Our team have over 30 years experience assisting healthcare businesses accelerate growth. | We believe an active engagement model is a leading indicator of strong company performance. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. With that, Id now like to turn it over to Jason. 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. 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. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Diversification will not guarantee profitability or protection against loss. You can sign up for additional alert options at any time. 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. 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. 2009 Crescent Capital, All Rights Reserved. Turning back to this quarters earnings. Excuse me. 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. For more information about Crescent Capital Group, please visit www.crescentcap.com. On a GAAP basis, fourth quarter net investment income per share was $0.52. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Or was it a more normal course of business add-ons or growth or whatever? This increase was driven primarily by rising base rates and higher spreads. We thank you for your participation and ask that you please disconnect your lines. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 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. Investing in the future of finance, education, SaaS, logistics, and more. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Thank you, operator. Get the full list, Youre viewing 5 of 21 co-investor. Crescent Credit. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. 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. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Gerhard Lombard: Thanks, Henry, and good morning, everyone. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. Crescent Capital is a Belfast based venture capital fund manager. 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. 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. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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. 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. This call is being recorded on Thursday, February 23, 2023. 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. To participate please dial (877 . Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. The company has a one-year high of $10.68 and a one . You should only be asked to sign in once. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 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. And with that, operator, please open the line for questions. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. If you experience any issues with this process, please contact us for further assistance. And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. to generate high returns in the 20% to 30% range. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. 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. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. It has a well-diversified portfolio and is unique in that it also has international exposure. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. 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. And with that, Id like to turn it back to Jason for closing remarks. ", "Crescent brings a laser light focus on the things that drive value to our business.". ", "Crescent partnered with us and assisted in achieving our growth targets. 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. Gerhard will then review our financial performance during the fourth quarter. 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. So, how did Warren Buffett manage to generate high returns and beat the market? Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. But I would say overall, we are pleased with the underlying performance of the portfolio. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. ", "Crescent add value across business development, acquisition and enhancement activities. Only logged in subscribers of this site will be able to access the shared article. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Product Marketing and Business Development Director. 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. 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. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Guidance Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. 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 . ", "Our growth strategy was perfectly aligned with Crescents. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Get the full list, Youre viewing 10 of 31 exits. Don't have an account? 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays 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.
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