Video: Paul Wappett, CEO Australian Institute of Business. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Video: Melinda McGrath, CEO Australian Clinical Labs. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Shares added by 1.69% iShares Russell 1000. Turning to Slide 16. Terms & Conditions 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. We thank you for your participation and ask that you please disconnect your lines. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 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. 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. You talked about, obviously, youve lowered leverage ahead of that acquisition. Legal Notice. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 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. I would now like to turn the conference over to Dan McMahon. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Operator: Thank you. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Thanks for the question. We did intentionally delever a bit here in Q4 in anticipation of the merger. ", "Crescent add value across business development, acquisition and enhancement activities. 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: Sure. We have just sent you an email so you can verify your account. 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. Crescent Point Energy (CPG) Receives a Buy from BMO Capital Something went wrong while submitting the form. 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. And with that, operator, please open the line for questions. Im going to ask you a question that sort of relates to credit . Crescent Capital is a Belfast based venture capital fund manager. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. 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. We see several investors trying to strike it rich in options market by risking their entire savings. You can sign up for additional alert options at any time. Crescent Capital Offers A Buying Opportunity For Dividend Investors Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. 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. 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. With that, Id now like to turn it over to Jason. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. "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. (310) 235-5900 If you experience any issues with this process, please contact us for further assistance. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. 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. Use of this website is governed by the Terms and Conditions. We have consistently been able to deliver significant value-add alongside our management teams. Crescent Capital Partners is a leading Australian private equity firm. 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 . We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. 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. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results We are an equity partner that brings more than money to the relationship. And it means its going to be harder than ever to hold onto any money you make. 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. Two more credit trends to highlight. 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. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Continued strong performance ratings and low nonaccrual levels. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. Crescent Capital - Crunchbase Investor Profile & Investments A couple of reminders as it relates to the transaction. 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. ", "Crescents practical and analytical approach enabled management to hit their goals. Healthcare is Crescent's largest sector by investment. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 That would have been 9.35% in hedge fund fees. 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 video is provided by the Australian Investment Council. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. How much aggregate funding have these organizations raised over time? Crescent Capital - Investing in the future 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. Im on Slide 19. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. As of year-end, this GAAP expense accrual has been fully reversed. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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 . 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. All data as of 12/31/2022. to generate high returns in the 20% to 30% range. Home - Crescent Capital 2023 PitchBook. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call I mean how would the how are the operating trends doing? Along the way, I believe Biden could become one of the most powerful Presidents in history. 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. 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. 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. | Discover more about our company and values. What's the most common final funding type when companies get acquired? In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. Warren Buffett took 25% of all returns in excess of 6 percent. 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. ", "Our growth strategy was perfectly aligned with Crescents. And with that, Id like to turn it back to Jason for closing remarks. Jason Breaux: Thank you, Dan. 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. [email protected]. The company assumes no obligation to update any such forward-looking statements. We attributed the bulk of the quarters NAV decline to widening credit spreads. Our team have over 30 years experience assisting healthcare businesses accelerate growth. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. 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. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. All rights reserved. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. We have raised six funds since 2000 and we are a top quartile manager on global metrics. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Get the full list, Morningstar Institutional Equity Research. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. ET. 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. Crescent Capital is a Belfast based venture capital fund manager. Henry? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Please go ahead. 87% in this quarter were raising one or two, so it appears pretty stable. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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 . We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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. Offerings across the credit quality spectrum 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. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Crescent Capital is a Belfast based venture capital fund manager Crescent Capital Group - Wikipedia I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Oops! Home - Crescent Capital Investments Crescent Credit. Crescent Capital Group Announces Hiring of Jonathan Harari as Global AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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. Please go ahead. A link has been emailed to you - check your inbox. So lets begin. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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