| Venture Capital Portfolio. Jason Breaux: Thanks, Gerhard. (310) 235-5900 Jason reviewed several metrics related to our portfolio. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Can you give us any color around that? 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. Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Or is that just a timing? Thank you again, everyone for your interest and support of CCAP. 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. So lets begin. Robert Dodd: Got it. Your submission has been received! 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. 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. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--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 Solutions Group. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. 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. Great. The first question comes from Robert Dodd of Raymond James. Net realized losses were less than $0.05 per share. Gerhard will then review our financial performance during the fourth quarter. The companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. This increase was driven primarily by rising base rates and higher spreads. 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. Private Equity Portfolio. Crescent Capital is a Belfast based venture capital fund manager. The company has a one-year high of $10.68 and a one . Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Before we begin, Ill start with some important reminders. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like. ", "Crescent brings a laser light focus on the things that drive value to our business.". Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. The total size of the investment portfolio is around USD 400 million which . 2009 Crescent Capital, All Rights Reserved. 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. Another, on your deployments in the quarter, obviously will follow on. 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. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. Please go ahead. 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. The fund was more than double the size of . Passive Investing: Which Real Estate Strategy is Right for You. Crescent Capital BDC, Inc. - Investor Relations Investing in the future of finance, education, SaaS, logistics, and more. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Jason Breaux: Okay. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. This means the bullish number of . Home - Crescent Capital Don't have an account? And then one more, if I can. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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). Good morning, everyone, and thank you for joining our earnings call. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. 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. 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. After submitting your request, you will receive an activation email to the requested email address. Jason Breaux: Thank you, Dan. 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. . More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Operator: Ladies and gentlemen, this does conclude our conference call for today. Henry Chung: Thanks, Jason. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Warren Buffett took 25% of all returns in excess of 6 percent. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Video: Paul Wappett, CEO Australian Institute of Business. 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 health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Jason Breaux: Hey Robert, its Jason. So, how did Warren Buffett manage to generate high returns and beat the market? Focus on Seed and Series A. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Stock Market | Pittsburgh Post-Gazette His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. What's the most common types of sub-organization? Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. I believe it will make millions of Americans vastly wealthier. Active vs. Description. Reduced net debt by approximately $850 Average Retirement Savings By Age: Are You Normal? Our Company - Crescent Capital Group Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation 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. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Crescent Capital For example S&P 500 Index returned 43.4% in 1958. 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. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. bdcir@crescentcap.com. Excuse me. Get the full list, Morningstar Institutional Equity Research. . | 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 Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Please also note that past performance or market information is not a guarantee of future results. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Jason Breaux: Yes. If you experience any issues with this process, please contact us for further assistance. Read More Our Strategy Learn more about our investing strategy. Video: Cameron Johnson, CEO Nucleus Network. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. List of top Crescent Capital Portfolio Companies - CrunchBase Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. As a reminder, this call is being recorded for replay purposes. Read More Portfolio See our recent purchases and offers. Crescent Capital Group Announces Hiring of Jonathan Harari as Global The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook Guidance Please turn to Slide 15 where we highlight our recent activity. That would have been 9.35% in hedge fund fees. All information contained in this website is qualified by the terms of applicable offering documents. I will turn the call back to Jason Breaux for closing remarks. Use of this website is governed by the Terms and Conditions. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. ", "Our growth strategy was perfectly aligned with Crescents. 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. 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. Win whats next. Get the full list, Youre viewing 4 of 6 team members. Get the full list, Youre viewing 5 of 21 co-investor. 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. There are no further questions at this time. 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 . (310) 235-5900 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. 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard A couple of reminders as it relates to the transaction. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We still like this investment. Operator: Thank you. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 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. I mean how would the how are the operating trends doing? Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results