crescent capital portfoliocrescent capital portfolio
Gross deployment in the fourth quarter was $46 million. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. 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. Thank you, operator. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. ", "Crescent partnered with us and assisted in achieving our growth targets. If you experience any issues with this process, please contact us for further assistance. 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. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. You can enter your email below to get our FREE report. 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. 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. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 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. Crescent Capital Partners is a leading Australian private equity firm. All rights reserved. Im on Slide 19. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Crescent Credit. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. (310) 235-5900 Jason Breaux: Yes. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. For more information about Crescent Capital Group, please visit www.crescentcap.com. That would have been 9.35% in hedge fund fees. We see several investors trying to strike it rich in options market by risking their entire savings. Jason reviewed several metrics related to our portfolio. We initially share this idea in October 2018 and the stock already returned more than 150%. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. ", "It has been Crescents human capital that has been most valuable to us. You can sign up for additional alert options at any time. 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. 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 . On a GAAP basis, fourth quarter net investment income per share was $0.52. Product Marketing and Business Development Director. 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. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. 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. 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. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Operator: Thank you. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. . Crescent Capital is a Belfast based venture capital fund manager. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 2009 Crescent Capital, All Rights Reserved. Our portfolio at fair value was comprised of the following: As of year-end, this GAAP expense accrual has been fully reversed. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. There are no further questions at this time. You can sign up for additional alert options at any time. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Website by GCI. bdcir@crescentcap.com. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 2023 Crescent Capital Group LP. So, how did Warren Buffett manage to generate high returns and beat the market? At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. You must click the activation link in order to complete your subscription. Private Equity Portfolio. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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 BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We have just sent you an email so you can verify your account. Active vs. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Jason Breaux: Thank you, Dan. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. 25+ years experience in strategy consulting, investment and business management and public company boards. The all time high for this statistics is 5. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. . 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. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Read More 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Diversification will not guarantee profitability or protection against loss. And with that, Id like to turn it back to Jason for closing remarks. Two more credit trends to highlight. This video is provided by the Australian Investment Council. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. In addition, a reconciliation of this measure may also be found in our earnings release. Thanks for the question. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays Our adjusted net investment income per share of $0.49 for the fourth quarter of 2022 compares to $0.42 per share for the prior quarter and $0.43 per share for the fourth quarter of 2021. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Don't have an account? If you experience any issues with this process, please contact us for further assistance. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. The total size of the investment portfolio is around USD 400 million which . 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. ", "Crescent add value across business development, acquisition and enhancement activities. Good morning, everyone, and thank you for joining our earnings call. 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. Crescent Capital is a leading investor across . | Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Focus on Seed and Series A. Please turn to Slide 6, where youll see a summary of our results. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Use the PitchBook Platform to explore the full profile. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Reduced net debt by approximately $850 That means much bigger government. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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. 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. Now lets shift to capitalization and liquidity. Another, on your deployments in the quarter, obviously will follow on. Back then they werent called hedge funds, they were called partnerships. We are an equity partner that brings more than money to the relationship. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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. Click We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Healthcare is Crescent's largest sector by investment. Our focus on unitranche opportunities allows us to offer even greater certainty of execution to our private equity sponsors and enables us to enhance our yield opportunity while remaining at the top of the capital stack. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. How are IPOs trending over time in this hub? 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 . Can you give us any color around that? 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. (310) 235-5900 The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like. | But I would say overall, we are pleased with the underlying performance of the portfolio. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. I.e., is your forward leverage range target changing as a result of proposed acquisition? So lets begin. . KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. We still like this investment. Or is that just a timing? ", "I strongly recommend working in partnership with Crescent Capital. 87% in this quarter were raising one or two, so it appears pretty stable. Along the way, I believe Biden could become one of the most powerful Presidents in history. Which investors participated in the most funding rounds within this hub? 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. Terms & Conditions 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. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. Read More Portfolio See our recent purchases and offers. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. With that, I will now turn it over to Gerhard. Warren Buffett took 25% of all returns in excess of 6 percent. After submitting your request, you will receive an activation email to the requested email address. 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. Description. You must click the activation link in order to complete your subscription. Do you expect to be running lower leverage than was the case to present historically? As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Offerings across the credit quality spectrum Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions.
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