to access the shared article. With that, Id now like to turn it over to Jason. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Terms & Conditions Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Read More Our Strategy Learn more about our investing strategy. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 2023 Crescent Capital Investments 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. 2023 Crescent Capital Group LP. 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. 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. Gerhard will then review our financial performance during the fourth quarter. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Website by GCI. We initially share this idea in October 2018 and the stock already returned more than 150%. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. As of year-end, this GAAP expense accrual has been fully reversed. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Guidance One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. A link has been emailed to you - check your inbox. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Turning back to this quarters earnings. On a GAAP basis, fourth quarter net investment income per share was $0.52. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 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. Thank you, operator. How much aggregate funding have these organizations raised over time? We thank you for your participation and ask that you please disconnect your lines. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Website by GCI. Crescent Capital is a leading investor across real estate, private equity and venture capital. Excuse me. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. We still like this investment. To participate please dial (877 . Continued strong performance ratings and low nonaccrual levels. Get our editors daily picks straight in your inbox! 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 87% in this quarter were raising one or two, so it appears pretty stable. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. That means much bigger government. The company has a one-year high of $10.68 and a one . Private Equity Portfolio. This means the bullish number of . 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. This has proven to be a competitive advantage, particularly in the current lending environment. Henry? We have just sent you an email so you can verify your account. Passive Investing: Which Real Estate Strategy is Right for You. You can sign up for additional alert options at any time. This call is being recorded on Thursday, February 23, 2023. A few more updates before I turn it over to Henry. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. A couple of reminders as it relates to the transaction. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Before we begin, Ill start with some important reminders. Video: Matt Courtney, CEO Construction Sciences. 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. Your submission has been received! Reduced net debt by approximately $850 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. That would have been 9.35% in hedge fund fees. Another, on your deployments in the quarter, obviously will follow on. Access to our investment and operational team brings unparalleled support to our portfolio companies. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . In addition, a reconciliation of this measure may also be found in our earnings release. The company assumes no obligation to update any such forward-looking statements. Product Marketing and Business Development Director. And with that, operator, please open the line for questions. management team, and recent news are also included. Thank you. Please turn to Slide 6, where youll see a summary of our results. 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 . Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. This increase was driven primarily by rising base rates and higher spreads. 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. I.e., is your forward leverage range target changing as a result of proposed acquisition? Along the way, I believe Biden could become one of the most powerful Presidents in history. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. We have consistently been able to deliver significant value-add alongside our management teams. If you experience any issues with this process, please contact us for further assistance. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 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. I mean, whats the how are things actually trending right now? Operator: Thank you. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. bdcir@crescentcap.com. 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. 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. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. You should only be asked to sign in once. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. All data as of 12/31/2022. How are IPOs trending over time in this hub? The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Jason Breaux: Okay. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. Use of this website is governed by the Terms and Conditions. Venture Capital Portfolio. 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. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Oops! With that, I will now turn it over to Gerhard. ", "It has been Crescents human capital that has been most valuable to us. After submitting your request, you will receive an activation email to the requested email address. You can sign up for additional alert options at any time. 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. 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 . 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. 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. 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. Healthcare is Crescent's largest sector by investment. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. All rights reserved. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. 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). 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 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. 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Privacy Policy Venture Capital Portfolio Good morning, everyone, and thank you for joining our earnings call. After submitting your request, you will receive an activation email to the requested email address. Do you expect to be running lower leverage than was the case to present historically? 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. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. I believe it will make millions of Americans vastly wealthier. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. 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. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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. Active vs. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. ", "Crescents practical and analytical approach enabled management to hit their goals.