crescent capital portfolio

Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Net realizations of $26 million in the fourth quarter, coupled with unrealized mark-to-market losses on our investments ultimately led to our total investment portfolio, holding roughly steady at approximate fair value of $1.3 billion as of December 31, 2022, down approximately $30 million quarter-over-quarter. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Robert Dodd: Hi guys. 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. Please go ahead. Privacy Policy Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 25+ years experience in strategy consulting, investment and business management and public company boards. Please turn to Slide 15 where we highlight our recent activity. We attributed the bulk of the quarters NAV decline to widening credit spreads. In addition, a reconciliation of this measure may also be found in our earnings release. Focus on Seed and Series A. The company assumes no obligation to update any such forward-looking statements. Reduced net debt by approximately $850 Only logged in subscribers of this site will be able to access the shared article. Operator: Thank you. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. ", "Crescent brings a laser light focus on the things that drive value to our business.". And with that, Id like to turn it back to Jason for closing remarks. 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. 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. Turning back to this quarters earnings. 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. Or is that just a timing? 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. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. We appreciate your continued interest in CCAP. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Operator: Thank you. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. We look forward to speaking with you again soon. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 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. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Jason Breaux: Hey Robert, its Jason. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. Great. You can get rich by returning 20% per year and compounding that for several years. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Excuse me. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. . Click here. You can enter your email below to get our FREE report. He launched his hedge fund in 1956 with $105,100 in seed capital. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. ", "Crescent partnered with us and assisted in achieving our growth targets. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. The total size of the investment portfolio is around USD 400 million which . Which companies in this hub have the most subsidiaries? 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. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Average Retirement Savings By Age: Are You Normal? Two more credit trends to highlight. This video is provided by the Australian Investment Council. All rights reserved. Don't have an account? We still like this investment. Crescent Capital Partners is a leading Australian private equity firm. Oops! That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Id now like to turn it over to Henry to discuss our Q4 investment activity. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Jason Breaux: Sure. Get the full list, Youre viewing 5 of 21 co-investor. LP investments in high-growth and distressed companies in the United States and abroad. Before we begin, Ill start with some important reminders. As of year-end, this GAAP expense accrual has been fully reversed. Back then they werent called hedge funds, they were called partnerships. 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. We thank you for your participation and ask that you please disconnect your lines. Which investors participated in the most funding rounds within this hub? 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 . 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. Investing in the future of finance, education, SaaS, logistics, and more. Thank you. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Another, on your deployments in the quarter, obviously will follow on. Do you expect to be running lower leverage than was the case to present historically? Read More Our Strategy Learn more about our investing strategy. 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. 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. Use of this website is governed by the Terms and Conditions. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Please check your spam or junk folder just in case After that, there are no remaining term maturities until 2026. Get the full list, Youre viewing 4 of 6 team members. A few more updates before I turn it over to Henry. Crescent Capital is a Belfast based venture capital fund manager. Now lets shift to capitalization and liquidity. Im on Slide 19. What's the investment trend over time for this hub? Crescent Capital is a leading investor across . 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. All information contained in this website is qualified by the terms of applicable offering documents. 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. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. If you experience any issues with this process, please contact us for further assistance. Sorry, no results has been found matching your query. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. Crescent Credit. Henry? 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. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. I mean how would the how are the operating trends doing? It has a well-diversified portfolio and is unique in that it also has international exposure. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. . Investors in our funds include both domestic and international pension funds and endowments. You can sign up for additional alert options at any time. 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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. 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. . 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. For more information about Crescent. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. The all time high for this statistics is 5. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. We did intentionally delever a bit here in Q4 in anticipation of the merger. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Get the full list, Morningstar Institutional Equity Research. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Get our editors daily picks straight in your inbox! | And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. 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 . (310) 235-5900 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. Active vs. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. I will turn the call back to Jason Breaux for closing remarks. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. I believe it will make millions of Americans vastly wealthier. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. You should only be asked to sign in once. You talked about, obviously, youve lowered leverage ahead of that acquisition. 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. Read More Portfolio See our recent purchases and offers. | Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. And with that, operator, please open the line for questions. After submitting your request, you will receive an activation email to the requested email address. How much aggregate funding have these organizations raised over time? Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Networking We provide expertise and exposure to a network of relevant business contacts. This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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 a large internal team which helps accelerate a portfolio company management teams decision making. ", "It has been Crescents human capital that has been most valuable to us. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Use of this website is governed by the Terms and Conditions. bdcir@crescentcap.com. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? The obvious, I mean, how you gave the interest coverage based on year-end rates. 2009 Crescent Capital, All Rights Reserved. Product Marketing and Business Development Director. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Crescent Capital is a Belfast based venture capital fund manager. And it means its going to be harder than ever to hold onto any money you make. Please also note that past performance or market information is not a guarantee of future results. 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. 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. Use the PitchBook Platform to explore the full profile. ", "Our growth strategy was perfectly aligned with Crescents. I.e., is your forward leverage range target changing as a result of proposed acquisition? Guidance 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. 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. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Or was it a more normal course of business add-ons or growth or whatever? The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. Terms & Conditions 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. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. For example S&P 500 Index returned 43.4% in 1958. to generate high returns in the 20% to 30% range. Read More By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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 first question comes from Robert Dodd of Raymond James. Our portfolio at fair value was comprised of the following: | Passive Investing: Which Real Estate Strategy is Right for You. it's been delivered there. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. 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. 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. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. And then one more, if I can. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Legal Notice. That would have been 9.35% in hedge fund fees. Website by GCI. 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. 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. 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. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. What's the most common types of sub-organization? The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. Robert Dodd: Got it. There are significant risks that should be considered and reviewed when considering an investment in real estate. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments I would now like to turn the conference over to Dan McMahon. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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.