Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Thank you. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results . But I would say overall, we are pleased with the underlying performance of the portfolio. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent Capital Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call If Warren Buffetts hedge fund didnt generate any outperformance (i.e. management team, and recent news are also included. If you experience any issues with this process, please contact us for further assistance. Crescent Capital Partners | Private Equity Firm in Sydney Australia Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 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. Video: Cameron Johnson, CEO Nucleus Network. Something went wrong while submitting the form. Venture Capital Portfolio Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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Crescent Capital Group Announces Hiring of Jonathan Harari as Global Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Venture Capital Portfolio. | And it means its going to be harder than ever to hold onto any money you make. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. | Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. We have just sent you an email so you can verify your account. Video: Matt Courtney, CEO Construction Sciences. We have a large internal team which helps accelerate a portfolio company management teams decision making. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. 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. To participate please dial (877 . Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. I will turn the call back to Jason Breaux for closing remarks. Get the full list, Youre viewing 10 of 31 exits. Only logged in subscribers of this site will be able to access the shared article. Crescent Capital is a Belfast based venture capital fund manager. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. 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 . You should only be asked to sign in once. You must click the activation link in order to complete your subscription. Great. This call is being recorded on Thursday, February 23, 2023. 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. Use of this website is governed by the Terms and Conditions. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Sorry, no results has been found matching your query. Average Retirement Savings By Age: Are You Normal? 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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. With more than 100 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. I mean how would the how are the operating trends doing? 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%. 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. After submitting your request, you will receive an activation email to the requested email address. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. I believe it will make millions of Americans vastly wealthier. Get the full list, Youre viewing 5 of 21 co-investor. Oops! We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. ", "Crescent brings a laser light focus on the things that drive value to our business.". We thank you for your participation and ask that you please disconnect your lines. Crescent Capital BDC, Inc. - About - Portfolio Thank you, operator. 2023 Crescent Capital Group LP. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. 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. 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 investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital is a leading investor across real estate, private equity and venture capital. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. 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. List of top Crescent Capital Portfolio Companies - CrunchBase We look forward to speaking with you again soon. Can you give us any color around that? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Warren Buffett has been investing and compounding for at least 65 years. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Do you expect to be running on a combined basis going forward? He launched his hedge fund in 1956 with $105,100 in seed capital. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Diversification will not guarantee profitability or protection against loss. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. ", "Crescent partnered with us and assisted in achieving our growth targets. How much aggregate funding have these organizations raised over time? 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. Not the case? Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. This website is neither an offer to sell nor a solicitation of an offer to buy securities. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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. There are no further questions at this time. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. We still like this investment. Another, on your deployments in the quarter, obviously will follow on. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. The company has a one-year high of $10.68 and a one . Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. We have consistently been able to deliver significant value-add alongside our management teams. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! Crescent wraps up eighth private credit fund at $8bn | PE Hub As of year-end, this GAAP expense accrual has been fully reversed. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 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. Jason Breaux: Thanks, Gerhard. Robert Dodd: Got it. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook All data as of 12/31/2022. I mean, whats the how are things actually trending right now? Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Private Equity Portfolio. 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. 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. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. (310) 235-5900 KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. 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 increase was driven primarily by rising base rates and higher spreads. Do you expect to be running lower leverage than was the case to present historically? We see several investors trying to strike it rich in options market by risking their entire savings. Thanks for the question. 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. 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. 2023 Crescent Capital Investments Passive Investing: Which Real Estate Strategy is Right for You. We initially share this idea in October 2018 and the stock already returned more than 150%. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Gerhard will then review our financial performance during the fourth quarter. Jason Breaux: Sure. 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. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Stock Market | Pittsburgh Post-Gazette The obvious, I mean, how you gave the interest coverage based on year-end rates. 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. it's been delivered there. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Website by GCI. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. For more information about Crescent. We initially share this idea in October 2018 and the stock already returned more than 150%. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Please also note that past performance or market information is not a guarantee of future results. Use the PitchBook Platform to explore the full profile. 87% in this quarter were raising one or two, so it appears pretty stable. That would have been 9.35% in hedge fund fees. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Privacy Policy Please go ahead. Your submission has been received! Turning back to this quarters earnings. For more information about Crescent. Win whats next. Get the full list, Youre viewing 4 of 6 team members. . We appreciate your continued interest in CCAP. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 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. Crescent Capital BDC, Inc. - Investor Relations Robert Dodd: Hi guys. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. You can sign up for additional alert options at any time. Jason reviewed several metrics related to our portfolio. As a reminder, this call is being recorded for replay purposes. 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.
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