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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Crescent Capital Crescent Capital - Crunchbase Investor Profile & Investments All rights reserved. The all time high for this statistics is 5. 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. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. 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. Shares added by 1.69% iShares Russell 1000. Two more credit trends to highlight. 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 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. management team, and recent news are also included. Legal Notice. Operator: Thank you. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Sorry, no results has been found matching your query. 2009 Crescent Capital, All Rights Reserved. Now lets shift to capitalization and liquidity. to generate high returns in the 20% to 30% range. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Register now to read this article and more for free. 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. Stock Market | Pittsburgh Post-Gazette Crescent Capital - Investing in the future Video: Cameron Johnson, CEO Nucleus Network. We look forward to speaking with you again soon. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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. I would now like to turn the conference over to Dan McMahon. Video: Melinda McGrath, CEO Australian Clinical Labs. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Warren Buffett has been investing and compounding for at least 65 years. 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. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. 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 . 2023 Crescent Capital Group LP. And with that, Id like to turn it back to Jason for closing remarks. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Crescent Capital Partners | Private Equity Firm in Sydney Australia 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. Your submission has been received! At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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. ", "Crescents practical and analytical approach enabled management to hit their goals. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. The first question comes from Robert Dodd of Raymond James. 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. This has proven to be a competitive advantage, particularly in the current lending environment. Access to our investment and operational team brings unparalleled support to our portfolio companies. Sun Life-backed Crescent targets $6bn for two private debt funds And with that, operator, please open the line for questions. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Discover more about our company and values. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. You can enter your email below to get our FREE report. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Robert Dodd: Got it. The companies continue to grow on the top line and the bottom line. Net realized losses were less than $0.05 per share. Diversification will not guarantee profitability or protection against loss. The good news is, this powerful new force can help you make a lot of money even in a bear market. How are IPOs trending over time in this hub? Product Marketing and Business Development Director. Crescent Capital Offers A Buying Opportunity For Dividend Investors It has a well-diversified portfolio and is unique in that it also has international exposure. Get the full list, Morningstar Institutional Equity Research. So, how did Warren Buffett manage to generate high returns and beat the market? We still like this investment. ", "Crescent add value across business development, acquisition and enhancement activities. Reduced net debt by approximately $850 Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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. 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. In addition, a reconciliation of this measure may also be found in our earnings release. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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 . 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 Capital Partners General Information. We have just sent you an email so you can verify your account. But I would say overall, we are pleased with the underlying performance of the portfolio. I.e., is your forward leverage range target changing as a result of proposed acquisition? For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Im going to ask you a question that sort of relates to credit . bdcir@crescentcap.com. Jason reviewed several metrics related to our portfolio. 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. Do you expect to be running lower leverage than was the case to present historically? 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. I mean how would the how are the operating trends doing? Passive Investing: Which Real Estate Strategy is Right for You. The fund was more than double the size of . 2023 PitchBook. Warren Buffett took 25% of all returns in excess of 6 percent. 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. Not the case? View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Read More How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. LP investments in high-growth and distressed companies in the United States and abroad. 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential Henry Chung: Thanks, Jason. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Stock Market | FinancialContent Business Page Something went wrong while submitting the form. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 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. Invest NI pulls plug on new VC equity fund amid claims of earlier round Great. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Click Wed like to thank all of you for your continued support and time today. As of year-end, this GAAP expense accrual has been fully reversed. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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. Average Retirement Savings By Age: Are You Normal? | Oops! 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. The company assumes no obligation to update any such forward-looking statements. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. 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. Website by GCI. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Thank you, operator. There are no further questions at this 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. bdcir@crescentcap.com. 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. You can sign up for additional alert options at any time. Our Company - Crescent Capital Group Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Continued strong performance ratings and low nonaccrual levels. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors.