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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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. LP investments in high-growth and distressed companies in the United States and abroad. Crescent Capital is a Belfast based venture capital fund manager. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. We are an equity partner that brings more than money to the relationship. | Use the PitchBook Platform to explore the full profile. The total size of the investment portfolio is around USD 400 million which . 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. If you experience any issues with this process, please contact us for further assistance. 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. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. But I would say overall, we are pleased with the underlying performance of the portfolio. Wed like to thank all of you for your continued support and time today. Please go ahead. From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. 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. 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 launched and fully invested the first energy-focused private equity fund in Turkey. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Henry? Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Another, on your deployments in the quarter, obviously will follow on. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. We appreciate your continued interest in CCAP. The fund was more than double the size of . 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. 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. After submitting your request, you will receive an activation email to the requested email address. Please go ahead. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Click Thanks for the question. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Thank you again, everyone for your interest and support of CCAP. Passive Investing: Which Real Estate Strategy is Right for You. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? I will turn the call back to Jason Breaux for closing remarks. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Investing in the future of finance, education, SaaS, logistics, and more. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. All information contained in this website is qualified by the terms of applicable offering documents. I believe it will make millions of Americans vastly wealthier. Or is that just a timing? Your submission has been received! Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. bdcir@crescentcap.com. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. ", "Crescent add value across business development, acquisition and enhancement activities. The first question comes from Robert Dodd of Raymond James. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 2023 PitchBook. 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 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. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 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. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. And with that, operator, please open the line for questions. ", "It has been Crescents human capital that has been most valuable to us. Two more credit trends to highlight. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. That would have been 9.35% in hedge fund fees. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Read More Our Strategy Learn more about our investing strategy. to generate high returns in the 20% to 30% range. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Which companies in this hub have the most subsidiaries? In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. The company has a one-year high of $10.68 and a one . We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Can you give us any color around that? Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Great. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. The company assumes no obligation to update any such forward-looking statements. A couple more worth highlighting. . PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. You can sign up for additional alert options at any time. ET. 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. Legal Notice. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Product Marketing and Business Development Director. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. Crescent Capital is a Belfast based venture capital fund manager. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. All rights reserved. To participate please dial (877 . I would now like to turn the conference over to Dan McMahon. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. 2023 Crescent Capital Investments Crescent Capital Partners General Information. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Not the case? Im going to ask you a question that sort of relates to credit . 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. . We provide support for founders and senior management teams to accelerate the achievement of their goals. Use of this website is governed by the Terms and Conditions. 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. Private Equity Portfolio. Read More Portfolio See our recent purchases and offers. Which investors participated in the most funding rounds within this hub? This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. ", "Crescent brings a laser light focus on the things that drive value to our business.". In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Jason Breaux: Hey Robert, its Jason. Do you expect to be running lower leverage than was the case to present historically? Our portfolio at fair value was comprised of the following: An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. How are IPOs trending over time in this hub? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. This call is being recorded on Thursday, February 23, 2023. This video is provided by the Australian Investment Council. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments You must click the activation link in order to complete your subscription. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. Total investment income of $34.6 million for the fourth quarter, the highest quarterly figure weve reported since inception compares to $29 million for the prior quarter, representing an increase of approximately 19%. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Average Retirement Savings By Age: Are You Normal? We look forward to speaking with you again soon. On a GAAP basis, fourth quarter net investment income per share was $0.52. Get the full list, Youre viewing 10 of 31 exits. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Turning back to this quarters earnings. And then one more, if I can. We have consistently been able to deliver significant value-add alongside our management teams. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. 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. You can sign up for additional alert options at any time. Excuse me. Crescent Capital is a leading investor across . Focus on Seed and Series A. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. So, how did Warren Buffett manage to generate high returns and beat the market? 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 .

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