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. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. You can sign up for additional alert options at any time.
11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential LP investments in high-growth and distressed companies in the United States and abroad. Not the case? This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. ", "Crescents practical and analytical approach enabled management to hit their goals. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Wed like to thank all of you for your continued support and time today. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. You can get rich by returning 20% per year and compounding that for several years. Which investors participated in the most funding rounds within this hub? By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. bdcir@crescentcap.com. 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. We attributed the bulk of the quarters NAV decline to widening credit spreads. We see several investors trying to strike it rich in options market by risking their entire savings. I would now like to turn the conference over to Dan McMahon. 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. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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.
Private Credit | Sun Life Capital Management With that, I will now turn it over to Gerhard. 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. 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. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. 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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. 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. 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. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. bdcir@crescentcap.com. The company assumes no obligation to update any such forward-looking statements. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Excuse me. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. Click here. It has a well-diversified portfolio and is unique in that it also has international exposure. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Crescent Capital Partners General Information. 2023 PitchBook.
Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! Please check your spam or junk folder just in case 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. We did intentionally delever a bit here in Q4 in anticipation of the merger. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. 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 . Shares added by 1.69% iShares Russell 1000. | Please turn to Slide 15 where we highlight our recent activity. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Turning to Slide 16. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. I.e., is your forward leverage range target changing as a result of proposed acquisition? You must click the activation link in order to complete your subscription. Robert Dodd: Got it. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. 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 . 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. 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. Please also note that past performance or market information is not a guarantee of future results. 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. Oops! As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. Gerhard will then review our financial performance during the fourth quarter. Guidance . 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. 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. 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. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. We have a large internal team which helps accelerate a portfolio company management teams decision making. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. And with that, Id like to turn it back to Jason for closing remarks. 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. That would have been 9.35% in hedge fund fees.
Crescent Capital Partners | Private Equity Firm in Sydney Australia On a GAAP basis, fourth quarter net investment income per share was $0.52. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia.
Crescent Capital - Investing in the future For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Venture Capital Portfolio 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. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. 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.
Get the full list, Youre viewing 10 of 31 exits. We initially share this idea in October 2018 and the stock already returned more than 150%. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Henry Chung: Thanks, Jason. And with that, operator, please open the line for questions. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. And then one more, if I can.
Crescent Capital Group A couple more worth highlighting. We initially share this idea in October 2018 and the stock already returned more than 150%. The companies continue to grow on the top line and the bottom line. Use of this website is governed by the Terms and Conditions. I believe it will make millions of Americans vastly wealthier. 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. I mean how would the how are the operating trends doing? I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Networking We provide expertise and exposure to a network of relevant business contacts. 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. Register now to read this article and more for free. We still like this investment. We look forward to speaking with you again soon. | We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. This serves to drive growth and performance improvement, accelerating value creation for shareholders. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Before we begin, Ill start with some important reminders. 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. ", "Crescent brings a laser light focus on the things that drive value to our business.". Get the full list, Youre viewing 4 of 6 team members. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Video: Paul Wappett, CEO Australian Institute of Business. We are proud to have globally leading NPS scores with our executive partners. (310) 235-5900
Crescent Capital is a leading investor across . Im on Slide 19. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds .
Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Robert Dodd: Hi guys. 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. Great. 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. How much aggregate funding have these organizations raised over time? 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Continued strong performance ratings and low nonaccrual levels. As a reminder, this call is being recorded for replay purposes. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. We provide support for founders and senior management teams to accelerate the achievement of their goals.
Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook There are no further questions at this time. 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. Legal Notice. A link has been emailed to you - check your inbox. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We appreciate your continued interest in CCAP. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. What's the investment trend over time for this hub? Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Click 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.
Crescent Capital is a Belfast based venture capital fund manager 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. We are an equity partner that brings more than money to the relationship. ET. Privacy Policy Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Jason Breaux: Hey Robert, its Jason. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. A couple of reminders as it relates to the transaction. We believe an active engagement model is a leading indicator of strong company performance. Terms & Conditions 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 . Read More A few more updates before I turn it over to Henry. Only logged in subscribers of this site will be able to access the shared article. 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. Focus on Seed and Series A. Read More Our Strategy Learn more about our investing strategy. Private Equity Portfolio. Jason Breaux: Sure. 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. And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. Win whats next. 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.
Crescent Capital Offers A Buying Opportunity For Dividend Investors Crescent wraps up eighth private credit fund at $8bn | PE Hub As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities.
Crescent Capital - Investing in the future All information contained in this website is qualified by the terms of applicable offering documents. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. And it means its going to be harder than ever to hold onto any money you make. For more information about Crescent. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above.