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. As of year-end, consistent with the prior quarter, we had investments in four portfolio companies on nonaccrual status, representing 2.0% and 1.2% of our total debt investments at cost and fair value, respectively. 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. We have a large internal team which helps accelerate a portfolio company management teams decision making. Use the PitchBook Platform to explore the full profile. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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%. And then one more, if I can. Your submission has been received! The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. But I would say overall, we are pleased with the underlying performance of the portfolio. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Robert Dodd: Got it. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. There are significant risks that should be considered and reviewed when considering an investment in real estate. The company has a one-year high of $10.68 and a one . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Im on Slide 19. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Gerhard will then review our financial performance during the fourth quarter. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. 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 diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. If you experience any issues with this process, please contact us for further assistance. Along the way, I believe Biden could become one of the most powerful Presidents in history. Focus on Seed and Series A. After submitting your request, you will receive an activation email to the requested email address. | As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Click Not the case? If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Privacy Policy 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. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. 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. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Gross deployment in the fourth quarter was $46 million. We still like this investment. 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. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Thank you. (310) 235-5900 This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Jason Breaux: Sure. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. 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. 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. Video: Cameron Johnson, CEO Nucleus Network. 87% in this quarter were raising one or two, so it appears pretty stable. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Read More Our Strategy Learn more about our investing strategy. Our portfolio at fair value was comprised of the following: He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. . 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. Thank you again, everyone for your interest and support of CCAP. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. And with that, Id like to turn it back to Jason for closing remarks. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Shares added by 1.69% iShares Russell 1000. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. 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. 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 . I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Access to our investment and operational team brings unparalleled support to our portfolio companies. Back then they werent called hedge funds, they were called partnerships. You should only be asked to sign in once. 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. ", "Crescent partnered with us and assisted in achieving our growth targets. Investors in our funds include both domestic and international pension funds and endowments. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Please turn to Slide 15 where we highlight our recent activity. We provide support for founders and senior management teams to accelerate the achievement of their goals. Click here. 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. Private Equity Portfolio. A link has been emailed to you - check your inbox. bdcir@crescentcap.com. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. We initially share this idea in October 2018 and the stock already returned more than 150%. Venture Capital Portfolio. Thank you! Crescent Capital Partners General Information. 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). The first question comes from Robert Dodd of Raymond James. Jason Breaux: Okay. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. The company assumes no obligation to update any such forward-looking statements. Read More Portfolio See our recent purchases and offers. 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. Guidance de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. Thank you, operator. to generate high returns in the 20% to 30% range. With more than 100 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. As 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. 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. 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. Before we begin, Ill start with some important reminders. ", "Crescents practical and analytical approach enabled management to hit their goals. A couple of reminders as it relates to the transaction. 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. Two more credit trends to highlight. 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. You must click the activation link in order to complete your subscription. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Operator: Thank you. Healthcare is Crescent's largest sector by investment. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Warren Buffett took 25% of all returns in excess of 6 percent. 2023 Crescent Capital Group LP. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. The all time high for this statistics is 5. . There are no further questions at this time. Thanks for the question. 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. 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. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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. 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. Win whats next. The companies continue to grow on the top line and the bottom line. 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. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. This call is being recorded on Thursday, February 23, 2023. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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. Do you expect to be running lower leverage than was the case to present historically? Please go ahead. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Now lets shift to capitalization and liquidity. Please go ahead. 2009 Crescent Capital, All Rights Reserved. We are proud to have globally leading NPS scores with our executive partners. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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.
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