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Wed like to thank all of you for your continued support and time today. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Crescent Capital Partners General Information. A few more updates before I turn it over to Henry. 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. 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. We believe an active engagement model is a leading indicator of strong company performance. Get the full list, Morningstar Institutional Equity Research. 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. We look forward to speaking with you again soon. ", "Crescent add value across business development, acquisition and enhancement activities. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Along the way, I believe Biden could become one of the most powerful Presidents in history. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Please go ahead. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. This has proven to be a competitive advantage, particularly in the current lending environment. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. After submitting your request, you will receive an activation email to the requested email address. Get the full list, Youre viewing 5 of 21 co-investor. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Crescent Point Energy (CPG) Receives a Buy from BMO Capital 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential 2023 Crescent Capital Group LP. Win whats next. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Id now like to turn it over to Henry to discuss our Q4 investment activity. He launched his hedge fund in 1956 with $105,100 in seed capital. Get the full list, Youre viewing 10 of 31 exits. Crescent Capital Partners is a leading Australian private equity firm. 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. Robert Dodd: Got it. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Henry Chung: Thanks, Jason. Thank you again, everyone for your interest and support of CCAP. 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 is a leading investor across . ET. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. We have raised six funds since 2000 and we are a top quartile manager on global metrics. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Invest NI pulls plug on new VC equity fund amid claims of earlier round 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. 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. The all time high for this statistics is 5. 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. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. All data as of 12/31/2022. 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. 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. Discover more about our company and values. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Excuse me. Crescent Capital Group - Wikipedia Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. 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. So, how did Warren Buffett manage to generate high returns and beat the market? Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Which investors participated in the most funding rounds within this hub? The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Please turn to Slide 6, where youll see a summary of our results. Thank you! Warren Buffett took 25% of all returns in excess of 6 percent. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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 . Guidance If you experience any issues with this process, please contact us for further assistance. Turning to Slide 16. 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. As of year-end, this GAAP expense accrual has been fully reversed. Crescent Capital BDC, Inc. - Investor Relations 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. ", "I strongly recommend working in partnership with Crescent Capital. We see several investors trying to strike it rich in options market by risking their entire savings. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! A couple of reminders as it relates to the transaction. 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. 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. Only logged in subscribers of this site will be able to access the shared article. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. 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. 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. Click Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Consistent with Crescents track record of investing through cycles over the past 30-plus years, we believe we have constructed a portfolio that consists of companies that are adequately capitalized to address the current macroeconomic environment and have taken a proactive approach to bolstering liquidity in select situations where it may be warranted. And with that, operator, please open the line for questions. That means much bigger government. There are no further questions at this time. The first question comes from Robert Dodd of Raymond James. All rights reserved. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. In addition, a reconciliation of this measure may also be found in our earnings release. We have just sent you an email so you can verify your account. 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. Crescent Capital - Crunchbase Investor Profile & Investments We attributed the bulk of the quarters NAV decline to widening credit spreads. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. 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. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. Or was it a more normal course of business add-ons or growth or whatever? 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. This call is being recorded on Thursday, February 23, 2023. Operator: Ladies and gentlemen, this does conclude our conference call for today. You must click the activation link in order to complete your subscription. 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. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. After submitting your request, you will receive an activation email to the requested email address. Im going to ask you a question that sort of relates to credit . 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. I.e., is your forward leverage range target changing as a result of proposed acquisition? We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Networking We provide expertise and exposure to a network of relevant business contacts. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. 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 . Jason reviewed several metrics related to our portfolio. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option.