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. 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. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Reduced net debt by approximately $850 Can you give us any color around that? Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. . I would now like to turn the conference over to Dan McMahon. We are an equity partner that brings more than money to the relationship. Please also note that past performance or market information is not a guarantee of future results. 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. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. 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. Venture Capital Portfolio. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Active vs. 2023 Crescent Capital Group LP. 2023 Crescent Capital Investments Our team have over 30 years experience assisting healthcare businesses accelerate growth. 25+ years experience in strategy consulting, investment and business management and public company boards. Id now like to turn it over to Henry to discuss our Q4 investment activity. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Henry Chung: Thanks, Jason. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Passive Investing: Which Real Estate Strategy is Right for You. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. Do you expect to be running lower leverage than was the case to present historically? We initially share this idea in October 2018 and the stock already returned more than 150%. All data as of 12/31/2022. This has proven to be a competitive advantage, particularly in the current lending environment. 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. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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 . Venture Capital Portfolio At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. We appreciate your continued interest in CCAP. We did intentionally delever a bit here in Q4 in anticipation of the merger. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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. Back then they werent called hedge funds, they were called partnerships. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. For example S&P 500 Index returned 43.4% in 1958. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. | You can sign up for additional alert options at any time. So, how did Warren Buffett manage to generate high returns and beat the market? A couple of reminders as it relates to the transaction. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Two more credit trends to highlight. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. I mean how would the how are the operating trends doing? Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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. ", "I strongly recommend working in partnership with Crescent Capital. Robert Dodd: Hi guys. As of year-end, this GAAP expense accrual has been fully reversed. 87% in this quarter were raising one or two, so it appears pretty stable. Click The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Wed like to thank all of you for your continued support and time today. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Thanks for the question. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. The total size of the investment portfolio is around USD 400 million which . (310) 235-5900 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? What's the most common final funding type when companies get acquired? 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. Thank you again, everyone for your interest and support of CCAP. 2023 PitchBook. Shares added by 1.69% iShares Russell 1000. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Something went wrong while submitting the form. Average Retirement Savings By Age: Are You Normal? $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. This means the bullish number of . Get the full list, Morningstar Institutional Equity Research. Crescent Capital is a Belfast based venture capital fund manager. 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. Investors in our funds include both domestic and international pension funds and endowments. Your submission has been received! And with that, Id like to turn it back to Jason for closing remarks. 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 . An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. We initially share this idea in October 2018 and the stock already returned more than 150%. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. We believe an active engagement model is a leading indicator of strong company performance. Jason reviewed several metrics related to our portfolio. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. (310) 235-5900 You must click the activation link in order to complete your subscription. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Now lets shift to capitalization and liquidity. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Angel, Fund of Funds, Venture Capital), Median number of investments made by investors in this hub, Median number of lead investments made by investors in this hub, Announced Date: Date the acquisition was announced, Acquirer Name: Name of the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 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. The company has a one-year high of $10.68 and a one . 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. 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 provide support for founders and senior management teams to accelerate the achievement of their goals. 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. Ill provide some fourth quarter and full year highlights, touch on our current portfolio and positioning and then turn it over to Henry to review our recent activity in more detail. 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. Continued strong performance ratings and low nonaccrual levels. Privacy Policy The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Networking We provide expertise and exposure to a network of relevant business contacts. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. ET. I mean, whats the how are things actually trending right now? Investing in the future of finance, education, SaaS, logistics, and more. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. For more information about Crescent Capital Group, please visit www.crescentcap.com. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. This increase was driven primarily by rising base rates and higher spreads. We have consistently been able to deliver significant value-add alongside our management teams. We see several investors trying to strike it rich in options market by risking their entire savings. 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. All information contained in this website is qualified by the terms of applicable offering documents. I will turn the call back to Jason Breaux for closing remarks. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. What's the investment trend over time for this hub? 2009 Crescent Capital, All Rights Reserved. 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. Crescent Capital is a leading investor across real estate, private equity and venture capital. Do you expect to be running on a combined basis going forward? We thank you for your participation and ask that you please disconnect your lines. 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. Thank you! 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 . Use of this website is governed by the Terms and Conditions. Im on Slide 19. 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. 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. Access to our investment and operational team brings unparalleled support to our portfolio companies. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Use the PitchBook Platform to explore the full profile. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". And with that, operator, please open the line for questions. SLC Fixed Income portfolios qualify as sustainable As of December 31, 2022 Key differentiators Experienced teams with deep private credit expertise Our investment teams have specialized in private debt for more than 40 years, offering the necessary skills to navigate a nuanced asset class. You can sign up for additional alert options at any time. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. A few more updates before I turn it over to Henry. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. The obvious, I mean, how you gave the interest coverage based on year-end rates. "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. 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. 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 . That means much bigger government. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. 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 companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Great. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Description. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. Our portfolio at fair value was comprised of the following: Only logged in subscribers of this site will be able to access the shared article. Website by GCI. Private Equity Portfolio. Which investors participated in the most funding rounds within this hub? Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Operator: Thank you. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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 Credit. Read More Portfolio See our recent purchases and offers. Register now to read this article and more for free. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Which companies in this hub have the most subsidiaries? Or is that just a timing? Real Estate Portfolio Direct and LP investments across various asset types across the United States, including commercial, retail, multi-family, residential, hotel, development, self-storage and RV Parks. 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's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. 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. | Legal Notice. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Or was it a more normal course of business add-ons or growth or whatever? "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. We attributed the bulk of the quarters NAV decline to widening credit spreads. You should only be asked to sign in once. 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. 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.
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