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After that, there are no remaining term maturities until 2026. Passive Investing: Which Real Estate Strategy is Right for You. You can enter your email below to get our FREE report. Henry Chung: Thanks, Jason. Crescent Credit. 2023 Crescent Capital Group LP. I mean how would the how are the operating trends doing? Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. You can sign up for additional alert options at any time. So lets begin. 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. We are proud to have globally leading NPS scores with our executive partners. 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. Crescent Capital is a Belfast based venture capital fund manager. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. The first question comes from Robert Dodd of Raymond James. All information contained in this website is qualified by the terms of applicable offering documents. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. How much aggregate funding have these organizations raised over time? You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Get the full list, Youre viewing 5 of 21 co-investor. A couple more worth highlighting. And with that, operator, please open the line for questions. 87% in this quarter were raising one or two, so it appears pretty stable. Please turn to Slide 6, where youll see a summary of our results. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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 . Thank you. 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. As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. 2023 Crescent Capital Group LP. Access to our investment and operational team brings unparalleled support to our portfolio companies. Jason Breaux: Thank you, Dan. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Shares added by 1.69% iShares Russell 1000. ", "It has been Crescents human capital that has been most valuable to us. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. So, how did Warren Buffett manage to generate high returns and beat the market? With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. And it means its going to be harder than ever to hold onto any money you make. Please go ahead. All rights reserved. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Jason Breaux: Thanks, Gerhard. The company has a one-year high of $10.68 and a one . bdcir@crescentcap.com. 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. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. You can get rich by returning 20% per year and compounding that for several years. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. LP investments in high-growth and distressed companies in the United States and abroad. management team, and recent news are also included. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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 . 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. All data as of 12/31/2022. We believe this is an important distinction to highlight for shareholders in a volatile market environment. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Please also note that past performance or market information is not a guarantee of future results. Read More After submitting your request, you will receive an activation email to the requested email address. 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. The companies continue to grow on the top line and the bottom line. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. We have just sent you an email so you can verify your account. You can sign up for additional alert options at any time. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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 Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . I.e., is your forward leverage range target changing as a result of proposed acquisition? Or is that just a timing? Crescent Capital Partners is a leading Australian private equity firm. The Crescent Capital IV Development Fund was launched amid much fanfare 18 months ago to build on the success of forerunner funds, from which some of Northern Ireland's most exciting. We thank you for your participation and ask that you please disconnect your lines. Video: Cameron Johnson, CEO Nucleus Network. Good morning, everyone, and thank you for joining our earnings call. Thank you, operator. We initially share this idea in October 2018 and the stock already returned more than 150%. For example S&P 500 Index returned 43.4% in 1958. 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. Gerhard Lombard: Thanks, Henry, and good morning, everyone. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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. Thanks for the question. (310) 235-5900 Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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. 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. Oops! Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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 . Get the full list, Youre viewing 4 of 6 team members. Im going to ask you a question that sort of relates to credit . 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 is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Back then they werent called hedge funds, they were called partnerships. Robert Dodd: Got it. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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. We are an equity partner that brings more than money to the relationship. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Before we begin, Ill start with some important reminders. Please check your spam or junk folder just in case Something went wrong while submitting the form. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. We believe an active engagement model is a leading indicator of strong company performance. 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. Use the PitchBook Platform to explore the full profile. We look forward to speaking with you again soon. (310) 235-5900 We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Continued strong performance ratings and low nonaccrual levels. 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 Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. This means the bullish number of . 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. Im on Slide 19. 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). How are IPOs trending over time in this hub? We still like this investment. bdcir@crescentcap.com. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Video: Paul Wappett, CEO Australian Institute of Business. This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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. Click Thank you! 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%. 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. Operator: Thank you. 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. Use of this website is governed by the Terms and Conditions. Please turn to Slide 15 where we highlight our recent activity. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Wed like to thank all of you for your continued support and time today. . We see several investors trying to strike it rich in options market by risking their entire savings. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Click here. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. You should only be asked to sign in once. ", "Crescent partnered with us and assisted in achieving our growth targets. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. The fund was more than double the size of . A couple of reminders as it relates to the transaction. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Video: Matt Courtney, CEO Construction Sciences. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Our portfolio at fair value was comprised of the following: 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. Two more credit trends to highlight. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. In addition, a reconciliation of this measure may also be found in our earnings release. ", "I strongly recommend working in partnership with Crescent Capital.

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