Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. bdcir@crescentcap.com. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. The total size of the investment portfolio is around USD 400 million which . So lets begin. In addition, a reconciliation of this measure may also be found in our earnings release. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 25+ years experience in strategy consulting, investment and business management and public company boards. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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 team have over 30 years experience assisting healthcare businesses accelerate growth. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Henry Chung: Thanks, Jason. The fund was more than double the size of . After submitting your request, you will receive an activation email to the requested email address. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. You must click the activation link in order to complete your subscription. 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Get the full list, Youre viewing 5 of 21 co-investor. Crescent Capital is a Belfast based venture capital fund manager. Legal Notice. Something went wrong while submitting the form. A couple of reminders as it relates to the 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. ", "Our growth strategy was perfectly aligned with Crescents. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 2023 Crescent Capital Investments We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. You must click the activation link in order to complete your subscription. The good news is, this powerful new force can help you make a lot of money even in a bear market. Video: Paul Wappett, CEO Australian Institute of Business. 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 are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Active vs. 2023 Crescent Capital Group LP. Great. This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Jason Breaux: Yes. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Crescent Capital is a Belfast based venture capital fund manager. Jason Breaux: Hey Robert, its Jason. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Another, on your deployments in the quarter, obviously will follow on. Back then they werent called hedge funds, they were called partnerships. You can enter your email below to get our FREE report. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Two more credit trends to highlight. Before we begin, Ill start with some important reminders. How much aggregate funding have these organizations raised over time? 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. Read More Our Strategy Learn more about our investing strategy. 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. ", "I strongly recommend working in partnership with Crescent Capital. 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 Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. But I would say overall, we are pleased with the underlying performance of the portfolio. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 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. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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. Private Equity Portfolio. Get our editors daily picks straight in your inbox! This is basically a recipe to generate better returns than Warren Buffett is achieving himself. As of year-end, this GAAP expense accrual has been fully reversed. 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. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. | 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. 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. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Now lets shift to capitalization and liquidity. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. And with that, Id like to turn it back to Jason for closing remarks. ET. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Website by GCI. For more information about Crescent. Venture Capital Portfolio. What's the most common final funding type when companies get acquired? A link has been emailed to you - check your inbox. Diversification will not guarantee profitability or protection against loss. 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. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. "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. 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. Our portfolio at fair value was comprised of the following: The companies continue to grow on the top line and the bottom line. 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. 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. You can sign up for additional alert options at any time. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. And then one more, if I can. 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. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. I will turn the call back to Jason Breaux for closing remarks. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. 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. I mean how would the how are the operating trends doing? We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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 is a Belfast based venture capital fund manager. What's the investment trend over time for this hub? Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Focus on Seed and Series A. Reduced net debt by approximately $850 ", "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. He launched his hedge fund in 1956 with $105,100 in seed capital. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. 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. 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. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. 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. Jason Breaux: Thank you, Dan. management team, and recent news are also included. 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. After submitting your request, you will receive an activation email to the requested email address. Im on Slide 19. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. You can sign up for additional alert options at any time. 2023 PitchBook. For more information about Crescent. This video is provided by the Australian Investment Council. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Net realized losses were less than $0.05 per share. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Do you expect to be running on a combined basis going forward? Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. That would have been 9.35% in hedge fund fees. This means the bullish number of . . For this period, the Company had $277.6 million in aggregate exits, sales and repayments. How are IPOs trending over time in this hub? 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. 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.
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