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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. The total size of the investment portfolio is around USD 400 million which . Read More Portfolio See our recent purchases and offers. 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. Good morning, everyone, and thank you for joining our earnings call. Continued strong performance ratings and low nonaccrual levels. With that, Id now like to turn it over to Jason. Use of this website is governed by the Terms and Conditions. If you experience any issues with this process, please contact us for further assistance. We have just sent you an email so you can verify your account. We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. All information contained in this website is qualified by the terms of applicable offering documents. Net realized losses were less than $0.05 per share. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Get the full list, Youre viewing 5 of 21 co-investor. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Please turn to Slide 6, where youll see a summary of our results. 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 look forward to speaking with you again soon. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. 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 . We believe an active engagement model is a leading indicator of strong company performance. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. After submitting your request, you will receive an activation email to the requested email address. A couple more worth highlighting. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent Capital Partners General Information. 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. 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. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. 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. Reduced net debt by approximately $850 "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 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. To participate please dial (877 . 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. Jason Breaux: Okay. Crescent Capital Partners is a leading Australian private equity firm. 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. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Great. 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. We are an equity partner that brings more than money to the relationship. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Access to our investment and operational team brings unparalleled support to our portfolio companies. On a GAAP basis, fourth quarter net investment income per share was $0.52. I mean, whats the how are things actually trending right now? How much aggregate funding have these organizations raised over time? Operator: Thank you. Crescent Capital is a leading investor across real estate, private equity and venture capital. 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. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . 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. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. We have a large internal team which helps accelerate a portfolio company management teams decision making. So, how did Warren Buffett manage to generate high returns and beat the market? As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Henry? Two more credit trends to highlight. What's the most common types of sub-organization? He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. | 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) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 2023 PitchBook. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Crescent Capital is a Belfast based venture capital fund manager. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. (310) 235-5900 Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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. Which companies in this hub have the most subsidiaries? 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 . management team, and recent news are also included. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. You can sign up for additional alert options at any time. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Networking We provide expertise and exposure to a network of relevant business contacts. 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 Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. | Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. All data as of 12/31/2022. In addition, a reconciliation of this measure may also be found in our earnings release. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Legal Notice. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Our portfolio at fair value was comprised of the following: Thank you, operator. Henry Chung: Thanks, Jason. 2023 Crescent Capital Group LP. We initially share this idea in October 2018 and the stock already returned more than 150%. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Video: Matt Courtney, CEO Construction Sciences. Which investors participated in the most funding rounds within this hub? For more information about Crescent. Terms & Conditions This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. You talked about, obviously, youve lowered leverage ahead of that acquisition. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. So lets begin. You should only be asked to sign in once. Healthcare is Crescent's largest sector by investment. ", "Crescent partnered with us and assisted in achieving our growth targets. Oops! Gerhard Lombard: Thanks, Henry, and good morning, everyone. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Wed like to thank all of you for your continued support and time today. Video: Paul Wappett, CEO Australian Institute of Business. The obvious, I mean, how you gave the interest coverage based on year-end rates. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Read More Our Strategy Learn more about our investing strategy. bdcir@crescentcap.com. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. This serves to drive growth and performance improvement, accelerating value creation for shareholders. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. This means the bullish number of . Angel - Uber), Money Raised: Amount of money raised in Funding Round, Total number of investments made by investors in this hub, Announced Date: Date when the Investment is announced, Investor Name: Name of the investor who participated in the Investment, Funding Round: Name of the funding round where the Investment is made, Number of Investors: Total number of Investors in a Funding Round, Total number of lead investment firms and individual investors that invested in organizations of this hub, Total number of investment firms and individual investors that invested in organizations of this hub, Organization/Person Name: Name of the Organization or Person, Location: Where the organization is headquartered, Investor Type: This describes the type of investor this organization or person is (e.g. Diversification will not guarantee profitability or protection against loss. 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. Thank you again, everyone for your interest and support of CCAP. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. This has proven to be a competitive advantage, particularly in the current lending environment. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. The all time high for this statistics is 5. We thank you for your participation and ask that you please disconnect your lines. Website by GCI. 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 . Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. All rights reserved. How are IPOs trending over time in this hub? The company assumes no obligation to update any such forward-looking statements. The first question comes from Robert Dodd of Raymond James. 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 . Crescent Capital is a leading investor across . Jason Breaux: Hey Robert, its Jason. 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. 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. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. But I would say overall, we are pleased with the underlying performance of the portfolio. You can enter your email below to get our FREE report. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Active vs. Private Equity Portfolio. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. . At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. bdcir@crescentcap.com. 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. 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. That means much bigger government. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. Excuse me. ", "Crescent add value across business development, acquisition and enhancement activities. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. 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. 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. Shares added by 1.69% iShares Russell 1000. That would have been 9.35% in hedge fund fees. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments A link has been emailed to you - check your inbox. What's the most common final funding type when companies get acquired? Website by GCI. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. Video: Melinda McGrath, CEO Australian Clinical Labs. Please turn to Slide 15 where we highlight our recent activity. As a reminder, this call is being recorded for replay purposes. Offerings across the credit quality spectrum I will turn the call back to Jason Breaux for closing remarks.

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