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Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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. Read More Portfolio See our recent purchases and offers. 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. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Jason reviewed several metrics related to our portfolio. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Get the full list, Youre viewing 4 of 6 team members. Henry? I.e., is your forward leverage range target changing as a result of proposed acquisition? Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Investing in the future of finance, education, SaaS, logistics, and more. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 87% in this quarter were raising one or two, so it appears pretty stable. Excuse me. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. 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. After that, there are no remaining term maturities until 2026. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? 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. If you experience any issues with this process, please contact us for further assistance. We did intentionally delever a bit here in Q4 in anticipation of the merger. We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Healthcare is Crescent's largest sector by investment. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Private Equity Portfolio. 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. Win whats next. Venture Capital Portfolio That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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. Or is that just a timing? Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. ", "Our growth strategy was perfectly aligned with Crescents. You must click the activation link in order to complete your subscription. And with that, operator, please open the line for questions. And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. ", "It has been Crescents human capital that has been most valuable to us. Website by GCI. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. We see several investors trying to strike it rich in options market by risking their entire savings. Operator: Thank you. (310) 235-5900 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. Networking We provide expertise and exposure to a network of relevant business contacts. On a GAAP basis, fourth quarter net investment income per share was $0.52. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Jason Breaux: Thanks, Gerhard. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. There are no further questions at this time. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Crescent Capital is a leading investor across real estate, private equity and venture capital. Description. Crescent Capital is a Belfast based venture capital fund manager. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. The good news is, this powerful new force can help you make a lot of money even in a bear market. Our portfolio at fair value was comprised of the following: Gross deployment in the fourth quarter was $46 million. Robert Dodd: Hi guys. 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. For more information about Crescent. Guidance 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. All information contained in this website is qualified by the terms of applicable offering documents. 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. Product Marketing and Business Development Director. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. He launched his hedge fund in 1956 with $105,100 in seed capital. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. Henry Chung: Thanks, Jason. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 2023 Crescent Capital Investments Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. It has a well-diversified portfolio and is unique in that it also has international exposure. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Crescent Capital Partners General Information. Thank you again, everyone for your interest and support of CCAP. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Diversification will not guarantee profitability or protection against loss. Something went wrong while submitting the form. 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. Jason Breaux: Yes. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. That would have been 9.35% in hedge fund fees. Continued strong performance ratings and low nonaccrual levels. As a reminder, this call is being recorded for replay purposes. There are significant risks that should be considered and reviewed when considering an investment in real estate. Venture Capital Portfolio. A few more updates before I turn it over to Henry. Gerhard Lombard: Thanks, Henry, and good morning, everyone. With that, I will now turn it over to Gerhard. 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Website by GCI. Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. 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. 2023 Crescent Capital Group LP. We thank you for your participation and ask that you please disconnect your lines. To participate please dial (877 . Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. . 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. 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. ", "I strongly recommend working in partnership with Crescent Capital. 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. We are proud to have globally leading NPS scores with our executive partners. Thank you! 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). I will turn the call back to Jason Breaux for closing remarks. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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 provide support for founders and senior management teams to accelerate the achievement of their goals. I believe it will make millions of Americans vastly wealthier. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Gerhard will then review our financial performance during the fourth quarter. Video: Melinda McGrath, CEO Australian Clinical Labs. All data as of 12/31/2022. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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. 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 . What's the most common types of sub-organization? ", "Crescent partnered with us and assisted in achieving our growth targets. Operator: Thank you. The fund was more than double the size of . To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. 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. You must click the activation link in order to complete your subscription. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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%. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. But I would say overall, we are pleased with the underlying performance of the portfolio. Before we begin, Ill start with some important reminders. 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. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. Id now like to turn it over to Henry to discuss our Q4 investment activity. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Warren Buffett has been investing and compounding for at least 65 years. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. 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. Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. Use of this website is governed by the Terms and Conditions. Warren Buffett took 25% of all returns in excess of 6 percent. And it means its going to be harder than ever to hold onto any money you make. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. bdcir@crescentcap.com. Im going to ask you a question that sort of relates to credit . 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. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. This video is provided by the Australian Investment Council. management team, and recent news are also included. Thanks for the question. Average Retirement Savings By Age: Are You Normal? LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Which investors participated in the most funding rounds within this hub? An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Thank you, operator. 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. 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. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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. Read More For example S&P 500 Index returned 43.4% in 1958. Video: Cameron Johnson, CEO Nucleus Network. 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. Jason Breaux: Hey Robert, its Jason. We have just sent you an email so you can verify your account. . Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We have consistently been able to deliver significant value-add alongside our management teams. 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. Can you give us any color around that? This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends.