Get the full list, Youre viewing 10 of 31 exits. Investors in our funds include both domestic and international pension funds and endowments. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. 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. So, how did Warren Buffett manage to generate high returns and beat the market? 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. 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. Jason Breaux: Hey Robert, its Jason. We have consistently been able to deliver significant value-add alongside our management teams. Read More Portfolio See our recent purchases and offers. 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. Win whats next. ", "I strongly recommend working in partnership with Crescent Capital. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Please turn to Slide 15 where we highlight our recent activity. 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 . 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. Focus on Seed and Series A. As of year-end, consistent with the prior quarter, we had investments in four portfolio companies on nonaccrual status, representing 2.0% and 1.2% of our total debt investments at cost and fair value, respectively. 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. Please also note that past performance or market information is not a guarantee of future results. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. The first question comes from Robert Dodd of Raymond James. Please turn to Slide 6, where youll see a summary of our results. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Active vs. ", "Crescents practical and analytical approach enabled management to hit their goals. I.e., is your forward leverage range target changing as a result of proposed acquisition? 25+ years experience in strategy consulting, investment and business management and public company boards. Website by GCI. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. We look forward to speaking with you again soon. Please go ahead. to generate high returns in the 20% to 30% range. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. Sorry, no results has been found matching your query. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Video: Matt Courtney, CEO Construction Sciences. 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 . That would have been 9.35% in hedge fund fees. To participate please dial (877 . Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Id now like to turn it over to Henry to discuss our Q4 investment activity. 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. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. You can get rich by returning 20% per year and compounding that for several years. 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. Operator: Thank you. Thank you again, everyone for your interest and support of CCAP. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Jason Breaux: Thanks, Gerhard. 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. We have a large internal team which helps accelerate a portfolio company management teams decision making. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. LP investments in high-growth and distressed companies in the United States and abroad. 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. That means much bigger government. Not the case? An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Warren Buffett took 25% of all returns in excess of 6 percent. This call is being recorded on Thursday, February 23, 2023. Can you give us any color around that? 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Private Equity Portfolio. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Jason Breaux: Yes. 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. 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. Use of this website is governed by the Terms and Conditions. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. 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. Or is that just a timing? Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Wed like to thank all of you for your continued support and time today. Average Retirement Savings By Age: Are You Normal? Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. And it means its going to be harder than ever to hold onto any money you make. You can sign up for additional alert options at any time. Networking We provide expertise and exposure to a network of relevant business contacts. And with that, operator, please open the line for questions. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. 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. Turning back to this quarters earnings. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Register now to read this article and more for free. You should only be asked to sign in once. Oops! Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. And with that, Id like to turn it back to Jason for closing remarks. Gerhard Lombard: Thanks, Henry, and good morning, everyone. (310) 235-5900 We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Crescent Credit. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Investing in the future of finance, education, SaaS, logistics, and more. But I would say overall, we are pleased with the underlying performance of the portfolio. Guidance Warren Buffett has been investing and compounding for at least 65 years. What's the most common types of sub-organization? A couple more worth highlighting. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 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 has launched and fully invested the first energy-focused private equity fund in Turkey. He launched his hedge fund in 1956 with $105,100 in seed capital. Don't have an account? The fund was more than double the size of . The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Crescent Capital is a leading investor across . 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 . . Thank you! The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. If you experience any issues with this process, please contact us for further assistance. Your submission has been received! 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. management team, and recent news are also included. For example S&P 500 Index returned 43.4% in 1958. Video: Melinda McGrath, CEO Australian Clinical Labs. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 2009 Crescent Capital, All Rights Reserved. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. it's been delivered there. 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. Get the full list, Morningstar Institutional Equity Research. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. All data as of 12/31/2022. 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. 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.