", "Crescent brings a laser light focus on the things that drive value to our business.". 2023 Crescent Capital Investments 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. 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. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. bdcir@crescentcap.com. | Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Turning to Slide 16. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Only logged in subscribers of this site will be able to access the shared article. 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 look forward to speaking with you again soon. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. And it means its going to be harder than ever to hold onto any money you make. All rights reserved. Great. . Crescent Capital is a leading investor across . 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. 2023 Crescent Capital Group LP. 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. 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. Get the full list, Youre viewing 10 of 31 exits. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Legal Notice. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Please turn to Slide 15 where we highlight our recent activity. Jason Breaux: Okay. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Warren Buffett took 25% of all returns in excess of 6 percent. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. 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. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. it's been delivered there. 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. Or was it a more normal course of business add-ons or growth or whatever? 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. Please check your spam or junk folder just in case How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. The first question comes from Robert Dodd of Raymond James. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. That means much bigger government. 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. And with that, operator, please open the line for questions. Jason Breaux: Yes. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Read More Our Strategy Learn more about our investing strategy. A couple more worth highlighting. The company has a one-year high of $10.68 and a one . Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. That would have been 9.35% in hedge fund fees. How are IPOs trending over time in this hub? Website by GCI. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. All data as of 12/31/2022. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Which investors participated in the most funding rounds within this hub? 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard This call is being recorded on Thursday, February 23, 2023. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Crescent Capital Partners is a leading Australian private equity firm. 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. 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. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. Average Retirement Savings By Age: Are You Normal? 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. So lets begin. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. ", "It has been Crescents human capital that has been most valuable to us. Private Equity Portfolio. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. I mean how would the how are the operating trends doing? Warren Buffett has been investing and compounding for at least 65 years. 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. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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. And then one more, if I can. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Access to our investment and operational team brings unparalleled support to our portfolio companies. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. . Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Before we begin, Ill start with some important reminders. ", "I strongly recommend working in partnership with Crescent Capital. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Thank you! 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. 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. Use of this website is governed by the Terms and Conditions. Don't have an account? You talked about, obviously, youve lowered leverage ahead of that acquisition. Investing in the future of finance, education, SaaS, logistics, and more. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. 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. I will turn the call back to Jason Breaux for closing remarks. Passive Investing: Which Real Estate Strategy is Right for You. Get our editors daily picks straight in your inbox! 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%. 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. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Click For example S&P 500 Index returned 43.4% in 1958. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. ", "Our growth strategy was perfectly aligned with Crescents. For more information about Crescent Capital Group, please visit www.crescentcap.com. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. 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). We thank you for your participation and ask that you please disconnect your lines. So, how did Warren Buffett manage to generate high returns and beat the market? Now lets shift to capitalization and liquidity. 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. 87% in this quarter were raising one or two, so it appears pretty stable. Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Your submission has been received! As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Jason Breaux: Thanks, Gerhard. Two more credit trends to highlight. Robert Dodd: Got it. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. We have consistently been able to deliver significant value-add alongside our management teams. After that, there are no remaining term maturities until 2026. 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. 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. Product Marketing and Business Development Director. You must click the activation link in order to complete your subscription. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. This has proven to be a competitive advantage, particularly in the current lending environment. Good morning, everyone, and thank you for joining our earnings call. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Terms & Conditions I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Operator: Ladies and gentlemen, this does conclude our conference call for today. Our portfolio at fair value was comprised of the following: Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. bdcir@crescentcap.com. 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. 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. Wed like to thank all of you for your continued support and time today. Description. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Do you expect to be running lower leverage than was the case to present historically? 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 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. This video is provided by the Australian Investment Council. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? He launched his hedge fund in 1956 with $105,100 in seed capital. Read More Portfolio See our recent purchases and offers. We initially share this idea in October 2018 and the stock already returned more than 150%. This means the bullish number of . Jason reviewed several metrics related to our portfolio. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Gross deployment in the fourth quarter was $46 million. 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. 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. Operator: Thank you. 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 fund was more than double the size of . 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. 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. We are proud to have globally leading NPS scores with our executive partners. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. We have raised six funds since 2000 and we are a top quartile manager on global metrics. As of year-end, this GAAP expense accrual has been fully reversed. 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. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Something went wrong while submitting the form. We provide support for founders and senior management teams to accelerate the achievement of their goals. We still like this investment. Healthcare is Crescent's largest sector by investment. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. Read More . ", "Crescents practical and analytical approach enabled management to hit their goals. Robert Dodd: Got it. Jason Breaux: Sure. Offerings across the credit quality spectrum 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Im going to ask you a question that sort of relates to credit . 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. And with that, Id like to turn it back to Jason for closing remarks. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. 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. 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.
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