We believe an active engagement model is a leading indicator of strong company performance. 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 . CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. (310) 235-5900 Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. And with that, Id like to turn it back to Jason for closing remarks. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. We provide support for founders and senior management teams to accelerate the achievement of their goals. Turning to Slide 16. Legal Notice. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. 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. Robert Dodd: Got it. Thank you again, everyone for your interest and support of CCAP. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Warren Buffett took 25% of all returns in excess of 6 percent. 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. Privacy Policy Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Shares added by 1.69% iShares Russell 1000. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. So lets begin. 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. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Active vs. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. We still like this investment. Jason Breaux: Hey Robert, its Jason. 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. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. 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. Read More Portfolio See our recent purchases and offers. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. And with that, operator, please open the line for questions. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. I will turn the call back to Jason Breaux for closing remarks. 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. The company assumes no obligation to update any such forward-looking statements. Gross deployment in the fourth quarter was $46 million. 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. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Please check your spam or junk folder just in case 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. 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. Read More Our Strategy Learn more about our investing strategy. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Jason Breaux: Thank you, Dan. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Use of this website is governed by the Terms and Conditions. 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. Video: Paul Wappett, CEO Australian Institute of Business. For example S&P 500 Index returned 43.4% in 1958. 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. 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. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. 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 weighted average stated interest rate on our total borrowings was 6.23% as of year-end. 2023 Crescent Capital Group LP. 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. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Operator: Thank you. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. LP investments in high-growth and distressed companies in the United States and abroad. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Which investors participated in the most funding rounds within this hub? We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. 2023 Crescent Capital Investments You must click the activation link in order to complete your subscription. Investors in our funds include both domestic and international pension funds and endowments. management team, and recent news are also included. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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. We attributed the bulk of the quarters NAV decline to widening credit spreads. Can you give us any color around that? Get our editors daily picks straight in your inbox! 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. You can sign up for additional alert options at any time. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. 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 . Crescent Capital is a Belfast based venture capital fund manager. Website by GCI. it's been delivered there. 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. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Im on Slide 19. Crescent Credit. Henry? 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. How are IPOs trending over time in this hub? Operator: Thank you. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. The companies continue to grow on the top line and the bottom line. 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. Reduced net debt by approximately $850 We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Use the PitchBook Platform to explore the full profile. Do you expect to be running lower leverage than was the case to present historically? The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. 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%. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Crescent BDC and Alcentra Capital will be holding a joint conference call to discuss the transaction on Tuesday, August 13, 2019 at 1:15 p.m. PT / 4:15 p.m. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. ET. 2009 Crescent Capital, All Rights Reserved. Please go ahead. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Discover more about our company and values. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Get the full list, Morningstar Institutional Equity Research. So, how did Warren Buffett manage to generate high returns and beat the market? Healthcare is Crescent's largest sector by investment. 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. Series A, Seed, Private Equity), Average of the Crunchbase Ranks of the organizations in this hub, Organization Name: Name of the Organization, Total Funding Amount: Total amount raised across all funding rounds, CB Rank (Organization): Algorithmic rank assigned to the top 100,000 most active Organizations, Trend Score (30 Days): Movement in Rank over the last 30 days using a score from -10 to 10, Total number of funding rounds associated with this hub, Total funding amount raised across all funding rounds, Total number of acquisitions made by organizations in the hub, Announced Date: Date that the Funding Round was publicly announced, Organization Name: Name of the organization that got funded, Transaction Name: Auto-generated name of transaction (e.g. What's the investment trend over time for this hub? Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Warren Buffett has been investing and compounding for at least 65 years. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. 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. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. In addition, a reconciliation of this measure may also be found in our earnings release. What's the most common types of sub-organization? 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.
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