crescent capital portfolio

Please turn to Slide 15 where we highlight our recent activity. 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. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. If you experience any issues with this process, please contact us for further assistance. A link has been emailed to you - check your inbox. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. On a GAAP basis, fourth quarter net investment income per share was $0.52. 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. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. We have just sent you an email so you can verify your account. 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. 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. Our portfolio at fair value was comprised of the following: 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. Which companies in this hub have the most subsidiaries? At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. This call is being recorded on Thursday, February 23, 2023. We are an equity partner that brings more than money to the relationship. Oops! We did intentionally delever a bit here in Q4 in anticipation of the merger. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Shares added by 1.69% iShares Russell 1000. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Please go ahead. Active vs. Wed like to thank all of you for your continued support and time today. Video: Paul Wappett, CEO Australian Institute of Business. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Win whats next. We initially share this idea in October 2018 and the stock already returned more than 150%. Turning to Slide 16. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. The fund was more than double the size of . Guidance We have raised six funds since 2000 and we are a top quartile manager on global metrics. All rights reserved. 2023 Crescent Capital Group LP. 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 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. We still like this investment. For example S&P 500 Index returned 43.4% in 1958. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. Robert Dodd: Got it. Focus on Seed and Series A. 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. The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. After submitting your request, you will receive an activation email to the requested email address. | Henry Chung: Thanks, Jason. After that, there are no remaining term maturities until 2026. "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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. . So, how did Warren Buffett manage to generate high returns and beat the market? 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. Diversification will not guarantee profitability or protection against loss. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. As of year-end, this GAAP expense accrual has been fully reversed. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. I mean how would the how are the operating trends doing? 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. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. If you experience any issues with this process, please contact us for further assistance. Offerings across the credit quality spectrum 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. All data as of 12/31/2022. ", "I strongly recommend working in partnership with Crescent Capital. How much aggregate funding have these organizations raised over time? 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. Jason Breaux: Thanks, Gerhard. Access to our investment and operational team brings unparalleled support to our portfolio companies. Im going to ask you a question that sort of relates to credit . 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. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. management team, and recent news are also included. Investors in our funds include both domestic and international pension funds and endowments. Website by GCI. Back then they werent called hedge funds, they were called partnerships. Jason Breaux: Yes. 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 take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. . Jason reviewed several metrics related to our portfolio. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Operator: Ladies and gentlemen, this does conclude our conference call for today. Your submission has been received! Crescent Capital Partners General Information. Venture Capital Portfolio Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. 87% in this quarter were raising one or two, so it appears pretty stable. Terms & Conditions Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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 . Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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 foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Click here. Investing in the future of finance, education, SaaS, logistics, and more. ", "Our growth strategy was perfectly aligned with Crescents. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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 is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. You should only be asked to sign in once. 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%. Or was it a more normal course of business add-ons or growth or whatever? Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. What's the most common final funding type when companies get acquired? Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Id now like to turn it over to Henry to discuss our Q4 investment activity. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. Do you expect to be running on a combined basis going forward? 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Now lets shift to capitalization and liquidity. We believe an active engagement model is a leading indicator of strong company performance. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. This serves to drive growth and performance improvement, accelerating value creation for shareholders. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Crescent Capital is a Belfast based venture capital fund manager. Crescent Credit. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Thanks for the question. 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. Register now to read this article and more for free. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Or is that just a timing? We believe this is an important distinction to highlight for shareholders in a volatile market environment. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Gerhard Lombard: Thanks, Henry, and good morning, everyone. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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. 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. 2023 PitchBook. Description. What's the most common types of sub-organization? Use the PitchBook Platform to explore the full profile. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". ", "It has been Crescents human capital that has been most valuable to us. 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. You talked about, obviously, youve lowered leverage ahead of that acquisition. That would have been 9.35% in hedge fund fees. You can get rich by returning 20% per year and compounding that for several years. Please turn to Slide 6, where youll see a summary of our results. | You can sign up for additional alert options at any time. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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 credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Henry? An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). As a reminder, this call is being recorded for replay purposes. Click This increase was driven primarily by rising base rates and higher spreads. 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. Great. 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. Gerhard will then review our financial performance during the fourth quarter. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Please check your spam or junk folder just in case How are IPOs trending over time in this hub? Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 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 appreciate your continued interest in CCAP. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. You can sign up for additional alert options at any time. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Use of this website is governed by the Terms and Conditions. Privacy Policy The good news is, this powerful new force can help you make a lot of money even in a bear market. You must click the activation link in order to complete your subscription. ", "Crescents practical and analytical approach enabled management to hit their goals. Thank you! 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. Thank you, operator. 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. The company has a one-year high of $10.68 and a one . bdcir@crescentcap.com. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 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. Read More Product Marketing and Business Development Director. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. list of all crumbl cookie flavors,

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