crescent capital portfolio

You can get rich by returning 20% per year and compounding that for several years. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. I mean, whats the how are things actually trending right now? You can enter your email below to get our FREE report. 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 . The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. ", "Crescent partnered with us and assisted in achieving our growth targets. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. At December 31, our stockholders equity was $613 million, resulting in net asset value per share of $19.83 as compared to $623 million or $20.16 per share last quarter and $652 million or $21.12 per share at December 31, 2021. 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. Investing in the future of finance, education, SaaS, logistics, and more. Win whats next. 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. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Wed like to thank all of you for your continued support and time today. We thank you for your participation and ask that you please disconnect your lines. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Read More Our Strategy Learn more about our investing strategy. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. In addition, a reconciliation of this measure may also be found in our earnings release. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. 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. Video: Matt Courtney, CEO Construction Sciences. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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 would now like to turn the conference over to Dan McMahon. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Robert Dodd: Got it. Not the case? Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Back then they werent called hedge funds, they were called partnerships. We still like this investment. Your submission has been received! Operator: Thank you. bdcir@crescentcap.com. Can you give us any color around that? We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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. Sorry, no results has been found matching your query. We have just sent you an email so you can verify your account. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Henry Chung: Thanks, Jason. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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. All rights reserved. We appreciate your continued interest in CCAP. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 2023 Crescent Capital Group LP. The company assumes no obligation to update any such forward-looking statements. 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. That would have been 9.35% in hedge fund fees. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Along the way, I believe Biden could become one of the most powerful Presidents in history. ", "Our growth strategy was perfectly aligned with Crescents. 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 it means its going to be harder than ever to hold onto any money you make. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". With that, I will now turn it over to Gerhard. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 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. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. 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. 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. As of year-end, this GAAP expense accrual has been fully reversed. Two more credit trends to highlight. And with that, operator, please open the line for questions. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Video: Melinda McGrath, CEO Australian Clinical Labs. Which investors participated in the most funding rounds within this hub? Click Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Private Equity Portfolio. And with that, Id like to turn it back to Jason for closing remarks. 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. Website by GCI. 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. Our portfolio at fair value was comprised of the following: As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. 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. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. 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%. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. You talked about, obviously, youve lowered leverage ahead of that acquisition. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. We provide support for founders and senior management teams to accelerate the achievement of their goals. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Another, on your deployments in the quarter, obviously will follow on. Register now to read this article and more for free. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Crescent Capital is a Belfast based venture capital fund manager. ", "It has been Crescents human capital that has been most valuable to us. 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Our team have over 30 years experience assisting healthcare businesses accelerate growth. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Turning to Slide 16. After submitting your request, you will receive an activation email to the requested email address. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. This means the bullish number of . Something went wrong while submitting the form. Video: Paul Wappett, CEO Australian Institute of Business. Oops! Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. All information contained in this website is qualified by the terms of applicable offering documents. . For more information about Crescent Capital Group, please visit www.crescentcap.com. There are no further questions at this time. For more information about Crescent. Product Marketing and Business Development Director. Reduced net debt by approximately $850 But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. The total size of the investment portfolio is around USD 400 million which . "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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. The fund was more than double the size of . We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. We see several investors trying to strike it rich in options market by risking their entire savings. You must click the activation link in order to complete your subscription. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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? 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. 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. Don't have an account? Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Please turn to Slide 15 where we highlight our recent activity. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Gerhard will then review our financial performance during the fourth quarter. Thanks for the question. . He launched his hedge fund in 1956 with $105,100 in seed capital. Use the PitchBook Platform to explore the full profile. 2023 PitchBook. 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 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. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. ", "I strongly recommend working in partnership with Crescent Capital. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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.

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