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. We provide support for founders and senior management teams to accelerate the achievement of their goals. Please also note that past performance or market information is not a guarantee of future results. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. To participate please dial (877 . 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. ", "Crescent partnered with us and assisted in achieving our growth targets. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Henry Chung: Thanks, Jason. I mean, whats the how are things actually trending right now? 2009 Crescent Capital, All Rights Reserved. Jason Breaux: Hey Robert, its Jason. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. . We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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. We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. Your submission has been received! 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. Turning to Slide 16. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. I believe it will make millions of Americans vastly wealthier. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. This has proven to be a competitive advantage, particularly in the current lending environment. And then one more, if I can. That means much bigger government. 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 has launched and fully invested the first energy-focused private equity fund in Turkey. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. What's the investment trend over time for this hub? 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. The all time high for this statistics is 5. Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. 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 more information about Crescent. Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. 2023 Crescent Capital Group LP. The fund was more than double the size of . Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Focus on Seed and Series A. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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 Gerhard Lombard: Thanks, Henry, and good morning, everyone. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Id now like to turn it over to Henry to discuss our Q4 investment activity. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. ", "I strongly recommend working in partnership with Crescent Capital. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. So lets begin. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. 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. All data as of 12/31/2022. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. 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. Operator: Thank you. management team, and recent news are also included. ", "Crescent brings a laser light focus on the things that drive value to our business.". | Guidance What's the most common final funding type when companies get acquired? | Back then they werent called hedge funds, they were called partnerships. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. On a GAAP basis, fourth quarter net investment income per share was $0.52. As of year-end, this GAAP expense accrual has been fully reversed. 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 weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. 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. 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 . Thank you! 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. | Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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%. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. You must click the activation link in order to complete your subscription. We attributed the bulk of the quarters NAV decline to widening credit spreads. We initially share this idea in October 2018 and the stock already returned more than 150%. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Click We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. A few more updates before I turn it over to Henry. We are an equity partner that brings more than money to the relationship. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Crescent Capital Partners is a leading Australian private equity firm. He launched his hedge fund in 1956 with $105,100 in seed capital. Networking We provide expertise and exposure to a network of relevant business contacts. Reduced net debt by approximately $850 Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. We see several investors trying to strike it rich in options market by risking their entire savings. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? This call is being recorded on Thursday, February 23, 2023. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Jason Breaux: Yes. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. We still like this investment. But I would say overall, we are pleased with the underlying performance of the portfolio. Jason Breaux: Okay. 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 . For more information about Crescent Capital Group, please visit www.crescentcap.com. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Or was it a more normal course of business add-ons or growth or whatever? 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. Video: Matt Courtney, CEO Construction Sciences. Venture Capital Portfolio 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. Please go ahead. After submitting your request, you will receive an activation email to the requested email address. 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. 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. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Crescent Capital is a leading investor across real estate, private equity and venture capital. Active vs. Crescent Capital is a Belfast based venture capital fund manager. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Offerings across the credit quality spectrum Do you expect to be running on a combined basis going forward? Access to our investment and operational team brings unparalleled support to our portfolio companies. Description. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. 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. Video: Melinda McGrath, CEO Australian Clinical Labs. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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 . Please go ahead. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. We still like this investment. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. How much aggregate funding have these organizations raised over time? KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. For example S&P 500 Index returned 43.4% in 1958. We believe an active engagement model is a leading indicator of strong company performance. Jason Breaux: Thank you, Dan. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. "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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Operator: Thank you. Please turn to Slide 6, where youll see a summary of our results. Terms & Conditions But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? 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. 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. We have consistently been able to deliver significant value-add alongside our management teams. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. We thank you for your participation and ask that you please disconnect your lines. This increase was driven primarily by rising base rates and higher spreads. 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. 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. Robert Dodd: Hi guys. Our portfolio at fair value was comprised of the following: Excuse me. 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. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. Warren Buffett has been investing and compounding for at least 65 years. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Video: Cameron Johnson, CEO Nucleus Network. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Wed like to thank all of you for your continued support and time today. We have raised six funds since 2000 and we are a top quartile manager on global metrics. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC.
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