Product Marketing and Business Development Director. 2023 Crescent Capital Group LP. Diversification will not guarantee profitability or protection against loss. Investors in our funds include both domestic and international pension funds and endowments. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. 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. Register now to read this article and more for free. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. 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. 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 . That means much bigger government. This has proven to be a competitive advantage, particularly in the current lending environment. Which investors participated in the most funding rounds within this hub? 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. All information contained in this website is qualified by the terms of applicable offering documents. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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 presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Reduced net debt by approximately $850 Id now like to turn it over to Henry to discuss our Q4 investment activity. Good morning, everyone, and thank you for joining our earnings call. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Warren Buffett took 25% of all returns in excess of 6 percent. Operator: Thank you. Which companies in this hub have the most subsidiaries? In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. LOS ANGELES, February 28, 2023--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 . Healthcare is Crescent's largest sector by investment. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. What's the investment trend over time for this hub? | Sorry, no results has been found matching your query. 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. Offerings across the credit quality spectrum You talked about, obviously, youve lowered leverage ahead of that acquisition. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 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. 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. LP investments in high-growth and distressed companies in the United States and abroad. . 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: Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Jason Breaux: Okay. 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. Discover more about our company and values. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Henry Chung: Thanks, Jason. Active vs. 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. 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). This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Can you give us any color around that? 2023 Crescent Capital Investments The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. We are proud to have globally leading NPS scores with our executive partners. Get the full list, Youre viewing 5 of 21 co-investor. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. Henry? 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. Crescent Capital is a leading investor across . Do you expect to be running lower leverage than was the case to present historically? Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard I mean how would the how are the operating trends doing? We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Please turn to Slide 15 where we highlight our recent activity. Video: Cameron Johnson, CEO Nucleus Network. 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. Gerhard will then review our financial performance during the fourth quarter. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. 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. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. We provide support for founders and senior management teams to accelerate the achievement of their goals. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. Jason Breaux: Thanks, Gerhard. Crescent Credit. 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. If you experience any issues with this process, please contact us for further assistance. Don't have an account? 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. How much aggregate funding have these organizations raised over time? Wed like to thank all of you for your continued support and time today. 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 . He launched his hedge fund in 1956 with $105,100 in seed capital. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We have just sent you an email so you can verify your account. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Thank you, operator. We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. This call is being recorded on Thursday, February 23, 2023. Please go ahead. The first question comes from Robert Dodd of Raymond James. And with that, Id like to turn it back to Jason for closing remarks. 25+ years experience in strategy consulting, investment and business management and public company boards. After submitting your request, you will receive an activation email to the requested email address. 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. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. A couple more worth highlighting. 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. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share.
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