Operator: Thank you. But I would say overall, we are pleased with the underlying performance of the 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. We appreciate your continued interest in CCAP. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Crescent Capital is a leading investor across . Please check your spam or junk folder just in case We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. The company has a one-year high of $10.68 and a one . Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. You can get rich by returning 20% per year and compounding that for several years. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. In addition, a reconciliation of this measure may also be found in our earnings release. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Your submission has been received! Venture Capital Portfolio. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. 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. This has proven to be a competitive advantage, particularly in the current lending environment. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. All rights reserved. Get the full list, Youre viewing 10 of 31 exits. . 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. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. management team, and recent news are also included. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. . For more information about Crescent. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Which investors participated in the most funding rounds within this hub? Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 2023 Crescent Capital Group LP. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. Continued strong performance ratings and low nonaccrual levels. Crescent Capital Partners General Information. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Video: Paul Wappett, CEO Australian Institute of Business. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Use of this website is governed by the Terms and Conditions. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. 2023 PitchBook. Click Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. To participate please dial (877 . bdcir@crescentcap.com. If you experience any issues with this process, please contact us for further assistance. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Before we begin, Ill start with some important reminders. Focus on Seed and Series A. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Gerhard will then review our financial performance during the fourth quarter. You can sign up for additional alert options at any time. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Two more credit trends to highlight. 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 . We initially share this idea in October 2018 and the stock already returned more than 150%. 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. 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. Id now like to turn it over to Henry to discuss our Q4 investment activity. Use of this website is governed by the Terms and Conditions. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. As of year-end, this GAAP expense accrual has been fully reversed. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. 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. 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. 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%. | 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. Get the full list, Youre viewing 4 of 6 team members. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. ", "Crescent add value across business development, acquisition and enhancement activities. Private Equity Portfolio. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. We did intentionally delever a bit here in Q4 in anticipation of the merger. 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. Offerings across the credit quality spectrum More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments to generate high returns in the 20% to 30% range. Henry? Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. That would have been 9.35% in hedge fund fees. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Crescent Capital is a Belfast based venture capital fund manager. Back then they werent called hedge funds, they were called partnerships. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. You must click the activation link in order to complete your subscription. A few more updates before I turn it over to Henry. 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. That means much bigger government. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Read More Portfolio See our recent purchases and offers. It has a well-diversified portfolio and is unique in that it also has international exposure. Crescent Capital Partners is a leading Australian private equity firm. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. 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. A couple of reminders as it relates to the transaction. The company assumes no obligation to update any such forward-looking statements. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Read More Our Strategy Learn more about our investing strategy. Along the way, I believe Biden could become one of the most powerful Presidents in history. Product Marketing and Business Development Director. ET. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Turning to Slide 16. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . We still like this investment. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. Operator: Thank you. 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. Video: Matt Courtney, CEO Construction Sciences. A couple more worth highlighting. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Net realized losses were less than $0.05 per share. What's the investment trend over time for this hub? 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 Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Something went wrong while submitting the form. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. This video is provided by the Australian Investment Council. Jason Breaux: Sure. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Get our editors daily picks straight in your inbox! This means the bullish number of . An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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. On a GAAP basis, fourth quarter net investment income per share was $0.52. The all time high for this statistics is 5. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. The fund was more than double the size of . AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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. 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 . Website by GCI. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. | Excuse me. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. This call is being recorded on Thursday, February 23, 2023. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. The total size of the investment portfolio is around USD 400 million which . Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 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 . Please turn to Slide 15 where we highlight our recent activity. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 2009 Crescent Capital, All Rights Reserved. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. 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. 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. Robert Dodd: Got it. You can sign up for additional alert options at any time. Robert Dodd: Hi guys. bdcir@crescentcap.com. Privacy Policy