2009 Crescent Capital, All Rights Reserved. Good morning, everyone, and thank you for joining our earnings call. 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. Thanks for the question. You can enter your email below to get our FREE report. Investors in our funds include both domestic and international pension funds and endowments. Can you give us any color around that? Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook We have consistently been able to deliver significant value-add alongside our management teams. Active vs. Private Credit | Sun Life Capital Management Thank you, operator. management team, and recent news are also included. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. Venture Capital Portfolio Passive Investing: Which Real Estate Strategy is Right for You. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Turning back to this quarters earnings. Website by GCI. 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. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Crescent Capital is a leading investor across . We believe this is an important distinction to highlight for shareholders in a volatile market environment. 87% in this quarter were raising one or two, so it appears pretty stable. Crescent Capital Partners is a leading Australian private equity firm. How much aggregate funding have these organizations raised over time? . Jason Breaux: Hey Robert, its Jason. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 A couple of reminders as it relates to the transaction. 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. Gross deployment in the fourth quarter was $46 million. This means the bullish number of . Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. 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. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Reduced net debt by approximately $850 Private Equity Portfolio. Robert Dodd: Got it. The company has a one-year high of $10.68 and a one . Which investors participated in the most funding rounds within this hub? Operator: Thank you. Crescent Capital is a Belfast based venture capital fund manager. 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. Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. 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. And then one more, if I can. Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. 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. Henry? Im on Slide 19. Your submission has been received! As a reminder, this call is being recorded for replay purposes. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Venture Capital 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. 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. 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. 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). Get the full list, Youre viewing 5 of 21 co-investor. Or is that just a timing? We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Thank you! This is basically a recipe to generate better returns than Warren Buffett is achieving himself. LP investments in high-growth and distressed companies in the United States and abroad. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. 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. You must click the activation link in order to complete your subscription. All information contained in this website is qualified by the terms of applicable offering documents. 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 have raised six funds since 2000 and we are a top quartile manager on global metrics. The obvious, I mean, how you gave the interest coverage based on year-end rates. 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. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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 . Jason Breaux: Sure. Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Stock Market | Pittsburgh Post-Gazette Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. ", "Crescent partnered with us and assisted in achieving our growth targets. What's the most common types of sub-organization? ET. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Read More 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. Read More Portfolio See our recent purchases and offers. 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. On a GAAP basis, fourth quarter net investment income per share was $0.52. As of year-end, this GAAP expense accrual has been fully reversed. Crescent Capital 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. After submitting your request, you will receive an activation email to the requested email address. Focus on Seed and Series A. And with that, Id like to turn it back to Jason for closing remarks. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated 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. 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. Something went wrong while submitting the form. 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. 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. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. We did intentionally delever a bit here in Q4 in anticipation of the merger. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Crescent Capital BDC, Inc. - About - Portfolio We believe an active engagement model is a leading indicator of strong company performance. There are significant risks that should be considered and reviewed when considering an investment in real estate. Thank you again, everyone for your interest and support of CCAP. Website by GCI. Crescent Capital is a leading investor across real estate, private equity and venture capital. Invest Money & Crypto With #Crescent | Crescent Bit Capital Discover more about our company and values. 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. It has a well-diversified portfolio and is unique in that it also has international exposure. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch Thank you. Crescent Credit. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. List of top Crescent Capital Portfolio Companies - CrunchBase AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? For more information about Crescent. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Description. Our portfolio at fair value was comprised of the following: The fund was more than double the size of . Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Another, on your deployments in the quarter, obviously will follow on. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 billion for the full year. Henry Chung: Thanks, Jason. Crescent Capital is a Belfast based venture capital fund manager 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. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Get the full list, Youre viewing 10 of 31 exits. Back then they werent called hedge funds, they were called partnerships. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter.
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