We thank you for your participation and ask that you please disconnect your lines. As of year-end, this GAAP expense accrual has been fully reversed. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 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. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. We believe an active engagement model is a leading indicator of strong company performance. Gerhard will then review our financial performance during the fourth quarter. Networking We provide expertise and exposure to a network of relevant business contacts. 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. Investors in our funds include both domestic and international pension funds and endowments. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. If you experience any issues with this process, please contact us for further assistance. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. 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. Get the full list, Youre viewing 5 of 21 co-investor. We still like this investment. Legal Notice. Your submission has been received! 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. Video: Cameron Johnson, CEO Nucleus Network. Read More You must click the activation link in order to complete your subscription. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. We have consistently been able to deliver significant value-add alongside our management teams. Or was it a more normal course of business add-ons or growth or whatever? Read More Our Strategy Learn more about our investing strategy. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Website by GCI. With that, I will now turn it over to Gerhard. 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. Great. You can sign up for additional alert options at any time. He launched his hedge fund in 1956 with $105,100 in seed capital. This means the bullish number of . Guidance 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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. I mean how would the how are the operating trends doing? Diversification will not guarantee profitability or protection against loss. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. 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. And it means its going to be harder than ever to hold onto any money you make. Venture Capital Portfolio 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. Warren Buffett has been investing and compounding for at least 65 years. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. This serves to drive growth and performance improvement, accelerating value creation for shareholders. There are no further questions at this time. 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. To participate please dial (877 . Private Equity Portfolio. He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. A few more updates before I turn it over to Henry. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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 . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. And with that, Id like to turn it back to Jason for closing remarks. 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. 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. 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 . Continued strong performance ratings and low nonaccrual levels. ", "Crescents practical and analytical approach enabled management to hit their goals. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . We still like this investment. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. LP investments in high-growth and distressed companies in the United States and abroad. And then one more, if I can. Video: Melinda McGrath, CEO Australian Clinical Labs. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. 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. Privacy Policy This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Get the full list, Morningstar Institutional Equity Research. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. it's been delivered there. 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: Sure. Our team have over 30 years experience assisting healthcare businesses accelerate growth. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. . The good news is, this powerful new force can help you make a lot of money even in a bear market. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. You should only be asked to sign in once. Crescent Capital Partners General Information. 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. Jason Breaux: Hey Robert, its Jason. 2009 Crescent Capital, All Rights Reserved. Jason reviewed several metrics related to our portfolio. You talked about, obviously, youve lowered leverage ahead of that acquisition. I mean, whats the how are things actually trending right now? 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. Excuse me. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 2023 Crescent Capital Group LP. 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). We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Focus on Seed and Series A. 2023 Crescent Capital Investments Crescent Capital is a leading investor across real estate, private equity and venture capital. Only logged in subscribers of this site will be able to access the shared article. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Good morning, everyone, and thank you for joining our earnings call. That would have been 9.35% in hedge fund fees. You can get rich by returning 20% per year and compounding that for several years. After submitting your request, you will receive an activation email to the requested email address. 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. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. For more information about Crescent Capital Group, please visit www.crescentcap.com. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Please also note that past performance or market information is not a guarantee of future results. Operator: Ladies and gentlemen, this does conclude our conference call for today. ", "Our growth strategy was perfectly aligned with Crescents. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. Healthcare is Crescent's largest sector by investment. 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. We have raised six funds since 2000 and we are a top quartile manager on global metrics. The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. This video is provided by the Australian Investment Council. Do you expect to be running lower leverage than was the case to present historically? We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. 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. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. ", "Crescent add value across business development, acquisition and enhancement activities. Sorry, no results has been found matching your query. Crescent Credit. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. 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. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Crescent Capital is a leading investor across . Henry? Im on Slide 19. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. We are proud to have globally leading NPS scores with our executive partners. How are IPOs trending over time in this hub? How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Please turn to Slide 15 where we highlight our recent activity. Thank you again, everyone for your interest and support of CCAP. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Terms & Conditions 25+ years experience in strategy consulting, investment and business management and public company boards. 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. Im going to ask you a question that sort of relates to credit . 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We attributed the bulk of the quarters NAV decline to widening credit spreads. That means much bigger government. Crescent Capital is a Belfast based venture capital fund manager. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. If you experience any issues with this process, please contact us for further assistance. Please go ahead. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. 2023 PitchBook. Read More Portfolio See our recent purchases and offers. Henry Chung: Thanks, Jason. | I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. This situates us well to benefit from increases in base rates above our average floors as is the case this quarter with continued growth in our interest income line item. 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.
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